When someone mentions cryptocurrency, it’s tough not to think of Bitcoin because it is the first cryptocurrency and all the other various cryptocurrencies have been modeled on bitcoins. It is by far the most well-known, and it has maintained its place at the top by leveraging its notoriety and media exposure.
If you, too, are a crypto trading enthusiast and look forward to knowing some wow facts about Bitcoin, here are some for you below-
- Nobody knows who came up with the idea for bitcoin- The word “crypto” derives from the Greek and means “secret or concealed.” Since this digital money was invented and used by private individuals whose names are anonymous and cannot be easily discovered on any site, it offers numerous and numerous advantages. So, who is this mysterious individual at the helm of the enormous virtual currency? No one knows who is behind this as of yet. This is the greatest astonishing and bewildering fact about cryptocurrency! Many individuals believe that Satoshi Nakamoto is the creator of bitcoin.
- Pizza was the first commercial Bitcoin transaction- A guy in Florida used 10,000 bitcoin as payment for two pizzas on May 22, 2010. This transaction is considered to be the very first commercial bitcoin transaction. At the time, 10,000 bitcoin was worth around $40, one bitcoin was “worth” slightly less than half a penny. If you had that much money in bitcoin today, it would be worth more than $350 million.
- Satoshi- The smallest unit of a bitcoin is known as a Satoshi and this was named after the alleged creator or founder of bitcoin as a mark of appreciation. One Satoshi is worth around 0.00005 US dollars, which is a very little amount. One bitcoin requires around one hundred million Satoshi. According to current bitcoin rates, which fluctuate significantly, it takes close to 15,800 Satoshi to generate a dollar.
- Physically, cryptocurrency cannot be outlawed- The most-discussed theory of banning of cryptocurrencies has a few plausible explanations, including central banks losing money and decentralised governance removing government authority. Regardless of the limitation, prohibiting cryptocurrencies is physically impossible because everyone may get a cryptocurrency wallet. Regulations can be implemented, but they will not stop bitcoin’s growth.
- Brock Pierce got the first Bitcoin mortgage in 2019- Brock Pierce, a businessman, and former Mighty Ducks child actor, is said to be the first to take out a crypto-only loan. The crypto enthusiast put up over 3 million BTC to buy a renovated church in Amsterdam, Netherlands. Based in the United States, United Wholesale Mortgage recently announced that it will accept Bitcoin and other cryptocurrencies as mortgage payments.
- A post on Bitcoin occurs on social media every three seconds- According to a recent cryptocurrency statistic, there are 28,866 social media postings about Bitcoin put online every day, averaging 1,203 each hour. That works out to about 20 posts every minute.
- China stands as the largest cryptocurrency miner in the world- Who’d have thought it, eh? Validating transactions before they are published on the Blockchain ledger is the process of mining bitcoin. It’s a lucrative part of the business, and China controls around 75% of the mining network.
- Bitcoin’s price surged by 66 percent in February 2021- In January 2021, the cost of a digital asset was merely $30 000. According to cryptocurrency data, by February, it had climbed by over $20 000. The fact that it was only worth $10,000 a year ago is even more incredible. By the first quarter of 2021, this translates to a 400 percent increase in value.
- In 2140, the final Bitcoin will be mined- There will only be 21 million Bitcoins ever generated. It’s written in the coding or DNA of the coin. Around 18.8 million have been mined so far, although some have already been lost as we can see from the chart above. According to how Bitcoin mining works, the number of Bitcoins that may be mined is halved every four years. This means that, while nearly 90% of all Bitcoins are presently in circulation, the remaining 2.2 million coins will take another 120 years or more to produce.
So, these were some fascinating Bitcoin facts that, no doubt, will sound interesting to any bitcoin investment enthusiast. When trading in Bitcoins, you should always choose btc revolution, a completely safe and reliable crypto trading platform. Happy crypto investing!