{"id":240,"date":"2014-05-31T01:52:00","date_gmt":"2014-05-31T01:52:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/twenty-secrets-about-bitcoin\/"},"modified":"2020-09-29T00:10:47","modified_gmt":"2020-09-28T22:10:47","slug":"twenty-secrets-about-bitcoin","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/twenty-secrets-about-bitcoin.html","title":{"rendered":"Twenty mind-bending secrets about Bitcoin"},"content":{"rendered":"<div class=\"headline_area small\">\n<h3 class=\"headline\"><i><b>(<a href=\"http:\/\/bitcoinmagazine.com\/13258\/twenty-mind-bending-secrets-bitcoin\/\">BitcoinMagazine<\/a>) <\/b><\/i><em>This article will introduce some of bitcoin\u2019s Mind-Bending amazing<\/em><br \/>\n<em>abilities only few people know. As you read this list, remember your<\/em><br \/>\n<em>favorite so can\u00a0impress\u00a0your friends with your new<\/em><br \/>\n<em>incredible bitcoin knowledge.<\/em><\/h3>\n<\/div>\n<h3><b><i>1. \u00a0<\/i><\/b><b><i>Fun with programmable money<\/i><\/b><\/h3>\n<ul>\n<li><a href=\"https:\/\/flyp.me\/en\/top-cryptocurrencies\/what-is-bitcoin\/\">Bitcoin<\/a> wallets are like personal debit cards that you can create<br \/>\nand assign yourself to store your bitcoin. Some new wallet versions can<br \/>\nbe programmed with bizarre abilities.<\/li>\n<li>You can program features like GPS coordinates on your phone that make the money unavailable off if your kid leaves the city.<\/li>\n<li>You can also create \u201ctreasure hunts\u201d where coins will suddenly be<br \/>\nreleased for you to use if you find yourself in the right place at the<br \/>\nright time.<\/li>\n<li>You may also release money by calendar dates \u2013 \u00a0gifting bitcoin<br \/>\nmoney that can\u2019t be used until their 18th birthday or Christmas. Or set<br \/>\nup a will that releases amounts in intervals long after your death.<\/li>\n<li>Huge potential for ideas not yet imagined.<\/li>\n<\/ul>\n<h3><b>2.<\/b> \u00a0\u00a0\u00a0<b><i>First purchase with bitcoin<\/i><\/b><\/h3>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><\/div>\n<ul>\n<li>Bitcoin\u2019s price wasn\u2019t established by a committee, government, or special council.<\/li>\n<li>Florida resident Laszo Hanyez may go down in history for buying the<br \/>\nmost expensive pizza ever recorded. He also makes history for making the<br \/>\nfirst significant purchase using bitcoin.<\/li>\n<li>His 10,000 bitcoins used in June of 2010 bought two Papa John\u2019s Pizzas worth about $30 at that time.<\/li>\n<li>Today\u2019s equivalent price is about $5 million.<\/li>\n<li>For the first 18 months they were worthless. The pizza purchase was<br \/>\nthe event that set the price of bitcoin at about a third of one penny<br \/>\neach.<\/li>\n<li>Within weeks, they were being bought and sold for 8 cents, representing a price increase of over 1,000%.<\/li>\n<\/ul>\n<h3><b>3.<\/b> \u00a0\u00a0<b><i>Bitcoins to billions<\/i><\/b><\/h3>\n<ul>\n<li>In 2013 the price of a single bitcoin went from $13 to over $1,000 for an increase over 7,000%.<\/li>\n<li>At that rate, the owner of one bitcoin today would be a millionaire in two years.<\/li>\n<li>And would become a billionaire only 18 months after that.<\/li>\n<\/ul>\n<h3><b>4. \u00a0\u00a0<\/b><b><i>Bitcoin is not alone<\/i><\/b><\/h3>\n<ul>\n<li>Thousands of other digital currencies have since been created once bitcoin became popular.