Nine Interesting Facts About Bitcoin

 

By now many people have heard about Bitcoin even if they don’t use the virtual currency. As Bitcoin gains prominence people are learning more about how cryptocurrencies work as well as what makes it unique from other payment options. People are finding very creative ways to use Bitcoin, which has lead to some interesting stories and facts.

If you’re interested in using and investing in Bitcoin, here are a few interesting facts about the world’s leading cryptocurrency.

Bitcoin Blasts Into Outer Space

Last year, Genesis Mining made history by sending Bitcoin into outer space. The crypocurrency mining company created a YouTube video explaining how the event went down. Genesis Mining worked with Sentintospace.com to make the intergalactic, peer-to-peer monetary transaction possible.

Genesis Mining first created a 3D model of a Bitcoin that was affixed to a weather balloon. The Bitcoin and balloon reached a height of 34 kilometers, which is outside of the stratosphere.

10,000 Bitcoin Pizza Worth $17 Million Today

Just like gold and other forms of currency, Bitcoin fluctuates in value. For example, in October 2009 less than a year after Bitcoin’s creation the trade rate was $1 for 1,309BTC.

Today, bitcoins are valued at a much higher rate than they were in 2010 when Laszlo Hanyecz used bitcoins to order two pizzas worth about $25. The transaction equated to 10,000 bitcoins at the time. Had he forgone the pizza craving and held onto those bitcoins they’d be valued at about $17 million. The transaction is also notable because it’s the first known instance of someone buying something tangible with bitcoins.

The Bitcoin Creator Was Anonymous . . . in the Beginning

Most people who come up with a revolutionary form of currency would want people to know what they accomplished. But it was an anonymous individual going by the name Satoshi Nakamoto that’s credited with creating Bitcoin. Some have speculated that the anonymity was intentional to allow the creator to profit from bitcoins since they were able to efficiently mine them early on. Some have speculated that Satoshi mined a total of 1 million bitcoins in the infancy of the crytocurrency.

But in 2016 Australian tech entrepreneur Craig Steven Wright revealed he was the creator of Bitcoin. Wright proved his claim by producing the cryptographic keys that ‘Satoshi Nakamoto’ used to send the first bitcoin transaction to a gentleman by the name of Hal Finney. However, many are still skeptical and believe the world may never know the true mastermind behind Bitcoin.

Bitcoin Goes to College

King’s College in New York is known for being progressive. It’s so forward-thinking it became the first U.S. college to accept bitcoins for tuition payment.

There’s a Bitcoin Boulevard

The city of Hague in the Netherlands has a new claim to fame. It’s home to Bitcoin Boulevard, a shopping area where many of the businesses were early Bitcoin adopters. Of course, now that many online and offline retailers are accepting Bitcoin the attractions has lost some of its uniqueness.

The Bitcoin Network is Way More Powerful Than Supercomputers

Supercomputers are known for having outrageous computing power, but they pale in comparison to the Bitcoin network. Experts have estimated that the Bitcoin network has a computing power of 2,046,364 Pflop/s. The 500 most powerful supercomputers have a cumulative power of 274 Pflop/s.

Bitcoins Are Limited in Number

Even though bitcoins are virtual, they were designed to be a finite resource. The number of bitcoins generated per block is set to decrease by 50% for every 210,000 blocks. Analysts anticipate that all of the bitcoins will be ‘mined’ (generated) by 2021. Of course, this is a big factor in determining the value of bitcoins.

The US Treasury Department Nixed Minted Bitcoins

In 2013 the company Casascius decided to make the cryptocurrency a tangible asset by minting physical bitcoins. The idea didn’t go over so well at the US Treasury Department. As soon as they caught wind of the bitcoin minting operation it was shut down.

Many Bitcoins Go Unused

Bitcoins are meant to be used, but some owners haven’t touched them since acquiring them. Case in point, in 2014 Norwegian investor Kristoffer Koch noted that he had forgotten about his $28 purchase of bitcoins. By the time he remembered his bitcoins were worth about $500,000.

Jet Li Introduced China’s Government to Bitcoins

China is now one of the major Bitcoin players, but that wasn’t always the case. Jet Li’s charity One Foundation is credited with bringing Bitcoin to the attention of Chinese officials in 2013. One Foundation was the first organization in China to receive donations in the form of bitcoins.

 

Thanks to Bitcoin people…

The Deviant Investor

2 thoughts on “Nine Interesting Facts About Bitcoin

  1. A man made system of controlling a monetary system for barter? It’s always been that in any man made system used to control wealth, someone has always gotten the upper hand. What I find more than a little unnerving is that a person could buy $10K worth of Bitcoins with fiat money, such as the US Dollar, and do nothing for several years and it’s value (in cyber space) goes up to a half a million US Dollars.
    So we have a few choices here, one to keep the faith in a fiat system that has lost 98% of it’s purchasing power, even as the worlds reserve currency, or we can put our faith in a cyber space currency, also man made, that could be destroyed by any number of electronic/electrical interruptions, as it is also not physical by its nature. Or, we can stay with a system that bases all forms of currencies on one basic value, such as Gold for one. Gold has worked for over 5000 years for the entire world and it still works now, simply because it is not man made and cannot be manufactured out of thin air such as Fiat money and electronic money.
    Granted, I may not know all of the intricacies of the Bitcoin operations, but I’m educated enough to know Fake from Real.
    Try going to another country you can’t speak the language in and buying, say a rug, for $100 (US currency valuation) and offer that vendor $100 in US currency; $100 in real Gold or Silver or an electronic device offering to pay him in Bitcoins. Never assume that just because you live in a nice house, drive a nice car and have plenty of food and other amenities, that everyone else in the world has them too.
    As for me right now, I think I’ll stay on the side lines and see how this all develops, I mean, I read something about 2021 and no more Bitcoins will be what?


  2. Bitcoin is a prototype for a digital one world currency… it’s
    block chain is so large, it takes 20 minutes to clear an exchange.
    If the internet goes down, you cant access your account.
    China has outlawed some bit coin exchanges .

    There are 7 other crypto ICO’s now…

    There will be no password that cant be hacked when Quantum
    computers come on line.

    This is a get in and get out proposition !


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