Every person who has interest in Blockchain technology, knows very well about Bitcoin.
But besides basic information there are many things which are secret and no one perfectly can answer about that.
1. Satoshi Nakamoto is not the real creator of Bitcoin
This is a very shocking secret of Bitcoin. Since no one can prove this secret of Bitcoin. But it is a bitter truth that we have to believe. In 2012, Darkweb was almost a mystery for common internet users. A report was circulating on the Dark Web about the creator of Bitcoin. According to Report, Satoshi Nakamoto was the only contributor to bring the concept of bitcoin. In actuality the creator of Bitcoin was another person who was a computer program developer.
Satoshi Nakamoto used that programmer to program the Blockchain network for Bitcoin.
2. Bitcoin is not anonymous truly
Many people can’t believe that Bitcoin is not fully anonymous because most of the people didn’t face any privacy issues with Bitcoin.
Every transaction is associated with a buyer and seller ( sender and receiver). And this is the truth that we can’t get bitcoin free of cost.
So every person who will buy or sell bitcoin will leave his footprint on the trading platform.
While there are some ideas to make it anonymous to some extent like use of Bitcoin mixture exchange and other mining nodes pool tools.
A recent case that the FBI solved by tracking the trade details through Exchange.
3. Bitcoin is not fully decentralised
Although we all know very well about Bitcoin, the first featured concept of bitcoin that we can see is ” Decentralised Network”.
But in reality it is not Decentralisation fully because it is in control of miners/validators indirectly.
If all the miners come together and decide to not to run mining nodes on their miners then all the transactions will be stuck in the network.
Since it is a very rare situation that can happen but still chances of possibilities can’t be ignored just like a quantum particle that can jump from a wall which is infinitely extended.
4. A single person or a group can manipulate the Bitcoin Blockchain network easily
It should not be considered impossible to believe because it already happened. Once a person used his Money power and bought 51% miners of bitcoin and forced the Bitcoin network to go through hard fork.
5. The Bitcoin team is not anonymous.
At the present time almost 99.99% people don’t know about the team of Bitcoin. The existence of the bitcoin team is proved because many types of development works like fork, lighting network, core wallet Development are going on.
Usually they announce their activities on Bitcointalk.org, which is an official community by the Bitcoin team.
So there is a big trace of the team of bitcoin, if an expert can go through the database of Bitcointalk.org then surely he can reach the Bitcoin Team.
6. Bitcoin transactions can reverse
In most of the cases transactions never get reversed, it can take time but it will surely execute in the block.
But sometimes we can’t believe the irreversibility of bitcoin transactions.
And also miners have the ability to run particular nodes to reverse all the transactions. It sounds strange but still it is also a reality that miners can reverse the whole network and everything will work totally in reverse.
7. Bitcoin can be destroyed
No doubt there are numbers of miners who keep running the different types of nodes to support the Bitcoin network perfectly but there is one thing which cannot be ignored that is the central code of Bitcoin Mainnet.
People are supporting Bitcoin through their mining machinery but actually the whole program code of Bitcoin that is running on a database can be destroyed if someone found it.
Since Bitcoin is the seal of trust for this Cryptocurrency market, the Bitcoin team is already planning to save the database code on an online server with more safety without knowing other people.
But still it is a truth that it exists in this world somewhere on earth and that can be destroyed.
8.Bitcoin can’t run without consumption of electricity
This is probably the biggest secret that people don’t know perfectly. As all of us know that all the transactions that are going on in the blockchain network of Bitcoin are going through the block so that validators can validate whether the path of transaction is going exactly in the same way or not.
But the validation process can be skipped through Blockchain engineering help.
Segwit fork is an example of this fact, where they redesigned the Blockchain consensus in which a transaction needed to verify by the input and output block instead to go through many blocks.
So there is 100% possibility that the Bitcoin team can eliminate the role of validators and can make it fully efficient.
But to maintain the reliability of blockchain technology, the team will not take such steps.
9. Bitcoin Halving will not take place in future.
It is also the biggest myth of many people. Bitcoin Halving is processed to half the mining rewards after particular numbers of block mines.
Many experts believe that Halving in Bitcoin will not take place in future
But it is going to be a myth for all the experts because day by day progress in technology is going on at tremendous level.
We can even see a processor chip whose capacity to process the data was less than the calculator used for the rockets and missiles.
And now the level of processor we can see in daily life and every year a new processor chip is entering this world.
So in future new best level miners will be made by people and also high processing chips will be designed by them, that will enable people to mine all the Bitcoins.
10. In Bitcoin, transactions of bitcoin from one address to another is not a part of the read & write concept
It is also a biggest myth about Bitcoin. In actuality the team of Bitcoin tried to explain the Blockchain based transaction reliability.
Even the transaction in Blockchain is just like a simple procedure to add value at one place and subtract at another place but here to perform the transactions of add in one addres and subtract in another wallet is carried out with the permission of codes ( validator nodes).
So in Blockchain and traditional financial systems, all the transactions are the same.
In the traditional financial system, our transactions are usually verified by the bank authorities manually but here in Blockchain, validators play the role to give the green signal for the transaction.
There are many things about Bitcoin & Blockchain that are beyond our understanding and knowledge. But still those things which we don’t know as a user, still exist and we have to think about them to know the core of Bitcoin.
Lack of privacy, reversibility of Bitcoin transaction, disturbance in halving concept, Indirect centralisation of Cryptocurrency and reality of validators role all are just part of blockchain technology and basic needs to access Bitcoin use. And also here all the secret facts that sound terrifying, are not actually any type of bug/negative point.
Everything in this world has negative and positive points together, so here we should see the advantages & applications instead of looking into these terrifying facts of Bitcoin.