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15 Interesting Facts About Bitcoin Technology

What do you know about crypto? Do you know enough to be successful in buying and trading? We do and we’re sharing the most important facts about Bitcoin in this guide.

As the metaverse continues to grow, so do the investments in crypto. Experts say, 2022 is the year for global cryptocurrency adoption. This is due to entrepreneurs bridging the gap between decentralized currencies and the centralized world.

Are you ready to make a return on your investment? Read on to learn everything you should know about the most popular digital currency.

When you first start investing in Bitcoin, you need to know how it works. Blockchains, transactions, and mining are a few terms you’ll learn. You should also know key facts and details that’ll help you understand this technology like an expert.

The following are fifteen interesting facts about Bitcoin technology every investor should know.

1. Creator Identity Remains a Mystery

When you look up the creator of Bitcoin, you’ll see the name, Satoshi Nakamoto. However, this is a pseudonym for one or more individuals. Satoshi’s online presence disappeared in 2011, leaving only mere traces of their identity.

Since Bitcoin launched in 2009, numerous people have claimed to be the creator. None have been able to provide the proper documentation to prove their identity. Many agree with the creator’s choice to remain anonymous due to their creation being the first decentralized currency.

2. First Bitcoin Purchase was Pizza

Laszlo Hanyecz was the first person to successfully trade Bitcoin for a product. Because of him, May 22nd has become known as Bitcoin Pizza Day. On May 22, 2010, this programmer in Florida spent 10k Bitcoin on two Papa John’s pizzas.

In 2010, 10k Bitcoin was only worth around $41. Today, that same amount would be worth more than 64 million USD. Bitcoin technology continues to lead the crypto market, as the metaverse grows more popular with retailers and investors.

3. FBI Owns One of the Largest Wallets

In recent years, the FBI shut down a black market website where Bitcoin was for purchases. When they shut down the Silk Road, they acquired the Bitcoin circulating the illegal website. There was a considerable amount of crypto they added to their digital wallet.

The FBI owns roughly 1.5% of the Bitcoin around the globe. Considering there are trillions of Bitcoin around the world, this amount is a lot for a single entity to own.

4. Lose Your Key, Lose Your Bitcoin

Your digital wallet, also known as your private key, is how you store your Bitcoin and other types of cryptocurrency. With a digital wallet, you can check your balance and trade. However, if you lose access to your wallet, you won’t be able to log in again.

Be careful with your password and store it somewhere safe. When people lose their devices with their private keys saved, and can’t remember to change them, they lose all the money in their digital wallets.

5. Transactions are Irreversible

Unlike bank transactions, Bitcoin transactions can’t reverse. This makes it impossible to reverse a transaction. Once a payment’s sent, the Bitcoin’s spent.

Before you send payments, double-check the amount and the recipient. Keep in mind, fees are typically deducted during transactions.

6. Bitcoin is in Space

Bitcoin became the first crypto sent to space. In 2016, Genesis Mining tied a Bitcoin paper wallet and 3D model to a weather balloon. To track the progress, they use a GoPro camera.

Successful transactions happened at a maximum altitude of 21 miles. This moment marks another moment in the history of crypto.

7. Bitcoin Creates Energy

Bitcoin mining requires a substantial amount of computer processing power. Various estimates of how much CO2 it requires are equivalent to one million transatlantic flights. That’s the same amount of energy output made by Peru, New Zealand, the Republic of Ireland, or Hungary.

If Bitcoin miners made up their own country, it would rank 61st globally in terms of electricity consumption. Something we should consider in the future is how Bitcoin mining alone could power 2.5 million homes.

8. Bitcoin Wasn’t the First Attempt at P2P Digital Currency

Although Bitcoin was the first crypto to succeed, they weren’t the first attempt at person-to-person currency. There were precursors to this popular technology and digital money. Notable pioneers worth crediting include Bit Gold, Hashcash, and DigiCash.

