Fun facts and trivia about Bitcoin

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Cryptocurrencies are still a mystery. Although they have been around for over a decade already, there are several things about them that have yet to be discovered. Over the years, more and more people have become addicted to investing in cryptocurrency, thanks to its many benefits.

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

The founder of Bitcoin is anonymous

The mastermind behind Bitcoin remains anonymous to this day.

Bitcoin is popularly known as the first and original cryptocurrency which was invented in 2008. It was first launched in the market in January 2009. However, the creator of Bitcoin was never officially introduced since he did not never really revealed his identity. Instead, the maker(s) of this decentralized and distributed digital currency used the pseudonym Satoshi Nakamoto.

Just recently, bitcoin enthusiasts from Hungary constructed a bronze sculpture of Nakamoto, and it was unveiled in Budapest. They refer to Satoshi Nakamoto as the founding father of all cryptocurrencies. Nobody really knows what they like, so the bronze statue depicts a reflective, featureless face. The statue was created to raise awareness about Bitcoin and cryptocurrency as well as to pay tribute 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 by a very different method. BTC mining involves the use of computer platforms and Application-Specific Integrated Circuit (ASIC) devices. You might be wondering why and what exactly is the purpose of the blockchain technology behind the Bitcoin invention. Well, to put it simply, it’s for the sake of traders. With well-designed blockchain technology, broker platforms 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, the last BTC is expected to be mined in 2140.

Over 18 million bitcoins have already been mined and are currently in circulation, but the reward issuance rate periodically halves, which is why new bitcoins take longer to be mined.

About 20% of Bitcoin is gone or lost forever

According to Chainalysis, around 20% of Bitcoin is lost forever without a trace. This includes founder Satoshi Nakamoto’s 1.1 billion Bitcoin ownership (more details) which remains intact to this day. Some bitcoins have been lost forever due to unfortunate circumstances, such as when users died without sharing their security keys with anyone. Also, other people lost their keys or forgot their passwords.

If you lose your security, password or wallet, 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 for years to search his local dump for a hard drive he accidentally threw away, which contains around 7,500 BTC equivalent to roughly $380 million.

Bitcoin is legal tender in El Salvador

The country El Salvador was the first ever to accept Bitcoin as 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 business transaction was a purchase of pizza

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 Florida man named Laszlo Hanyecz traded 10,000 bitcoins for two boxes of Papa John’s pizza.

You read correctly ! In fact, the first purchase was so special that Pizza Day is now commemorated annually by Bitcoin enthusiasts. The value of Bitcoin was around $41 at that time. This amount of BTC would have been worth over $500 million at current prices.

Bitcoin millionaires count to 100,000

Do you think there might be just a few bitcoin millionaires? Well, there are actually over 100,000! Some are even billionaires! This data is according to BitInfoCharts, but it is difficult to trace these individuals due to Bitcoin’s anonymity.

However, there are big name millionaires who are public figures like the Winklevoss twins and Erik Finman.

You don’t need heavy tools to mine bitcoins

Bitcoin mining is not as complicated as real gold mining. Miners do not have to use heavy tools and mining rigs. However, you also cannot say that it is easy because it consumes a lot of computer power. Digital miners typically use high-end computers, GPUs, or Application-Specific Integrated Circuit (ASIC) devices to mine bitcoins.

How does this work? Basically, these devices solve mathematical puzzles and algorithms to ensure blockchain security. Bitcoin operates using blockchain technology which records all data and transactions. For each verified transaction, miners around the world who share and store data in this distributed ledger are rewarded with Bitcoins in exchange. So, the better the performance of your device, the more chances you have to mine more Bitcoin.

One of the Bitcoin billionaires is only 18 years old

Erik Finman is considered one of the youngest self-proclaimed bitcoin billionaires. At 12, he was already thinking of investing in Bitcoin. He used his grandmother’s supposed education fund worth $1,000 and some money his brother gave him to buy Bitcoin, which was only worth $10-12 at that time. . He sold his first bitcoin for $1,200 which turned into $100,000 a few years later.

After leaving the 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 was so convinced he accepted the offer.

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

Conclusion

There are more Bitcoin trivia that you can check online. Now, if these fun facts have inspired you to give bitcoin investing a try, we have achieved our common goal. Just make sure 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 even lucky enough to become millionaires, others are also losing money investing in crypto. As most experts always say, don’t invest more than you can afford to lose.

Last update: January 18, 2023

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