Bitcoin has taken the world by storm after entering our world in 2009. Since then decentralized money in the form of cryptocurrency has boomed. In this article, we will delve through the world of crypto with some interesting facts about cryptocurrencies!
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1. Bitcoin was not the first form of digital currency. The first-ever was Digicash, followed by two others, in the 1980s. None of them survived.
2. Bitcoin is the first successful digital currency formed on the blockchain. It was invented in 2008 and started up in 2009.
3. The blockchain network that Bitcoin is built on, is an amazing decentralized system. Besides cryptocurrencies, the blockchain network is used to create and use many other systems.
4. You can create your own cryptocurrencies and your own blockchains as well. Besides this, you could use an existing blockchain like Ethereum to create a digital currency.
5. The inventor of Bitcoin still remains a mystery. S/he works under a pseudonym, Satoshi Nakamoto. No one is sure if this is a single person, a group of people, or companies working together.
6. Ripple is one of the few cryptocurrencies that works without blockchain technology.
7. The smallest fraction of Bitcoin is known as a satoshi, after its inventor.
8. Bitcoins can either be mined or earned. Although mining has now become a little more difficult, making procuring that much tougher, you can earn Bitcoins through salaries or transactions in exchange for goods and services.
9. Bitcoin does not fall under any institutionalized banking system and cannot be banned. The government can regulate it if required though.
10. There are only twenty-one million Bitcoins in the world available in total. Once these are mined, they will only be available through circulation, investment, or other transactions.
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11. 80% of the 21 million Bitcoins have already been mined and China leads at 75% of the total miners.
12. Satoshi owns 1 million of the total number of Bitcoin available in his own private wallet.
13. In order to use crypto, you need to store it in a crypto wallet that can be accessed using a private key (password). If you lose this private key for any reason, there is no way of retrieving your currency again.
14. The highest personal loss in BTCs was when a man threw away an old hard drive, unaware that he stored his private keys on it. The total loss amounted to 74 million US dollars! He tried very hard to find the drive, to no avail.
15. There are more than 5000 Bitcoin ATMs all around the world that allow you to use a card in order to purchase Bitcoin.
16. Bitcoins success has led to tens of thousands of people making a minimum of a million dollars each.
17. The first-ever commercial transaction of BTCs was done by Laszlo Hanyecz. He bought two pizzas from Papa Joe’s for 10,000 Bitcoins! Although worth around $45 at the time (still over the pizza price), it is valued at around $96,000,000 today! Since then, May 22nd is celebrated as Bitcoin Pizza Day and many pizza establishments offer various discounts and other offers to those who use Bitcoin or other cryptos to pay.
18. While many countries have legalized crypto, there is a handful or so that have banned crypto completely.
19. The United Kingdom, the United States, and Hong Kong deal with the most exchanges in crypto.
20. Daily transactions in Bitcoin account for billions of dollars in total, worldwide!
When it comes to all the hardcore news pertaining to crypto like Bitcoin, Bitcoin Cash, Litecoin, etc., we have got you covered. But sometimes, it is great to take a step back from research to enjoy some fascinating facts about Bitcoin or facts about crypto in general. We hope we got your discussion points for your next meet covered!