<\/li>\n<li><a href=\"https:\/\/holytransaction.com\/page\/what-is-litecoin\">Litecoin<\/a>, <a href=\"https:\/\/holytransaction.com\/page\/what-is-peercoin\">Peercoin<\/a>, <a href=\"https:\/\/holytransaction.com\/page\/what-is-dogecoin\">Dogecoin<\/a> and many more can be purchased on various online exchanges.<\/li>\n<li>Thousands of people buy altcoins, hoping the bitcoin lighting strikes twice.<\/li>\n<\/ul>\n<h3><b>\u00a05. \u00a0<\/b>\u00a0<b><i>World\u2019s fastest supercomputer<\/i><\/b><\/h3>\n<ul>\n<li>The current computing power protecting the Bitcoin network is over<br \/>\n6,000 times more powerful than the top 500 supercomputers of the world<br \/>\ncombined. And still growing faster.<\/li>\n<li>Computer power is measured in \u201cpetaflops\u201d. One petaflop is equal to one thousand trillion calculations per second.<\/li>\n<li>Top 500 supercomputers combined can calculate 250 petaflops. (Indicated by the arrow on the graph below).<\/li>\n<li>By comparison, the bitcoin network can calculate 883,000 petaflops.<\/li>\n<li>It is roughly the equivalent in scale between eight sticks of butter verses the largest 15,000 \u00a0pound African Elephant.<\/li>\n<\/ul>\n<h3><b>6<\/b>. \u00a0\u00a0<i><b>The amazing bitcoin wallet<\/b><\/i><\/h3>\n<ul>\n<li>Before you buy bitcoin you can create your own personal bitcoin wallet before you\u00a0fund it.<\/li>\n<li>The number of possible wallet IDs that can be created are roughly the same amount as atoms on the earth.<\/li>\n<li>You can create as many as you want. They are free.<\/li>\n<li>New wallets can be secured with two or more passwords.<\/li>\n<li>You can also print your wallet to make a \u201cPaper Wallet\u201d \u00a0that allows you to store your bitcoin off-line.<\/li>\n<\/ul>\n<p><b><i>7. \u00a0 \u00a0Spend bitcoin with smart phones for everyone<\/i><\/b><\/p>\n<ul>\n<li>The <a href=\"http:\/\/singularityhub.com\/2014\/03\/07\/cheap-devices-like-mozillas-25-smartphone-to-bring-more-of-developing-world-online\/\">$25 smartphone<\/a> is on the way.<\/li>\n<li>It is estimated that in 2014 there will be more cellphones than <a href=\"http:\/\/www.digitaltrends.com\/mobile\/mobile-phone-world-population-2014\/#%21OHUTz\">people on earth.<\/a><\/li>\n<li>Many poor countries just skipped \u00a0land-line telephones and went straight to cellphones.<\/li>\n<li>Where they don\u2019t have electricity, they charge them daily using solar panels.<\/li>\n<li>Most developing countries do not have access to banking \u2013 but the bank can come to them with bitcoin and a smartphone.<\/li>\n<li>Sending digital cash has <a href=\"http:\/\/www.brookings.edu\/blogs\/up-front\/posts\/2013\/03\/12-mobile-money-chandy\">already proven<\/a> to lift entire villages out of poverty.<\/li>\n<li>This opens up their entire world from which to buy and sell items rather than just a few neighbors with cash on hand.<\/li>\n<\/ul>\n<h3><i><b>8. \u00a0 Magic the Gathering and bitcoin<\/b><\/i><\/h3>\n<ul>\n<li>The first big online bitcoin exchange was Mt. Gox. It got its start and name by trading playing cards for \u201c<b>M<\/b>agic <b>T<\/b>he <b>G<\/b>athering <b>O<\/b>nline E<b>X<\/b>change.<\/li>\n<li>They once accounted for over 80% of all Bitcoin trades.<\/li>\n<li>They started trading bitcoins when they were worth less than a dollar.<\/li>\n<li>Unsurprisingly, when the world found out that bitcoins were worth a<br \/>\nlot more than playing cards, the tiny company was overwhelmed.<\/li>\n<li>More than half of all first generation Bitcoin exchanges have closed down.