4 Unknown Facts about Bitcoin – 184 million BTC Bug in 2010


4 Unknown Facts About Bitcoin Since the euphoric year-end of the cryptocurrency
market in 2017, everyone has probably already heard about Bitcoin by now. Thus, everyone
has a vague idea of what Bitcoin is. The most experienced crypto investors have the impression
that they know everything about Bitcoin. In a sense, this is true since their knowledge
already places them above 95% of the rest of the world’s population Nevertheless, there are a number of unknown
facts about Bitcoin that even some experienced crypto investors are not aware of. I suggest
that you watch until the end of this video to learn about these 4 less known facts about
bitcoin 1. A Bug Created 184 Million BTC In 2010
Newcomers to the world of cryptocurrency probably don’t know it, but on August 15, 2010, a
bug in the Bitcoin Blockchain created more than 184 million BTCs!
Known as the “Value overflow incident”, this bug concerned block 74638 of the Bitcoin
Blockchain. Within it, a transaction was present creating 184,467,440,440,737.09551616 BTC
for 3 different addresses. Thus, 2 addresses each received 92.2 million
BTCs while the miner solving the puzzle related to the block was rewarded with 0.01 BTCs that
did not exist before the transaction. This bug was made possible by the fact that
the code used by the Bitcoin Blockchain to verify transactions before including them
in a block did not take into account the case of amounts so large that they exceeded the
limit of the number of Bitcoins once summed. A new corrective version of the Bitcoin Blockchain
was released by Satoshi Nakamoto and another developer just 5 hours after the bug was discovered.
The Blockchain then had to be forkted to reject the offending block. While several unpatched
nodes continued to add blocks to the wrong version of the Blockchain, the right version
of the Bitcoin Blockchain took over from Block 74691. From this block, all nodes accepted the fixed
version of the Bitcoin Blockchain as the authentic version for the transaction history. As a
result, block 74638 no longer exists for users using the longest chain of blocks as a reference. 2. The Maximum Circulating Supply of Bitcoin
Is Not 21 Million Most people assume that there will be a maximum
circulating supply of 21 million Bitcoins. However, the maximum circulating supply of
Bitcoins is not really 21 million. In reality, this number is a little lower at 20,999,987.4769
BTC. This is due to the reward mechanism for mined
blocks developed by Satoshi Nakamoto but also to the mining errors that have sometimes cancelled
the creation of new Bitcoin units. 3. There Is A Smaller Unit Of BTC Than A Satoshi
Many people think that Satoshi is the smallest unit of measure in Bitcoins. Thus, 1 Satoshi
is equal to 0.00000001 BTC. However, there is actually an even smaller
BTC unit that is already being used within the Lightning Network implementation currently
being deployed on the Bitcoin Blockchain. This is the Millisatoshi (MSAT) which represents
one thousandth of Satoshi. We therefore have the following equalities:
1 SAT=1000 MSAT 1 SAT=0.00000001 BTC
1 MSAT=0.00000000001 BTC 4. The First Bitcoin Faucet Distributed 5
BTCs Per Visitor Bitcoin Faucets are well known to crypto investors
wishing to obtain portions of Bitcoins for free. Indeed, these are sites that distribute
small portions of Bitcoins free of charge to visitors at a given time interval.
Today, the amount distributed is in the order of Satoshi. So it’s very little. However,
this has not always been the case. Thus, the first Bitcoin Faucet created in June 2010
by Gavin Andersen distributed 5 BTCs to each visitor!
The aim was to promote the adoption and use of Bitcoin. If you had benefited from such
an initiative at the time, these 5 BTCs would give you more than $50,000 today! And probably
more in a few years… Thank you for watching. If you enjoyed this
video and would like to see some more then i’d appreciate it if you pressed that subscribe
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