Bitcoin Interesting Facts That You Should Know - OnlineMoneyEarning

Bitcoin, the most expensive and controversy digital currency ever made actually have some weird yet interesting background behind it. You want to know ? Here they are.

1. The Unknown Founder

Since the inception of Bitcoin in 2009, there have been several speculations about who the founder of Bitcoin is/are.

The Bitcoin whitepaper was made open to the public under the pseudonym of Satoshi Nakamoto. The identity of “Satoshi” is still a mystery yet to be solved.

Some even suggest that Samsung, Toshiba, Nakamichi, and Motorola together created Bitcoin.

• Samsung and Toshiba  — Satoshi
• Nakamichi and Motorola  — Nakamoto

This anonymity has led to comments like "Bitcoin is a Ponzi Scheme", yet this buzz has not stopped BTC from growing.

Because the purpose of Bitcoin is to be a decentralized method of exchanging money, this anonymity is very healthy for the platform.

2. Bitcoin Is Not Traceable

When making Bitcoin transactions, your name/identity is not used in any form. Only your public address is available.

But,

The Bitcoin blockchain is a permanent ledger which is transparent. If anyone knows your Bitcoin public address, they can see how many bitcoins you hold and what transactions you have made.

It’s how the FBI was able to bust the owner of Silk Road.

3. The First Bitcoin Purchase Was A Pizza

Initially, when bitcoins were mined they were virtually worthless as it cost literally cents to buy a BTC.

But it was until 22 May 2010, when someone purchased something with bitcoins.

Seven years ago on this day, someone bought Piazzas with bitcoins and this purchase was a big deal because no retailer was accepting bitcoins at that time for goods and services.

On 22 May 2010, two Papa John’s Pizzas were exchanged by Laszlo Hanyecz for 10,000 BTC. This was the first official documented purchase of goods using bitcoins.

At that time, the worth of 10,000 BTC was $41.

4. There Only Will ever Be 21 Million Bitcoin

Bitcoin’s supply is limited.

There will only ever be 21 million bitcoins.

At present, 16.3 million have already been mined and are being traded. The last bitcoin will be mined in 2140. After that, no new bitcoins can be mined.

5. Bitcoin Can Not Be Banned

Due to the nature of Bitcoin, there is constant talk about “banning” it. This hostility towards Bitcoin is because it works outside the jurisdiction of the traditional banking system.

However, the fundamental design is such that it can’t be banned, only regulated. As long as you have an internet connection and a Bitcoin wallet, you can engage in Bitcoin.

Nevertheless, many countries have tried to ban it, like Bangladesh, Bolivia, Thailand, and Vietnam (among many others). But there are some countries like Australia, Russia, Japan, and Venezuela which have made Bitcoin an official legal tender and are regulating it.

However, some countries like India and even the USA are unclear of their official policy regarding cryptocurrencies.

Try as they might, Bitcoin can’t be pushed away just because it threatens the financial power structure. This is the real beauty of Bitcoin.

6. Bitcoin Does Not Grow On Trees

Just like money, bitcoins also don’t grow on trees.

But unlike traditional paper money, you can’t touch, feel, or print bitcoin.

Bitcoins are mined on the blockchain network, and they come into existence when miners successfully mine Bitcoin blocks.

At present, the mining power of Bitcoin’s network is 300 times more powerful than the world’s top 5 supercomputers combined.