Bitcoin Fun Facts and Trivia

Bitcoin Fun Facts and Trivia

  • Bitcoin
  • January 18, 2023
  • No Comment
  • 11

Cryptocurrencies are still a mystery. Although they have already existed for more than a decade, there are several things about them that are yet to be uncovered. Over the years, more and more people have gotten hooked on investing in cryptocurrency, thanks to its many advantages.

Are you also curious about trading crypto? Here are several fun facts and trivia about cryptocurrency that you might want to know before you get started.

Bitcoin’s Founder Is Anonymous

The brain behind Bitcoin remains anonymous to this day. 

Bitcoin is popularly known as the first and original cryptocurrency invented in 2008. It was first launched in the market in January 2009. However, the creator of Bitcoin was never formally introduced since they have never really revealed their identity. Instead, the maker(s) of this decentralised and distributed digital currency used the pseudonym, Satoshi Nakamoto.

Just recently, Bitcoin enthusiasts from Hungary built a bronze sculpture of Nakamoto, and it was unveiled in Budapest. They refer to Satoshi Nakamoto as the founding father of all cryptocurrencies. No one really knows what they like, so the bronze statue portrays a reflective and featureless face. The statue was created to raise awareness about Bitcoin and cryptocurrency as well as to pay respect to Satoshi Nakamoto. 

Bitcoin Has a Limited Supply

Digital miners out there should know for a fact that Bitcoin has a limited supply. Just like real gold, it can be mined but through a vastly different method. BTC mining involves the use of computer rigs and ASIC (Application-Specific Integrated Circuit) devices. You might be wondering why that is and what exactly is the purpose of the blockchain technology behind the Bitcoin invention. Well, to simplify it – it is for traders’ own good. Due to the well-built blockchain technology, trader-broker plaforms like Etoro and Bitcoin Loophole are able to protect your personal data and your crypto journey as a whole.

The Bitcoin blockchain network was designed with a limit in mind, which helps curb inflation. Overall, there will be a total of 21 million Bitcoins in circulation — it’s expected that the last BTC will be mined in the year 2140. 

Over 18 million bitcoins have already been mined and are currently in circulation, but the rate of issuing rewards gets halved periodically, which is why newer bitcoins take longer to mine.

Around 20% of Bitcoin Is Gone or Lost Forever 

According to Chainalysis, around 20% of Bitcoin is forever lost without a trace. This includes the 1.1 billion Bitcoin ownership of the founder Satoshi Nakamoto (more details) that remains untouched to this day. Some bitcoins were forever lost due to unfortunate circumstances, like when the users passed away without sharing their security keys with anyone. Furthermore, other people have lost their keys or forgotten their passwords.

If you lose your security, password or your wallet, then say goodbye to your crypto forever. There is no other way to recover your password. In fact, a man from the UK has been trying to search for years in their local dumpsite for a hard drive he accidentally threw away, which contains around 7,500 BTC equivalent to more or less $380 million. 

Bitcoin Is Legal Tender in El Salvador 

The country El Salvador was the very first one to accept Bitcoin as a legal tender on September 7, 2021. The law was proposed by the country’s president Nayib Bukele and was passed by the Legislative Assembly on June 8, 2021. 

The First Bitcoin Commercial Transaction Was a Pizza Purchase 

If you ever wondered how Bitcoin was first traded, well, surprisingly, it was used to buy two boxes of pizza! This happened on May 22 2010 when a man from Florida named Laszlo Hanyecz traded 10,000 bitcoins for two boxes of Papa John’s pizza. 

You read it right! In fact, the first purchase was so special that Pizza Day is now commemorated yearly by Bitcoin enthusiasts. Bitcoin’s value was around $41 at that time. That amount of BTC would have been worth over $500 million at today’s prices. 

Bitcoin Millionaires Count up to 100,000 

Do you think there might only be a few Bitcoin millionaires? Well, there are, in fact, over 100,000 of them! Some are even billionaires! This data is according to BitInfoCharts, yet it is difficult to trace these individuals due to the anonymity of Bitcoin. 

However, there are some renowned millionaires that are public figures like the Winklevoss twins and Erik Finman.  

You Don’t Need Heavy Tools for Mining Bitcoin 

Bitcoin mining is not as complicated as mining real gold. Miners don’t have to use heavy tools and mining rigs. However, you can’t say it’s easy either as it consumes a lot of energy from computers. Digital miners usually use top-specced computers, GPU or ASIC (Application-Specific Integrated Circuit) devices in order to mine bitcoins.

How does this work? Basically, these devices solve maths puzzles and algorithms to keep the blockchain safe. Bitcoin works using blockchain technology which records all data and transactions. For every verified transaction, miners around the world that share and store the data in this distributed ledger are rewarded with Bitcoins in exchange. So the better the performance of your device is, the greater chances you have to mine more Bitcoin.

One of the Bitcoin Billionaires Is Just 18 Years Old

Erik Finman is considered one of the self-proclaimed youngest Bitcoin billionaires. At the age of 12, he already thought of investing in Bitcoin. He used the supposed educational fund from his grandmother worth $1,000 and some money that his brother gave him to purchase Bitcoin, which was only worth $10-12 during that time. He sold his first Bitcoin for $1,200 dollars which turned into $100,000 a few years later. 

After leaving traditional school, he founded his own online school named Botangle. Someone bought the school for 300 bitcoins which was worth $60,000. He invested in the school for $100,000, but he was such a believer that he accepted the offer. 

In 2017, he owned 403 bitcoins when the price surged to $2,700, which made his investment increase to over $1 million, making him the youngest Bitcoin millionaire in history. 

Conclusion

There is more trivia about Bitcoin that you can check online. Now, if these fun facts have tempted you to try out Bitcoin investing, we have accomplished our common goal. Just make sure that you are aware of Bitcoin’s risks, including its volatile nature. It is important to do thorough research before you start investing. While some people are lucky enough to even become millionaires, others also lose money in crypto investment. As most experts always say, do not invest more than you can afford to lose. 

Last Updated: January 18, 2023

Source link

Related post

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs

Bitcoin pro traders warm up the $24K level, suggesting…

On Feb. 1 and Feb 2. Bitcoin’s (BTC) price surpassed even the most bullish price projections after the U.S. Federal Reserve…
Troubled Crypto Miners Get Breathing Room as Bitcoin Rebounds

Troubled Crypto Miners Get Breathing Room as Bitcoin Rebounds

(Bloomberg) — Rising Bitcoin prices are buying some time for distressed crypto miners as they renegotiate debt with lenders to stay…
Financial Accounting Standards Board votes to release draft cryptocurrency in March

Financial Accounting Standards Board votes to release draft cryptocurrency…

The Financial Accounting Standards Board, in its Feb. 1 meeting, voted to advance its first standard on cryptocurrencies and digital assets.…

Leave a Reply

Your email address will not be published.