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5 Interesting Facts About Bitcoin

Posted on August 14th, 2017 by RockItCoin

Did you recently one of our RockItCoin bitcoin ATM Chicago locations? Or are you trying to learn more about bitcoin? Our team at RockItCoin created a list of 5 interesting facts about bitcoin that you may not have known to help you get started.

  1. It is impossible to know the sender/receiver details – Bitcoin addresses contain a long string of 34 alphanumeric characters. It is impossible to tell the recipient. To further protect your privacy, most wallet programs assign the users a portfolio ID, which is also used as a username.
  2. Pizza was the first good purchased using bitcoin – Following the first bitcoin transaction between Satoshi and Hal Finney in 2009, the first purchase was made to buy pizza for $25.00. 10,000 bitcoins were spent.
  3. A bitcoin transfer is irreversible – Before using a Bitcoin ATM Chicago machine, it’s important that you know that the transaction can not be reversed. Unlike platforms like PayPal, you don’t get a second chance while making a transaction.
  4. The FBI has the largest bitcoin wallet in the world – When the FBI shut down the Silk Road operation, it seized all of the owner’s assets. The FBI has now become the world’s wealthiest bitcoin owners, controlling as much as $120 million according to Wired Magazine.
  5. Losing a bitcoin wallet means losing bitcoins – Just like you store your money in your wallet or bank account, bitcoins are saved in a virtual bitcoin wallet. After you visit a bitcoin ATM Chicago, it is important that you are responsible with your bitcoin wallet. If you lose it, your bitcoins are lost forever. It is impossible for any person to use your bitcoins from your wallet unless you give it to them. If you have a bitcoin address, you can see the number of bitcoins the owner has.

Want to learn more about our bitcoin ATM Chicago locations? Contact us at support@rockitcoin.com or (888) 70-BITCOIN.