You’ve heard the name before, but what exactly is Bitcoin? The blockchain network was created in 2009 and has quite a bit of mystery behind it. Below, we’ve compiled the top 10 Bitcoin facts you probably didn’t know (and should know!) about the infamous cryptocurrency.
Number One: The Creator is Still Unknown. Satoshi Nakamoto is supposedly a pseudonym for the person or group of people who created Bitcoin. To this day, it’s still unknown who is actually behind the billion-dollar business.
Number Two: Bitcoins Are Not Infinite. One of the most important Bitcoin facts to remember is that there are a total of 21 million Bitcoins. Once all 21 million are mined, there will never be a new Bitcoin.
Number Three: The First Recorded Purchase Was Pizza. The first recorded purchase was between Satoshi and Hal Finney. The purchase? A $25 pizza (which cost 10,000 Bitcoins).
Number Four: Bitcoin Offers No Second Chances. Be careful before making transactions, because once you send your currency, that’s it. There are no second chances and no reversing your transactions.
Number Five: The FBI Owns One Of The Largest Wallets. Yep, in 2013 the U.S. Government seized one of the largest Bitcoin Wallets from the infamous Silk Road after shutting down the illegal online drug marketplace.
Number Six: One-Quarter of Bitcoin Users Are Associated with Illegal Activity. When you use the cryptocurrency you can remain anonymous, making you virtually untraceable. According to a 2018 study, one-half of Bitcoin transactions are associated with illegal activity! Yikes.
Number Seven: If You Lose Your Wallet, You Lose Everything. One of the less fun Bitcoin Facts to know is that if you lose your Bitcoin Wallet, you can say goodbye to your Bitcoins. For good. It’s believed that around 25% of all Bitcoins have been lost forever.
Number Eight: They Are Stronger Than the Worlds Most Powerful Supercomputers. To attain Bitcoins, they must be mined on the blockchain network. The Bitcoin network has a computing power of 2,046,364 Pflop/s which is 300 times more powerful than the world’s top five supercomputers combined.
Number Nine: You Cannot Ban Bitcoins. There has definitely been controversy revolving the use of Bitcoins. Since this network operates outside of the traditional banking system, there are frequent discussions on banning the cryptocurrency. Interestingly enough, because of the design of the network, Bitcoins can never officially be “banned.”