Bitcoin is well known as the world’s first cryptocurrency. It is a form of electronic cash. It is also the first decentralized currency which means it works without a central bank. Since its arrival in 2009, Bitcoin has been facing some serious defamation. Let’s take a look at 9 fascinating facts about Bitcoin, and why people are going crazy for it.
Number One: Celebrate Bitcoin Pizza Day on the 22nd of May
2010 was the year when Bitcoin had achieved a monetary value. And to celebrate this, people tried buying pizzas with it.
On the evening of the 22nd of May, 2010, Laszlo Hanyecz (also known as Laszlo) bought two Papa John’s pizzas for 10,000 BTC. This transaction made it into the books because it was the first official documented purchase of goods and services using bitcoins. At the time when Laszlo bought the pizzas, the rate of 10,000 BTC was $41 and when this article was being written, the price had peaked to a whopping $113M!
Number Two: The Mystery of Satoshi Nakamoto
Satoshi Nakamoto is the name used by the individual(s) who created, developed and even authored the Bitcoin white paper. They also were the first ones to devise the first blockchain database.
This individual or these individuals were only accessible through email, but this was only prior to 2011, when Gavin Andresen, a Bitcoin developer, met with the CIA. There were multiple speculations made around the identity of the creator of Bitcoin.
In 2016, Craig Wright, an Australian entrepreneur, claimed that he is Satoshi, but he later failed to prove his claim and tried to co-opt Bitcoin with Bitcoin Cash guys. Some even believe that Samsung, Toshiba, Nakamichi, and Motorola (because of their names together form Satoshi Nakamoto) came together to create the cryptocurrency, but there isn’t enough evidence to back this claim.
Number Three: It Isn’t Anonymous
As the title says, Bitcoin is not anonymous, rather it is pseudo-anonymous. If a particular BTC public address is linked to someone, they can be easily traced. This is because Bitcoin’s blockchain is transparent and anyone can read it at any given time. This also resulted in Ross Ulbricht, the founder of Silk Road to be traced, arrested and then later sentenced to jail.
Even then, there were always workarounds for everything. You can always use the Bitcoin Lightning Network and perhaps a VPN to enhance your privacy. There are also anonymous wallets to use Bitcoins anonymously.
Number Four: Your Keys are Your Bitcoin
BTC private wallet keys are the essential part of Bitcoin, so you need to own your keys in order to own your Bitcoins. Likewise, if you lose your keys, you lose your Bitcoins.
A good example of this is a Welsh man by the name of James Howells, who unknowingly threw away his old hard disk from his Dell computer while cleaning his apartment. It contained the private keys of 7,500 bitcoins which he had mined in 2009. Today, these 7,500 bitcoins would’ve been worth $85M!
Number Five: Bitcoin Mine is Not a Tree
Thanks to the genius of Satoshi Nakamoto, Bitcoin mining was made possible. Because BTC doesn’t grow on trees nor can it be touched due to it being digital, there is a very energy-intensive process known as mining which introduces new Bitcoins to the system.
Number Six: A Rare Commodity
The protocol for BTC is designed in such a way that it was never destined to produce more than 21 million coins. As you read this, 17.5 million coins have been mined.
The last BTC is expected to be mined around 2140, which still is a long time to come. It is recommended that you make a Bitcoin inheritance plan for your future generations.
Number Seven: Purchase With Bitcoin
Bitcoin is now slowly growing to be a globally accepted currency. As you read this, there are quite a number of things that you’re able to buy with it.
The list includes a Tesla Car, gift cards, Amazon items through Purse.io, Starbucks Coffee, book airlines tickets, pay for hotels, etc.
Number Eight: Growth of Bitcoin
Bitcoin has grown royally in the last 10 years, both in terms of price and its development. In 2010, the price at the start of the year was $0.0015, while at the end of the year was $0.31. That is about 20566% in growth.
Whereas in 2017, the price at the start of the year was $952.5, while at the end of the year was $3480. That is about 262.3% in growth. As you can see, BTC has only been consistently growing for the last 10 years.
Number Nine: Bitcoin Can’t Be Banned
As you read more about this cryptocurrency, you realize that it is a decentralized technology that has no single point of failure in the form of a person or any company behind it. That is why the ban on Bitcoin is impossible unless and until the whole Internet is banned first.