5 Interesting Bitcoin Facts Every Bitcoin Owner Should Know
Bitcoin is famously known as the “money of the internet” and has gained immense popularity over the last 13 years. It is still the undisputed king of cryptocurrencies. While some of us are actively using digital currency for both investment purposes and online transactions, there is a large majority of people who have not yet started acquiring Bitcoin and have no plans whatsoever to do so.
The Top 5 Interesting Bitcoin Facts You Need to Know
The reason why people do not want to use Bitcoin is they do not have enough knowledge about it. Well, our mission here at T&H Consulting is to get everyone on the same page about Bitcoin and other cryptocurrencies.
Keep reading to learn about 5 interesting Bitcoin facts.
The Mysterious Creator
Yes, that is correct! Nobody knows the inventor of Bitcoin.
There has been a lot of speculation about Bitcoin’s creator since its inception. The Bitcoin whitepaper was published publicly under the pseudonym of Satoshi Nakamoto. Nobody knows if he/she is a person or a group of people, and he disappeared from the internet in late 2010. People have not heard from him since then, and the only communication people had was through emails and forums.
The First Bitcoin Purchase
Did you know 22 May 2010 is celebrated as Bitcoin Pizza Day? Yes, it is true!
When Bitcoins were first mined, they were virtually worthless, and it literally cost cents to buy a BTC. But it was until 22 May 2010, when someone purchased something with Bitcoins for the first time. Laszlo Hanyecz purchased two Papa John’s Pizzas for 10,000 BTC. At that time, 10,000 BTC was worth $41. This was the first official purchase of goods using Bitcoins.
In today’s market, 10,000 BTC is worth around $545 million.
Bitcoin Cannot Be Banned
Countries like America, Australia, and Canada have accepted Bitcoin, but some have completely rejected the idea of digital currency. Bangladesh, Bolivia, Nepal, and Ecuador have completely banned the usage of Bitcoins. Recently, Turkey has also banned cryptocurrency payments, and the Indian Ministry of Corporate Affairs (MCA) has also drafted a bill to ban cryptocurrencies. This hostility towards digital currency is because it operates outside the regulations of the traditional banking system.
However, the fundamental design of Bitcoin is such that it cannot be banned, only regulated. If you have access to the internet and a Bitcoin wallet, you can make Bitcoin transactions.
Losing your Bitcoin private key not only means losing your unique ID but also means losing the bitcoin wallet. According to research, 60% of all Bitcoin addresses are a ghost, which means a lot of people using Bitcoins have lost their private key and have no access to their wallets.
So, if you lose your private key, your funds will be lost forever.
Limited Number of Bitcoins
Bitcoin’s supply in the market is limited.
There will be only 21 million Bitcoins ever. So far, 18.5 million BTC coins have already been mined and circulated in the market. But do not worry; the last bitcoin will be mined until 2140. After that, no one will be able to mine Bitcoins.
Hopefully, you have liked reading some of the unknown facts about Bitcoin. If you are interested in learning about cryptocurrencies and blockchain, check out our other related articles.