Bitcoin cannot be transferred
All Bitcoins produced and transferred are stored in a distributed ledger system called blockchain. Bitcoin, it doesn’t move, it can’t be transferred. Users transfer ownership of Bitcoin to each other, not Bitcoin. The amount of Bitcoin you see in your wallet is the ownership right you can control. When you pay with Bitcoin, you transfer your bitcoin ownership rights, not Bitcoin. Just as you transfer your ownership rights instead of moving that property from one place to another when you sell an estate, you permanently transfer the right to use the Bitcoin you own to another.
Bitcoin can be divided into 100 million pieces, but ownership is whole. For example, if you want to transfer 0.5 BTC of 1 Bitcoin at one Bitcoin address in your wallet to another, ownership of 0.5 BTC is transferred to the new owner, while ownership of the remaining amount is transferred to another Bitcoin address in the same wallet, called Change address. Before the transaction, the address that holds ownership of Bitcoin will transfer all ownership rights for 1 Bitcoin to 2 different bitcoin addresses.
Bitcoin will never reach 21 million units
Bitcoin is a cryptocurrency with certain rules and limited supply from the first block produced (Genesis Block). Bitcoin production continues, although the market for each block initially verified has halved to 50BTC, one in every 210,000 blocks (approximately every 4 years). 3. on May 11, 2020, when the block prize split occurred, the amount of Bitcoin produced every 10 minutes decreased to 6.25 BTC. Production is estimated to continue until 2140. However, Bitcoin is technically no more than 20,999,971.02187096 pieces.
Lost bitcoins make others a little more valuable
In 2013, an Englishman named James Howell trashed a hard drive containing a bitcoin wallet with 7,500 Bitcoins in it. Mining Bitcoin with his laptop in 2009, Howell produced 7,500 Bitcoins. However, when it became costly to produce Bitcoin with his computer, he stopped mining Bitcoin and sold his computer at a virtual market. Although he dismantled and stored the hard drive that contained the Bitcoin wallet, he threw the hard drive in the trash in 2013 along with some old items. Because the bitcoin wallet had no other backup, it also lost its bitcoins, which are worth more than $ 80 million today.
Bitcoin transfer without internet
To transfer Bitcoin, you need to transfer your transaction to the Bitcoin network. However, two amateur radio operators managed to transfer Bitcoin from Toronto, Canada, to Michigan, United States, on February 12, 2019, using short-range radio signals.
In order for the Bitcoin transfer to be performed, the transaction must be written to the Bitcoin blockchain. Since the internet connection is not used in this transfer process, the Bitcoin transfer is considered to have taken place offline without being written to the blockchain.
The most valuable Bitcoin transfer
On November 16, 2011, full 550,000 Bitcoins were transferred in one go. Of the 550,000 Bitcoins that came from 11 different addresses, each hosting 50,000 BTC, 500,000 were sent to just 1 address. This transfer, valued at about $ 22 million at the time of the transaction, was equivalent to about $ 5.87 billion at the time we prepared this post.
Bitcoin is sometimes referred to as illegal payments. One of the biggest reasons for this is “Silk Road”, which is considered one of the largest illegal shopping platforms in the world. The platform’s bitcoin wallets were also seized by the FBI in 2013, ending its operations. It is noted that there are about 144,000 BTC in these wallets. (About $ 1.5 billion)
Bitcoin transactions are anonymous but not confidential
All transactions that occur in the Bitcoin blockchain are registered from the first Bitcoin block. Transactions that occur in the Bitcoin blockchain occur anonymously, so as not to reveal the identities of users, but all transactions that are made can be tracked because they are registered. For example, when you pay a friend with Bitcoin, your friend can view all transactions at your address, retroactively from the last transfer.