<\/li>\n<li>Now big finance companies are creating their own exchanges in the US that are regulated and insured.<\/li>\n<\/ul>\n<h3><i><b>9. \u00a0 \u00a0Say goodbye to \u201cBitcoin\u201d and hello to \u201cBits\u201d<\/b><\/i><\/h3>\n<ul>\n<li>Currently, one full bitcoin is divisible down to eight decimal places.<\/li>\n<li>The Bitcoin community has started referring the the sixth decimal point from a full bitcoin where they will be called \u201cbits.\u201d<\/li>\n<li>Bits are part of bitcoins as pennies are to a dollar \u2013 except it would take a million of them to buy a full bitcoin.<\/li>\n<li>Calling them \u201cnano-dimes\u201d sounded dumb.<\/li>\n<li>Today one hundred dollars migh\u00a0buy you .2 bitcoins. Or it can buy<br \/>\nyou 200,000 bits. \u00a0It\u2019s the same amount, but which one makes you feel<br \/>\nricher?<\/li>\n<li>At some point, we might be able to sing that song (commonly played with hand- drums). \u00a0\u201cShave and a haircut.. \u00a02 BITS\u201d<\/li>\n<\/ul>\n<h3><i><b>10. \u00a0 \u00a0Spy Vs Spy. Your bank in a microdot<\/b><\/i><\/h3>\n<ul>\n<li>Future Bitcoin billionaires can include their entire banking Bitcoin<br \/>\nfortune \u2013 in a dot the size of a period. When you have access to any<br \/>\ncomputer or phone with Internet connection you can simply type in your<br \/>\naccount number and password as needed.<\/li>\n<li>Your account is all stored and available to you on the public ledger<br \/>\navailable anywhere in the world with an Internet connection.<\/li>\n<\/ul>\n<h3><b><i>\u00a011. \u00a0 \u00a0<\/i><\/b><b><i>F<\/i><\/b><b><i>orget money laundering. Your activity is recorded<\/i><\/b><\/h3>\n<ul>\n<li>Every transaction is tracked the Bitcoin public ledger, recorded and<br \/>\nshared around the world. The ledger cannot be changed and\u00a0it\u2019s<br \/>\ncontinually reconciled, verified and protected by bitcoin\u2019s world-wide<br \/>\nnetwork.<\/li>\n<li>Every time a bitcoin trades hands, a trail of digital breadcrumbs follows it forever.<\/li>\n<li>You may or may not allow people to know your personal wallet<br \/>\ninformation, so your bitcoin account is as secret as you want it to be.<\/li>\n<li>Once bitcoin passes through widely known wallet addresses, it may be<br \/>\ntraceable by super-secret organizations that may, or may not, rhyme<br \/>\nwith Em- essay.<\/li>\n<li>Relax, if you aren\u2019t doing any really, really bad \u2013 it\u2019s probably<br \/>\nnot worth the trouble for anybody to track your every spend. Not one<br \/>\nbit.<\/li>\n<\/ul>\n<p><i><b>12. \u00a0 \u00a0Gambling once\u00a0accounted for most transactions<\/b><\/i><\/p>\n<ul>\n<li>The web gambling site \u201cSatoshidice\u201d once accounted for <a href=\"http:\/\/arstechnica.com\/business\/2013\/08\/firm-says-online-gambling-accounts-for-almost-half-of-all-bitcoin-transactions\/\">about half<\/a> of bitcoin transactions.<\/li>\n<li>Due to murky gambling laws in various jurisdictions, gaming on \u00a0Satoshidice is currently not allowed from US-based IP addresses.<\/li>\n<li>Provably Fair (<a href=\"http:\/\/provablyfair.org\/\">http:\/\/provablyfair.org\/<\/a>)<br \/>\nis a website that \u00a0has risen to act as an independent probability odds<br \/>\nchecker for people to validate the odds of customer\u00a0bets being<br \/>\nmathematically fair\u00a0for the computers running the gaming systems.<\/li>\n<li>Many online casinos are having their computer programs independently and voluntarily certified.