11 Bitcoin Facts You Didn’t Know

Bitcoin is the world’s most popular cryptocurrency network, yet but there are certain facts about it that you may not be aware of. Let’s look at some facts and figures about bitcoin to offer you a more comprehensive understanding of this famous blockchain-based cryptocurrency.

The less known facts and figures of Bitcoin you need to know are listed below:

  • The Unknown Founder
  • The Satoshi
  • Loss of bitcoins
  • Power of processing
  • Energy consumption
  • Liberland
  • Low quantity of Bitcoin
  • Ban on Bitcoin
  • The significance of “B”
  • Efficient than supercomputers
  • With the same amount of Bitcoin as it took to buy two pizzas in 2010, you can now buy a house.
  1. The Unknown Founder

In 2009, Bitcoin was introduced to the world by a person or group known as Satoshi Nakamoto. He (or they) disappeared in late 2010 from the internet, and since then, he wasn’t heard. No one truly knows if he is even alive or dead, as his identity is cloaked in mystery. Emails and forums were the only way to communicate with him.

His Bitcoin wallet contains approximately 980,000 bitcoins, making him one of the wealthiest persons on the planet.

  1. The Satoshi

The smallest unit of a bitcoin is known as a satoshi as a mark of appreciation for Bitcoin’s founder. One satoshi is currently worth roughly 0.00005 US dollars (as of April 11th, 2019), which is a ridiculously low amount. Approximately one hundred million satoshis are required to create one bitcoin. To generate a dollar, you’ll need around 2007 satoshis, according to current bitcoin values, which change a lot.

  1. Loss of Bitcoins

When you lose your Bitcoin address, also known as your private key, you lose not only your distinctive identification but also all of the bitcoins in your wallet. According to research, at least 60% of all Bitcoin addresses are ghosts, implying that a large portion of Bitcoin users have misplaced their addresses and are unable to access their wallets.

  1. Power of Processing

The bitcoins mining process is expansive; you invest a great deal in money, time, & electricity. Bitcoin mining needs necessitate the usage of dedicated servers. As quickly as the data is processed, the faster the block gets uploaded to the blockchain, and more rapidly you get bitcoins.

  1. Energy consumption

Every year Ireland consumes about 5000 kilowatt-hours of power. Almost 60 terawatt-hours of power are consumed by all Bitcoin mining farms, which is about 6 x 1010 kilowatts-hours—significant power volumes. The whole of Ireland, which has 84 421 square kilometers of territory and is the second most populated city in Europe, spends less electricity than all these farms together.

  1. Liberland

A micronation known as Liberland was founded between Croatia and Serbia in April 2015. It has been formed by the politician, publisher, activist, and Liberland president, Vít Jedlička. Liberland’s official currency is bitcoin. Bitcoin and its underlying concepts of blockchain are seen by the government as providing a safe and transparent way to record financial, electronic, and natural assets.

  1. Low quantity of Bitcoin

The quantity of bitcoins available on the market is limited: 21 million. Right now, there are currently 18.75 million Bitcoins in existence, which means that about 80% of the 21 million got mined. But don’t despair, we’ll still have bitcoins to mine until 2140. For every block added to the blockchain, the miners are paid 12.5 Bitcoins, which is divided every four years. The previous half-down took place in 2020 when the price will fell to 6.25 bitcoins.

  1. Ban on Bitcoin

Although certain countries throughout the world, such as Canada and the United States, have enthusiastically adopted Bitcoin, others have not. The use of Bitcoins has been completely prohibited in countries such as Bangladesh, Iceland, Ecuador, and Bolivia. Some countries, including Pakistan, Iran, and Thailand have also called on their nationals to use cryptocurrencies with caution although they haven’t completely banned them, however, they do not accept them as legal cash.

  1. The significance of “B”

The words “Bitcoin” with capital “B” and “bitcoin” with smaller “b” express different meanings. The second (bitcoin) represents the cryptocurrency utilized in the transactions. The first (Bitcoin) is the name of the database that keeps track of these transactions.

  1. Efficient than Supercomputers

The Summit, the world’s fastest supercomputer, operates at 122.3 petaflops, or a quadrillion floating-point operations per second. The total processing power of the Bitcoin network is around 80,704,290 petaflops. However, a supercomputer can perform a variety of tasks, whereas the Bitcoin network just adds blocks to the blockchain.

  1. With the same amount of Bitcoin as it took to buy two pizzas in 2010, you can now buy a house.

On May 22, 2010, Laszlo Hanyecz, an American, was having difficulties. All he had left was Bitcoin, which no one had ever heard of. 1 BTC was only worth $0.0025 at the time. Laszlo Hanyecz published a post on the Bitcoin community Webboard offering to exchange 10,000 BTC for two pizzas due to desperation and hunger. Jeremy Sturdivant, an 18-year-old, thought that was a nice idea and delivered two Papa John’s Pizzas to Laszlo Hanyecz’s house for $25 or 10,000 BTC. Who’d have guessed that just nine years later, Bitcoin’s price would have risen by 79 billion percent, allowing you to buy a nice house with the same $10,000 BTC?

Conclusion:

We are all aware that Bitcoin does not use coins or banknotes, but is a digital currency. However, many amazing things concerning Bitcoin may be unknown to us. For example, Erik Finman, an 18-year-old became a millionaire from Bitcoin when he was 12 years old, thanks to an idea he had when he was 12 years old. As other people could buy games or toys, he took $1,000 from his grandmother as a school fund and some money from his brother to purchase Bitcoin, which was only about $10-12 at the time. He sold his first Bitcoin for $1,200 in 2013, converting a $1,000 investment to $100,000 in just a few years.

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Hi. I'm Shoaib Humayun, a passionate blogger with an interest in everything. This blog guides people about their ideas.

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