Trivia Thursday: Quirky Things About Bitcoin

Trivia Thursday: Quirky Things About Bitcoin

Did you know that Bitcoin mining consumes more power than it is used to power the whole of Argentina? Well, with Bitcoin breaching the $51,000 mark, and cryptocurrencies like DogeCoin soaring at all-time highs, in this week’s Trivia Thursday, let’s have a look at some interesting trivia like that around the “King of Cryptos” Bitcoin.

Crux of the Matter

In this week’s Trivia Thursday, let us have a look at quirky things about Bitcoin.

Let’ start by taking a look at the market cap of Bitcoin in comparison with a Nation’s GDP and companies:

Power Consumption
Mining for cryptocurrency is a power-hungry affair, involving heavy computer calculations to verify transactions. Cambridge researchers say it consumes around 121.36 Terawatt-hour (TWh) a year. And is unlikely to fall unless the value of the currency slumps. 

Bitcoin is now among the world’s top 30 energy users. It consumes more energy than used to power whole of Argentina.

Lost Bitcoins
Research shows that at least 60% of all Bitcoin addresses are ghosts, which means a huge chunk of the people using Bitcoins have lost their addresses and have no way to access their wallets. 

Stefan Thomas, a German-born programmer living in San Francisco, has 2 guesses left to figure out a password that is worth, as of this week, about $220 million. And this is one of many such cases.

National Currency

  • Liberland, officially the Free Republic of Liberland, is a micronation claiming an uninhabited parcel of disputed land on the western bank of the Danube, between Croatia and Serbia. 
  • It was proclaimed on 13 April 2015 by Czech right-libertarian politician and activist Vít Jedlička. The official currency of Liberland is Bitcoin.
  • The govt believes that blockchain provides a secure and transparent method for recording electronic, financial, and physical assets.

Unit Of Bitcoin
As a sign of respect for Bitcoin’s creator(s), the smallest unit of a bitcoin is known as a satoshi. The satoshi to bitcoin ratio is 100 million satoshis to one bitcoin.

Take a look at our last week’s Trivia Thursday here: Iconic Super Bowl Advertisements.

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