<\/li>\n<li>Today bitcoin use is spread over several industries in\u00a0addition to\u00a0gambling.<\/li>\n<\/ul>\n<h3><i><b>13. \u00a0 \u00a0Watch people trade in their paper money<\/b><\/i><\/h3>\n<ul>\n<li>The website\u00a0<a href=\"http:\/\/fiatleak.com\/\">Fiat Leak <\/a>shows\u00a0a world map which allows you to see which country is exchanging their native currency for bitcoin in real-time.<\/li>\n<li>The larger the coin floating up \u2013 the bigger the dollar amount.<\/li>\n<li>The amounts all accumulate over a 10 minute period, which is the<br \/>\npoint that the ledger is reconciled and copied throughout the world for<br \/>\nverification.<\/li>\n<li>Once you go digital, you don\u2019t go back.<\/li>\n<li>Ask the tape recorder.<\/li>\n<\/ul>\n<h3><b><i>14. \u00a0\u00a0<\/i><\/b><b><i>It might become currency for poorly\u00a0run countries<\/i><\/b><\/h3>\n<ul>\n<li>Total value of bitcoin measured in US Dollars has surpassed <a href=\"http:\/\/www.coinometrics.com\/bitcoin\/mix\">100 national currencies out of 160<\/a>.<\/li>\n<li><a href=\"http:\/\/rt.com\/shows\/sophieco\/156756-bitcoin-currency-roger-ver\/\">Some<\/a>\u00a0are<br \/>\nbeginning to ask if it is possible to one day to scrap some smaller<br \/>\nnational currencies that continue to fail \u2013 \u00a0and use bitcoin instead.<\/li>\n<\/ul>\n<h3>15. \u00a0 \u00a0 \u00a0<b><i>Bitcoin may be more important than the internet<\/i><\/b><\/h3>\n<ul>\n<li>Several hundred million dollars are projected to be invested into Bitcoin <a href=\"http:\/\/www.coindesk.com\/will-bitcoin-venture-capital-investment-reach-300m-2014\/\">startups by large corporations<\/a> in 2014.<\/li>\n<li>Comparisons of importance are made by experts and scientists daily,<br \/>\nwho often talk about the importance of how this will change the world<br \/>\nand often compare it with the <a href=\"http:\/\/www.cnbc.com\/id\/101370984\">invention of the Internet itself<\/a>.<\/li>\n<li>Marc Andreessen, who invented Mosaic, the first web browser, is one of many technical professionals <a href=\"http:\/\/dealbook.nytimes.com\/2014\/01\/21\/why-bitcoin-matters\/?_php=true&#038;_type=blogs&#038;_r=0\">who talk about Bitcoin<\/a>\u00a0and<br \/>\nreminds him of how he and his friends changed the Internet and World<br \/>\nWide Web back in 1993 when it was still considered a techie geek<br \/>\ntechnology. \u00a0As a reference point, <a href=\"http:\/\/www.elon.edu\/e-web\/predictions\/early90s\/internethistory.xhtml\">most of the US<\/a> was using the internet regularly\u00a0just seven years later.<\/li>\n<\/ul>\n<h3><b><i>16. \u00a0 Watch bitcoin network grow<\/i><\/b><\/h3>\n<ul>\n<li>\u00a0See the time-lapse representation of the bitcoin network build out as it assembles and <a href=\"https:\/\/www.youtube.com\/watch?v=sYJwen53cII\">grows together<\/a> around the world.<\/li>\n<li>It\u2019s not much different than watching the progress of the early internet grow.<\/li>\n<\/ul>\n<p><b>17. \u00a0 \u00a0<i>R<\/i><\/b><b><i>obbing money may become obsolete<\/i><\/b><\/p>\n<ul>\n<li>\u00a0New digital wallets will require at least two signatures (passwords) or more to use.<\/li>\n<li>This might include government\u2019s robbery of its own citizens as <a href=\"http:\/\/www.huffingtonpost.co.uk\/2014\/05\/09\/hmrc-george-osborne-power-money-account_n_5293491.html\">many countries help themselves<\/a> to one\u2019s\u00a0banking funds when they want.