Bitcoin: 5 Interesting Facts about Everyone's Favorite Cryptocurrency
January 26, 2021 (Investorideas.com Newswire) Bitcoin has been in the media a lot lately and the frenzy seems to have new horizons especially in early January with its price skyrocketing to the moon and back.
But no matter how popular this digit currency may be, even the most tech-savvy or even those that may seem well-versed on the topic have a hard time wrapping their heads around Bitcoin. It is a hot topic and a frequent point of discussion leaving you perturbed because of how little you know or actually understand this nebulous topic.
For starters, here is an overly simplified exposition of Bitcoin: It is a virtual currency, the first one in fact to beget an entire universe of cryptocurrencies which now includes more than 5000 crypto coins. Bitcoin is decentralized which means that it is not controlled by any central authority such as banks or government bodies. It is created by "miners'' who use expensive computers and specialized hardware to solve difficult puzzles in order to get bitcoins. Many bitcoin aficionados argue that it allows for more secure transactions over the internet. This is a result of the blockchain technology that it uses that records all transactions chronologically in a digital ledger that is public.
Even though Bitcoin is only 12 years old, it is the oldest and most highly valued cryptocurrency out there right now. There are many factors for its popularity among investors. Its inflation-proof quality, transparency, and easy availability and accessibility are just some of the factors that have played a key role in where it stands now. Another reason is the increase in trading platforms, such as bitcoin compass, which offers programs allowing you to capitalize on the changing dynamics of the crypto market and make profits from crypto booms.
Bitcoin is considered to be the leading cryptocurrency in the world, however, there is still a lot of mystery surrounding it. In other words, the cryptocurrency has had a tumultuous existence, to say the least. So, here are 5 interesting facts to get you started on the poster child of cryptocurrencies:
The Birth Of Bitcoin.
Even though Bitcoin's inception is widely believed to be in 2009, its actual origins trace back to 2008 when the concept of Bitcoin and its workings were published by its creator, an entity that went by the pseudonym of Satoshi Nakamoto.
It is widely believed that Nakamoto actually left the project sometime in 2010 and disappeared, but other developers picked up the work. Bitcoin's birthday is celebrated on January 3rd, which was the date when Nakamoto mined the first 50 units of the currency.
Satoshi Nakamoto: An Elusive Creator
The true identity of Bitcoin's creator has unfortunately never been unveiled.
However, over the years, there have been many candidates that people believe were the creators of Bitcoin and the real identity behind Satoshi Nakamoto.
In 2014, there were widespread rumors about Bitcoin's creator being identified. A resident of Temple City, California, the man Dorian Satoshi Nakamoto was speculated to be the infamous anonymous creator, a title that he has been vigorously denying.
But he wasn't the only contender. In 2015, an Australian Entrepreneur, Craig Wright, claimed he was responsible for the inception of Bitcoin but was unable to produce sufficient evidence to back his claim.
Some others including Elon Musk and Nick Szabo have also been speculated to be anonymous creators, but the actual identity of Satoshi Nakamoto still remains a mystery. It is believed, however, that whoever Nakamoto may be, he is rich as the creator is estimated to have mined about a million bitcoins back in its early days.
A Very Expensive Pizza.
On May 22, 2010, when bitcoin was just a little over a year, a programmer identified as Laszlo Hanyecz made the first real Bitcoin transaction. He successfully traded 10,000 bitcoins for two pizzas from Papa John's. The day is now referred to as "Bitcoin Pizza Day." With one bitcoin valued at around $30,000, this would approximately be worth over $200 million
Only 21 Million.
Bitcoin's supply is finite. There can only be a limited amount of Bitcoin in existence and the amount is capped at 21 Million. This was a conscious decision made on behalf of Satoshi Nakamoto, allowing Bitcoin to retain its value as the more scarce the coins get, the higher its value will be.
Federal Bureau Of Bitcoin.
At one point, the U.S. government was one of the largest bitcoin holding entities in the world.
In 2013, after the FBI shut down Silk Road, which was a site on the dark web operating as a means of selling drugs and other illicit goods and services, it gained control over the bitcoin wallets that were used by the website. One of these held 144,000 bitcoins.
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