Interesting Facts About Bitcoins That Everyone Should Know

The mysterious wealth of the Internet, Bitcoin has become extremely popular over the past 8 years and is still the king of cryptocurrencies.

Whether some people are using bitcoin as an investment or for doing daily transactions, there are still many people who have not yet adopted bitcoin nor have any plans to adopt it further.

Many people do not use bitcoin, because they do not really know much about it.

This blog will tell you some such things about it that will change your thinking about bitcoin.

1. The first purchase of bitcoin was for a pizza.

Do you know why May 22 is known as Bitcoin Pizza Day?

When bitcoins were mined in the beginning, they were virtually worthless because they cost only a few cents of BS. But it was only in 2010, when someone sold bitcoin for such a thing.

Seven years ago, if someone took bitcoins and gave them pizza, then it was a big deal because no retailer for goods and services accepted those same bitcoins.

On 22 May 2010, two Papa John's Pizzas were exchanged for 10,000 bitcoins.

2. Bitcoin's inventor is a mystery

Ever since bitcoin came into reality in 2009, some assumptions have been made as to who is the father of bitcoin!

Bitcoin's whitepaper is open to the public with a pseudonym, that is, Satoshi Nakamoto. This identity of the name "Satoshi" is still a mystery, which is yet to be solved.

Despite this, a Craig Wright, Australian entrepreneur claimed in 2016 that he was the inventor of bitcoin. Then later it was found out that it was just a scammer. He and his partner created a forked version of bitcoin, Bitcoin Cash, which robbed many people of their hard-earned money. He also bought a Limbo with this money.

3. Bitcoin is Untraceable and Bitcoin is NOT untraceable.

When we talk about bitcoin transactions, your name and identity are not used in any form. Only your public address is available.

Bitcoin's blockchain is a permanent ledger which is transparent. If someone knows your bitcoin address, they can see how many bitcoins you have and what transactions you have done.

4. If you lose the private key of your bitcoins, you also lose your bitcoins.

Without the private key, the funds are lost, forever and no one can use them anymore. So far it has been found that almost 25% of all bitcoins in the world have been lost, forever.

5. There can be a maximum of 21 million bitcoins.

The supply of Bitcoin is finite. At most, there will be 21 million bitcoins in the world at any time.

So far, 16.3 bitcoins have been mined, and now these trades are taking place. The last bitcoin will be mined in 2140. After that, new bitcoins cannot be mined.

6. Bitcoins cannot be banned

Due to the nature of Bitcoin, the discussion of banning it has happened many times. The reason for this is that it is outside the scope of the traditional banking system.

Nevertheless, its fundamental design is such that it can be regulated, but cannot be banned. As long as you have an internet connection and a bitcoin wallet, you can engage with bitcoin.

Many countries such as Bangladesh, Bolivia, Thailand, and Vietnam had tried to ban it. But there are many countries, such as Australia, Russia, Japan, and Venezuela that have regulated it, considering it a legal tender.

Still some countries like India and USA which are unclear about their official policy regarding cryptocurrencies.

Yet bitcoin cannot be taken away. This is its real beauty.