The digital currency everyone knows about has much more to it than being a groundbreaking thing in the world of economy and trading. There are lots of mysteries surrounding Bitcoin, both sketchy and fun, so we decided to compile a list of our favourite facts about Bitcoin. We hope you enjoy it!
1. Can I get a pizza, please?
Ten years ago, someone decided to purchase two pizzas with ten thousand bitcoins. To be more exact, it occurred on May 22, 2010, which is now celebrated as international Bitcoin Pizza day. It is the most expensive food order in history. It happened at Papa John’s, and that is the first-ever on record exchange of Bitcoin for goods. You may be in shock when you hear someone gave ten thousand Bitcoins, but at the time, mining wasn’t expensive, and Bitcoin wasn’t worth more than a couple of cents. Make sense now. In comparison, while paying pizzas with 10 thousand Bitcoins in 2010 was 41 dollars in total, the same amount of bitcoin is worth around 26 million dollars right now. We hope the pizza was good.
2. Is Bitcoin a conspiracy?
No, but there are lots of conspiracy theories on the internet who the inventor is because it is unknown until this date. It’s been 11 years since, and we don’t know who stands behind the invention and distribution of Bitcoin. It is known that the pseudonym of a group (or a person) is Satoshi Nakamoto, but nobody knows who they are.
Some people claim the name consists of big company names such as Samsung and Toshiba (SA(msung)TOSHI(ba)), plus NAKA(michi) and MOTO(rola). In 2016, an Australian businessman named Craig Wright among many other people claimed he was behind Bitcoin, but of course, he just wanted to take the credit for it like so many different people. Still, being anonymous brings security to Bitcoin, since it’s decentralized and the platform can stay virtually safer because of it.
3. Bitcoin can be tracked. Can it be, though?
The main thing people like about Bitcoin is that no authority can track you or put it on the record. What about their blockchain then. Blockchain is transparent, and if somebody happens to know your BTC public address, they can easily access your digital wallet and see what you did with Bitcoin, and where. Of course, many Bitcoin owners know it, so they usually hide their IP address. This makes it a lot difficult, but still, it’s not that impossible as you might have thought.
4. Oops, I lost my keys!
Yes, you heard it right! You need to have keys even for Bitcoin! Otherwise, you can easily use any amount of coins you have. At least, that’s what happened to James Howells in 2013, when he lost 7,500 bitcoins. He certainly regrets it today much more than in 2013. How did he lose the key if the currency is digital, you may ask? He was cleaning and accidentally threw his hard disk with private bitcoin keys in the trash. He didn’t even figure out until he heard on the news that someone made lots of money by buying Bitcoin at a low price. This doesn’t mean somebody could steal it, but it means it’s lost forever. Howells could’ve had almost 20 million dollars if he was more careful while cleaning. This is not something uncommon; unfortunately, around 25% of Bitcoin has been “missing”.
5. You can’t say no to Bitcoin.
Mining Bitcoin is hard work since it requires having supercomputers and an insane amount of electricity. Bitcoin’s mining network power is 300 times stronger than the top 3 supercomputers put together. Since it’s so powerful, and there is a limit to its mining (once it reaches 21 million caps, it will no longer be mined), Bitcoin is not only the most popular cryptocurrency but also the most volatile on the market. Bitcoin is making profit non-stop, and even when there are some mishaps, it continues to grow. The greatest thing about the number one digital currency is that it cannot be banned. It simply can’t! Yes, there are stories every day about whether Bitcoin will fall under some authority, but it is designed precisely to serve its purpose. Therefore, it can be regulated but not banned, because of its nature and of the internet. Bitcoin is making history by being decentralized, and that’s the best part of having Bitcoin.