The mysterious “money of the internet”, Bitcoin, has steadily risen in popularity over the last 8 years and is still the undisputed king of cryptocurrencies.
Bitcoin itself is a happy word for many crypto lovers. Bitcoin is said to be the future of money and the future of finances. For many, it’s a serious financial tool. Many think that Bitcoin holds the innovations and development strategies for the future. Some think that Bitcoin is a bubble, and some are just afraid to invest their money in cryptocurrency.
These people have yet to see the power of cryptocurrencies!
1. One of the first transactions made by Bitcoin was to buy a pizza.
May 22 will be eternally remembered as a Pizza Day. Practically everyone in the crypto community knows about Laszlo Hanyecz’s purchase of two pizzas from Papa John’s. He spent 10 000 Bitcoins on them. Back then, 10 000 Bitcoin was about $40 and could buy two pizzas. Nowadays, 10 000 BTC is equal to 66 615 000 USD.
2. Who is the creator of Bitcoin? Nobody knows
In the original whitepaper of Bitcoin, it is said that Satoshi Nakamoto is the creator of Bitcoin. In reality, nobody knows who is Satoshi Nakamoto. Is it one person, or a group of people who created this project? Nobody knows! Doesn’t it make you smile, that one of the most sensational inventions is still a mystery?
3. Bitcoin miners are a heating system of the future
Bitcoin mining rigs eat the electricity but the consumed energy returns in the form of heat. If you’ve ever encountered a Bitcoin miner, you’d know how hot it is to go near it. Now imagine, thousands of miners in one data center. People all over the world are using mining farms to heat their houses, create greenhouses and other heat-depended places.
4. Bitcoin has a limit
There will never be more than 21 million Bitcoins in the world. Bitcoin’s quantity is mathematically limited and after it reaches the limit, producing new coins for mining will stop.
5. We have more digital wallets than banks
It wasn’t enough to battle with cryptocurrency, now banks are battling with digital wallets.
6. Turning into a Crypto-friendly country is a new aim for most of the places
Malta, India, China, Georgia, this is a short list of countries, trying to achieve the maximum level of comfortability towards the crypto industry. Malta is said to be the crypto island, China and Georgia are taking places as countries with most bitcoin miners. The US is working on regulations and creating cryptocurrency taxes. Countries are adapting to innovations and it’s good news.
7. Bitcoin is the mother (father) of all cryptocurrencies
After Bitcoin’s success, different people tried to give birth to their own cryptocurrencies. It’s happy to know that our beloved Bitcoin has served as a path to success for many altcoins. Nowadays, there are more than 1900 tokens backed-up with amazing projects.
8. High electricity consuming
In 2017, Bitcoin mining was ranked as 71st among the highest power usage worldwide. Fun fact, that’s more than all of Iceland.
9. Bitcoin created new professions
ICO advisor, blockchain developer, Bitcoin analyst, and many other professions were born after the popularization of Bitcoin and cryptocurrencies. Bitcoin and blockchain have given the population of earth different other professions and new possibilities.
10. Bitcoin is popular amongst millennials
Millennials are investing in Bitcoin and altcoins. Cryptocurrency is pretty much popular in the modern generation. And it’s good news. Besides investment, millennials are learning professions to perfect Bitcoin technologies and get involved in the Blockchain industry.
You can smile about these facts and learn something from them. They are definitely what puts me in a good mood and raises my hope for the future of cryptocurrencies.
11. Julian Assange later thanked the blockade for forcing WikiLeaks to hold Bitcoin
In October 2017, Assange tweeted that the banking blockade led WikiLeaks to invest in Bitcoin, realizing a massive profit:
12. The earliest Bitcoin faucets dispensed 5 BTC per visitor
In June of 2010, Gavin Andresen created the first Bitcoin faucet to distribute 5 free bitcoins per day to anyone who wanted them. At the time, BTC was worth very little and the faucet was funded with well over 1,000 BTC. Based on the current price, it’s amazing to think how much value was given away for free.
13. There are hundreds of Bitcoin Core developers
Bitcoin Core is the main reference client for Bitcoin. Many other wallets exist but Core is the standard for maintaining compatibility between them. According to the Bitcoin Core site, there are at least 366 talented coders who’ve freely contributed to the development of Core.
14. Bitcoin is only used about 10% for crime according to the DEA
Although there’s still a lingering misperception that Bitcoin is used primarily for illicit transactions on darknet markets, this myth was recently dispelled by a special agent from the US Drug Enforcement Agency (DEA).
According to the Cyber Investigative Task Force, an inter-agency collaboration involving the DEA, FBI, and ATF, 90% or more of Bitcoin volume is entirely unrelated to drug purchases. The peak of Bitcoin’s usage for darknet trades occurred between 2011 and 2012.
15. The FBI agents involved in the Silk Road darknet investigation were themselves criminals
Silk Road was the famous darknet drug market which allowed people to trade narcotics for Bitcoin. Two former Secret Service agents were assigned to shutting down Silk Road. However, after the site was taken down in October 2013, these two agents were themselves imprisoned. Charges of extortion, money laundering and obstruction of justice were brought against the agents for their misconduct during the Silk Road investigation.
16. There are fewer bitcoins than millionaires in the world
According to a 2017 report by Credit Suisse, there are 36 million Dollar millionaires in the world. As there are only around 17 million bitcoins in existence out of a future total of just under 21 million, this means there aren’t enough bitcoins for every millionaire to own one.
Those who own 1 BTC are said to be part of the “21 million club,” whereas those who own 21 BTC are said to be part of the “one in a million club.”
17. There are around 70 forks of Bitcoin
At least 70 altcoins have forked off from Bitcoin. The most well-known are the Bitcoin Cash (BCH) and Bitcoin Gold (BTG). Like the ICO craze, the forkcoin craze has largely died down, as new forks achieved diminishing returns.
There is even a Bitcoin fork coin generator, known as Forkgen, which allows anyone to create their own fork in a largely automated fashion. The service charges 0.017 to generate a new for coin.
18. Bitcoin mining consumes about as much energy as a mid-size country
Bitcoin’s current energy usage is estimated at 73 Terawatt-hours (TWh). This is a little more than the consumption of the nation of Chile, which has a population of about 18 million.
It should be kept in mind that Bitcoin mining is only economical if it uses cheap power as an input. Such power tends to be renewable, such as hydro and geothermal. Assuming Bitcoin scales via additional layers, such as the Lightning Network which doesn’t impose additional energy costs, Bitcoin may eventually become a more efficient use of resources than the traditional monetary system.
19. The economist Milton Friedman predicted Bitcoin
Renowned American economist and Nobel Laureate, Milton Friedman, predicted a system very much like Bitcoin in 1999. In this recorded statement, Friedman lays out his vision for a future, internet-based “e-cash” beyond the control of the state.
20. The average Bitcoin is a male European or American between 25 to 34 years of age
While these survey stats, collected between 2013 and 2015, are somewhat dated, they nevertheless paint an interesting picture. The stats seem consistent with the type of people one is most frequently encounters on Bitcoin social media or at real-world events.
(Taken from https://holytransaction.com/page/who-uses-bitcoin)
Bitcoins may sound a bit farcical at first, but it’s actually a real currency used to buy real things. There is a variety of merchants who accept bitcoins as payment for items, both online stores, and physical stores.
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