These other types of cryptocurrency likely failed because they proposed centralized systems instead of decentralized ones. Decentralized systems are faster because they don’t require a third party to manage them. Bitcoin users also enjoy the anonymity and lack of politics that comes with it.

9. 20% of Bitcoin’s Lost Forever

20% of Bitcoin’s lost forever, for numerous reasons. First off, the anonymous creator holds around 1.1 million Bitcoin’s held. Most believe Satoshi Nakamoto won’t touch this money.

Some Bitcoin owners have passed away without sharing access, creating another loss. Lost passwords are another common reason for the missing digital currency.

10. There are Nearly 100K Bitcoin Millionaires

Due to the anonymity and fluctuating price, it’s difficult to state average earnings. After digging around, you’ll discover there are more than 98k addresses with BTC that are worth one million dollars or more. Not to mention the billionaires that exist from investing in Bitcoin.

These stories are proof that you can be successful by investing early, holding and waiting, or knowing how to trade. Before you invest in crypto, ensure you’re starting with what you can afford to lose.

11. First Bitcoin Mortgage in 2019

In 2019, Bitcoin provided its first mortgage to an entrepreneur and former child actor. The Mighty Ducks actor Brock Pierce is the first person to receive a fully crypto-based mortgage. This crypto enthusiast spent more than 3 million BTC to purchase a renovated chapel in Amsterdam.

Since then, some lenders have opted-in for crypto payments. United Wholesale Mortgage is one of the US-based lenders that will offer a crypto payment option by the end of the year.

12. El Salvador’s the First Country to Accept Bitcoin

This past September, El Salvador began accepting Bitcoin as a legal tender for payments. The president announced this decision in Miami, stirring up controversy. BTC will join, but not replace, the US dollar as a currency option.

The El Salvador government initially offered $30 to each citizen who opened a national digital wallet. However, the World Bank refused to assist with implementation due to concerns about privacy issues and the environmental impact. The future outcomes of these promises are unknown for the time being.

13. Predictions for the Year 2140

Built into the coin’s code is for the last Bitcoin to not be mined until the year 2140. Right now, roughly 18.8 million’s mined, out of the produced 21 million BTC. However, some of this digital money’s already lost forever.

The number of Bitcoin that can be mined gets cut in half once every four years. So even though 90% of the total is already gone, it’ll take almost 120 years to produce the remaining amount.

14. The Value Overflow Incident of 2010

In August of 2010, Bitcoin went from 21 million in circulation to over 180 million. This was due to a coding error that allowed a transaction too large. Someone was able to conduct a transaction that resulted in this excessive amount.

It didn’t take long for Bitcoin to catch on and fix the problem. Since then, the limit has remained the same, at 21 million. This will likely remain a one-time incident.

15. There are Over 2.5K Cryptocurrencies

There are currently more than 2500 types of cryptocurrency in the market. Bitcoin is the most popular choice, leading the way for others. The following are some other top choices:

  • Cardano
  • Binance Coin
  • Tether
  • Doge
  • Chainlink

Ethereum went live in 2014 and is gaining momentum fast. ETH exists within its own network and is commonly used for gambling, investing, dApps, and smart contracts. Bitcoin’s more for daily purchases and retailers.

Facts About Bitcoin ATMs

Crypto ATMs are terminals that allow users to buy cryptocurrency with cash or a bank card. These machines are more popular in North America, with 75% located in the US and Canada. There are only 2k in Western Europe, even though many European countries have created transparent legislation in the regulation of crypto.

A Bitcoin ATM (BATM) is a kiosk for buying Bitcoin with an automatic teller machine. Some offer not only the purchase of the leading crypto, but also trading Bitcoin for cash. You can read this guide to Bitcoin ATMs to get a better understanding before you start investing and trading.

Start Growing Your Investment

Protect your investment by continuing your education and refining your strategy as you go. You can use what you read here to start investing in crypto. These facts about Bitcoin are crucial as you build your portfolio. You can use our site to read about crypto, trending content, and more. We feature the top business products and services for entrepreneurs to know. Explore our blog longer for valuable information.

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