Cryptocurrency has been dubbed a number of times as the “money of the future”.
And it’s no surprise why as it is replete with benefits that people seem to clamor for.
One of its most popular forms is Bitcoin.
Although there are many other cryptocurrencies aside from Bitcoin, this one is still the most widely used around the world.
Now before you get into the Bitcoin revolution, you would probably want to know about these interesting facts about this highly coveted digital money.
# 1 – The person who invented Bitcoin remains a mystery
Bitcoin was introduced in 2009. But 10 years later, its inventor remains unknown.
As you can expect, there have been numerous speculations about who the creator of this cryptocurrency is.
But all we know right now is that he or she goes under the name of “Satoshi Nakamoto”.
The person behind this pseudonym is still a mystery waiting to be solved.
In 2016, an Australian businessman named Craig Wright claimed that he is Satoshi, and that he was the one who invented Bitcoin.
It was proven later on that Wright was a scammer who wanted to ride into the fame and fortune of Bitcoin.
Some people have speculated that Satoshi Nakamoto is a combination of the top Japanese companies Samsung, Toshiba, Nakamichi and Motorola.
# 2 – Pizza was the first Bitcoin purchase
May 22 is an annual celebration in the Bitcoin community known as Bitcoin Pizza Day.
During the first phase of its mining, Bitcoins were deemed worthless back then. It only cost a few cents to buy Bitcoins at that time.
But in May 22, 2010, someone bought a pizza with Bitcoins.
During this time, no other pizza restaurant or any other eatery accepted Bitcoins as payment.
But two of the branches of Papa John’s Pizzas started accepting Bitcoin payments.
Laszlo Hanyecz was the first person who bought something with Bitcoin.
He purchased a pizza for 10,000 Bitcoins.
This was recorded as the first official purchase of a product using this cryptocurrency.
At that time, this was only worth $41. But now, 10,000 Bitcoins is already worth $25.8 million.
# 3 – Bitcoin is both traceable and untraceable
One thing to love about Bitcoin is its anonymity.
But actually, this is only partial anonymity.
Yes, it is true that when you make a Bitcoin transaction, your name and identity will not be revealed. It is only your public address that is used in forms.
However, you need to know that every Bitcoin transaction is recorded in the blockchain, a public ledger that any person can access. If any person knows what your Bitcoin public address is, it is possible for them to see the number of Bitcoins you have, and what specific transactions with Bitcoin you have already made.
You can make it a little harder for people to view your Bitcoin transactions by hiding their public address using services such as the Bitmixer or a virtual private network (VPN).
But this only makes it difficult to trace, not entirely impossible.
# 4 – Losing your Bitcoin private key means losing your Bitcoin assets
It is very important that you never lose your Bitcoin private key because if you do, this will mean an end to your Bitcoin assets. You can never retrieve them again.
In 2013, James Howells lost a total of 7,500 Bitcoins when he accidentally threw away a hard disk that contained all the private keys to the Bitcoins that he mined three years earlier. He only realized this when he heard about the news of a man from Norway who amassed great wealth with Bitcoin. He tried to look for his hard drive but his efforts were useless. His Bitcoin would have gotten him $19.4 million today.
It is estimated that up to 25 percent of Bitcoins get lost since it was introduced.
# 5 – There are only 21 million Bitcoins
Another important thing that you have to know about Bitcoins is that its supply is finite.
Right now, about 16.3 million Bitcoins have been mined and traded.
It is estimated that the last Bitcoin will be mined in the year 2140.
After this, there are no new Bitcoins that can be mined. But this does not mean that the use of this cryptocurrency will be over.
It will still be in circulation. People will still use it to buy products and services, and trade it with other Bitcoin users.
# 6 – You can now buy a lot of products and services with Bitcoin
You will actually be surprised at the long list of items that you can now buy with Bitcoin.
You can now buy food, drinks, clothing, tech gadgets, appliances, and even real estate properties.
Yes, you heard it right. You can actually purchase a house and lot with your Bitcoin.
In the United States, you can also use your Bitcoin for funeral services, for booking flights or car rentals, and even for space travel aboard the Virgin Galactic.
# 7 – There was only one year since its inception that Bitcoin did not make a profit
Since 2009, Bitcoin has been consistent in growing its value except only in 2014.
This was the only year when Bitcoin prices made a huge drop, inflicting up to 62 percent loss to its investors.
This was mainly because of the Mt. Gox hack that happened that year. From the value of $751 at that time, Bitcoin dropped to $285.
The hack has made many investors fearful over investing with Bitcoin.
But eventually, Bitcoin recovered after it was determined that it was not the Blockchain that was compromised but the exchange itself which was found to have many fatal flaws.
From 2015 onwards, Bitcoin value has again steadily increased.
# 8 – It is not possible to ban Bitcoin
One of the major fears of Bitcoin investors is if it gets banned by the government.
Yes, there have been endless talks about this, but none of these have materialized.
The primary reason these talks have emerged is the fact that it challenges the traditional system of banking.
Not only does Bitcoin offer a partially anonymous transactions, it also imposes much lower fee and takes a lot faster than traditional bank transactions.
But any Bitcoin user would be glad to know that this cryptocurrency cannot actually be banned. It can however be regulated.
As long as a user has connection to the Internet and access to a Bitcoin digital wallet, it is still possible to trade, sell and buy Bitcoin.
There are many countries in the world that have made attempts in banning Bitcoin. Countries such as Russia, China, Vietnam and Thailand do not allow the use of Bitcoin for purchasing products and services.
But there are also countries like US, Australia and Japan that have made Bitcoin part of the currency. These countries have even pushed the creation of policies that will regulate the use of cryptocurrency.
# 9 – The animal mascot of Bitcoin is the honey badger
There is no official mascot for Bitcoin.
But many consider the honey badger as its unofficial mascot.
This is because honey badgers are known for their strength and agility. They are the animals that can withstand bee attacks, snack bites, and other injuries that would leave other types of animals devastated. Many think that this is a good fit for this cryptocurrency, which has been proven strong enough to survive all types of threats and attacks since its inception.
# 10 – Bitcoin was created because of a bug
A bug has led a developer to accidentally create a large number of coins at block height 74638. This error was later on fixed by a developer known as Satoshi. It took him about 5 hours. What he did to fix the error is to release a patched Bitcoin client version 0.3.10 to get rid of the excess coins. Majority of nodes and miners accepted it and was forked out and deleted from the blockchain.
# 11 – Bitcoin is used only 10 percent for crime
According to the Drug Enforcement Administration (DEA) in the United States, Bitcoin is used only 10 percent for crime.
Many people think that Bitcoin is primarily used for criminal related transactions and in the black market.
But this misconception was cleared by an agent from the DEA.
According to the agent, more than 90 percent of the Bitcoin is used for purchases that are not at all related to drugs or other crimes.
# 12 – There are more than 70 forks of Bitcoin
Did you know that there are now 70 altcoins that have been forked off from this world renowned cryptocurrency?
The most popular include Bitcoin Cash and Bitcoin Gold.
There was even a Bitcoin fork coin generator that was invented recently.
This was called Forkgen.
What it does is that it allowed any person to create their own fork.
These are just few of the many fascinating facts about Bitcoin that any Bitcoin user would be interested to know about.