Most people don’t know enough about Bitcoin, which is part of the reason they don’t use it. We’ve listed a few important Bitcoin facts for you.
Bitcoin was first used to buy pizza
Have you ever wondered why May 22 is known as Bitcoin Pizza Day? It cost literally cents to buy a BTC when Bitcoins were first mined, so initially they were worthless. The first Bitcoin transaction occurred on May 22, 2010.
At the time, no retailer accepted Bitcoins for goods and services, and so the purchase of a Pizza with Bitcoins on this day was a big deal. Laszlo Hanyecz traded two Papa John’s Pizzas for 10,000 BTC on May 22, 2010. He was the first person to use Bitcoin to purchase goods. 10,000 Bitcoins were worth $41 at the time.
Bitcoin’s inventor remains a puzzle even now
You’re right, that’s correct! Nobody knows who invented Bitcoin. The father of Bitcoin has been a subject of speculation since 2009, when Bitcoin was introduced.
Published under Satoshi Nakamoto’s pseudonym, the Bitcoin whitepaper was open to the public. “Satoshi’s” identity remains a mystery. Many people are confused, including Craig Wright, an Australian entrepreneur who claimed to be the inventor of Bitcoin in May 2016. Later on, however, it was discovered that this guy was a scammer.
There is no proof that Bitcoin can be tracked; Bitcoin is not untraceable
A Bitcoin transaction does not allow the use of your name/identity. Public addresses are the only ones available.
Blockchain technology is a permanent, transparent ledger. You will know how many Bitcoins you have and which transactions you have performed if you know your Bitcoin public address.
Bitcoins are irrecoverable if your private key is stolen or lost
In November 2013, an IT guy named James Howells lost 7,500 Bitcoins. His hard drive containing the private keys to the Bitcoins mined in 2010 was thrown away while he was cleaning his desk at home.
His hard disk was nowhere to be found after he spent hours looking for it. 7500 Bitcoins are currently worth about $19.4 million. When the private key isn’t provided, the funds are lost forever and cannot be used by anyone.
According to current estimates, about 25% of all Bitcoins have been lost forever.
There are no trees that grow Bitcoins
Bitcoins are also not grown on trees like money. Bitcoin can’t be touched, felt, or printed, unlike traditional paper money. A Bitcoin block is created when a miner successfully mines a Bitcoin block within the blockchain network.
The network of Bitcoin currently has 300 times the computing power of the world’s five most powerful supercomputers combined.
The number of Bitcoins will never exceed 21 million
Bitcoin’s supply is limited. The number of Bitcoins will never exceed 21 million. As of today, 16.3 million coins have already been mined and traded. By 2140, there will be no more Bitcoin to mine. Bitcoin will cease to exist after that date.
There can’t be a ban on Bitcoin
It is said that Bitcoin is constantly under threat of being “banned” because of its nature. Bitcoin’s hostility is due to the fact that it operates outside the jurisdiction of the traditional banking system. Although it cannot be banned, it can only be regulated due to its fundamental design. A Bitcoin wallet and an internet connection are all you need to engage in Bitcoin transactions.
Even so, it has been banned in many countries, including Bangladesh, Bolivia, Thailand, and Vietnam (to name a few). The governments of some countries, such as Australia, Russia, and Venezuela, has made Bitcoin a legal tender and regulates it. There are still some countries, including India and the USA, that do not have an official stance on cryptocurrency.
Although it threatens the financial power structure, Bitcoin can’t be pushed away. This is what makes it so beautiful.