Financial Services

Interesting Things You May Not Know About Bitcoin

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If you’ve visited a RockItCoin Bitcoin ATM near Philadelphia, you may be wondering what you don’t know about this popular cryptocurrency option. Even if you’re just curious to know more, there are a few things that aren’t commonly reported on that are interesting to be aware of. Bitcoin is a truly innovative currency that more people are getting involved with as time passes and here are some facts to think about.

Losing a Wallet is Losing Bitcoin

When you carry a regular wallet in your pocket, your cash and cards are kept inside for protection. However, if you lose that wallet, you’re likely out the money, identification, and other items there were inside. Bitcoin is similar in that way. A Bitcoin wallet contains your stash of Bitcoin and if you lose access to it, the Bitcoin is gone forever. This also means that nobody else can get into your Bitcoins and spend them except for you.

Bitcoin Was First Used to Purchase Pizza

When Bitcoin was just starting and was a completely new technology and currency for most people, it was huge news when the first Bitcoin was used to actually purchase something. That something was none other than a pizza which was purchased in 2009. If you know anything about Bitcoin’s value today, you’ll be shocked by what the price for that large pizza was. The person who made the purchase used 10,000 Bitcoin for a $25 pizza. Ouch.

Sender and Receiver Details Are Impossible to Determine

Each Bitcoin address consists of 34 alphanumeric characters in a long string. This address gives you absolutely no information about who the recipient of the Bitcoin is. This level of privacy is unparalleled with most other currency and that’s not the only privacy built into Bitcoin. If you choose a reputable wallet program to store your Bitcoin, most of them offer you a portfolio ID which doubles as a username. This makes it even less likely someone who you transact with will ever know when you are.

Another thing to know before using a Bitcoin ATM near Philadelphia is that these transactions are not able to be reversed. If you choose to use an ATM or otherwise buy or sell Bitcoin, there is no way to take that back once it’s done. If you’re ready to learn more about Bitcoin or find a location near you, RockItCoin can help. Visit our website for more information.

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