<\/li>\n<li>One\u00a0can require as many signature passwords as you like. Go nuts and<br \/>\nrequire 51 signatures\u2026 Imagine the Senate being compelled to reach<br \/>\nmajority before spending your taxes locked in a public wallet.<\/li>\n<\/ul>\n<p><b>18. \u00a0\u00a0\u00a0<\/b><b><i>It can stop identity theft<\/i><\/b><\/p>\n<ul>\n<li>\u00a0 As making payments with bitcoin is the equivalent of cash, there is no banking information required from a retailer.<\/li>\n<li>The hacker attack at Target, Neiman Marcus, and Michael\u2019s (among a<br \/>\nhost of others) that stole users banking credit card information<br \/>\nwouldn\u2019t have happened if they had only accepted bitcoin payment.<\/li>\n<li>Paying in bitcoin is not a promise to pay. It\u2019s payment in full.<\/li>\n<\/ul>\n<p><b>19. \u00a0<\/b><b><i>\u00a0<\/i><\/b><b><i>No permission required<\/i><\/b><\/p>\n<ul>\n<li>\u00a0 Over half of the world have no banking account. They can\u2019t get<br \/>\naccess to regular loans, credit or checking account. They can\u2019t get<br \/>\npermission from the creditors.<\/li>\n<li>Bitcoin doesn\u2019t require a bank account or credit report, and you<br \/>\ndon\u2019t have to be of legal age for contracts. And they can buy and sell<br \/>\nin a world-wide market for once. They didn\u2019t need permission from the<br \/>\ncourts.<\/li>\n<li>One doesn\u2019t need to be a citizen, or have identification or forms to fill out to own it. It requires no government permission.<\/li>\n<li>You are your own bank. No permission required.<\/li>\n<\/ul>\n<h3><b><i>\u00a020. \u00a0<\/i><\/b><b><i>Bitcoin the currency is only the beginning<\/i><\/b><\/h3>\n<ul>\n<li>The Bitcoin network and ledger has features that can also function<br \/>\nas a way to store records of ownership, titles, copyrights and<br \/>\ntrademarks, home and car titles.<\/li>\n<li>It can replace the function of a notary public.<\/li>\n<li>All records are shared and distributed in a central location shared<br \/>\nby the entire world copied on thousands of millions of computers.<\/li>\n<li>As the Internet did to the publishing industry, Bitcoin could<br \/>\nsimilarly disrupt several other fields or even render them obsolete.<\/li>\n<li>Anybody\u2019s job it is to move funds from one account to another may<br \/>\nneed to learn a job as those functions can now be programmed, automated<br \/>\nand transparent.<\/li>\n<li>Bitcoin 2.0 technologies and new start-up companies have already begun.<\/li>\n<\/ul>\n<p><i><br \/>\n<\/i><i>This list is only\u00a0the start. Look into the amazing bitcoin and report<br \/>\nback your own found mind-benders in the comments section. Then play<br \/>\nbitcoin trivia with your friends \u2013 they may not believe you.<\/i><\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>(BitcoinMagazine) This article will introduce some of bitcoin\u2019s Mind-Bending amazing abilities only few people know. As you read this list, remember your favorite so can\u00a0impress\u00a0your friends with your new incredible bitcoin knowledge. 1. \u00a0Fun with programmable money Bitcoin wallets are like personal debit cards that you can create and assign yourself to store your bitcoin. 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As you read this list, remember your favorite so can\u00a0impress\u00a0your friends with your new incredible bitcoin knowledge. 1. \u00a0Fun with programmable money Bitcoin wallets are like personal debit cards that you can create and assign yourself to store your bitcoin. 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