A new cryptocurrency was born on 31st of October 2008, its name was “Bitcoin” and it has been surrounded by mystery, conspiracy theories, and confusion (not to mention a couple of disasters) ever since.
Here is an alternative to the usual Bitcoin guides which covers 24 of the more unbelievable and interesting figures and fun facts about Bitcoin and closely related topics.
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Infographic courtesy of ICOWatchlist.com
Facts About Bitcoin Conspiracy Theories And Mysteries
- Bitcoin was the brainchild of a mysterious, unknown person or group known as ‘Satoshi Nakamoto’. To this day, nobody knows who the person(s) behind Bitcoin is!
- In Japanese Satoshi translates into “clear-thinking; quick-witted; wise.” “Naka” can mean “inside” or “relationship” while “moto” is defined as “the origin; the cause; the foundation; the basis.” because of this, some believe that the translation points to Bitcoin being created by the CIA (Central Intelligence Agency)1
- Yet more conspiracy theorists believe that 4 companies are behind things: Samsung and Toshiba —- Satoshi. Nakamichi and Motorola —- Nakamoto.
- Nakamoto is an anagram of “NATO amok”. NATO = North Atlantic Treaty Organisation. Definition of “amok” can mean to behave uncontrollably and disruptively. Another one for the conspiracy theorists!
- The first ever Bitcoin transaction was to purchase 2 pizzas. At Bitcoins highest value, the pizza’s would have cost almost 99 million USD… EACH! The most expensive food order in history!2
- The 22nd of May is Bitcoin Pizza day and is celebrated by Bitcoin enthusiasts worldwide.3 YUM!
- Most people say Bitcoin is a ‘decentralized currency’, while many argue that Bitcoin is NOT a decentralized currency because four Bitcoin mining entities control more than 50% of the hash rate… Confusing huh?
- Strangest things that can be purchased with Bitcoin: A goat, and trips to outer space4 are the weirdest. (Unless you know of weirder things being purchased with this form of payment?)
- Whether you believe Bitcoin is a decentralized currency or not, it is definitely built on a distributed system.
- The smallest denomination of a Bitcoin is a one hundred millionth and is called a ‘Satoshi’.
- Bitcoin is both a commodity and a currency. While it can be used to make purchases (currency), government jurisdictions such as the IRS also treat it as property.
- It’s often said that in the 1848-1855 California Gold Rush, more people made money selling shovels than from mining gold. Today’s equivalent of the shovel, believe it or not, is the graphics card.
- The United States has the most Bitcoin ATM’s of all countries,5 more than all the other countries in the world combined.
- To buy and sell with Bitcoin, you will generate a public and private key. There are over 4 Billion possible combinations6 that somebody would have to work through to guess your private key!
- 23% (3.79 million) of the total Bitcoins in circulation has already been lost forever because people don’t know how to handle their digital assets!7 Today that accounts for well over 252 BILLION Dollars worth of Bitcoin.
- Biggest personal loss of Bitcoin: James Howell of Wales, UK accidentally threw away an old hard drive containing private keys to 7,500 Bitcoins (today worth almost 50 million USD) Ouch!
- The maximum number of Bitcoins that will ever be in existence is 21 million.
- Satoshi Nakamoto owns roughly 1 million of these 21 million Bitcoins (minus his pizza expenses) but it is believed that his share of this digital currency will never be spent.
- All 21 million Bitcoins will not be mined until roughly 2140.
- 80% of all Bitcoins have already been mined.
- There are over 23,000 addresses holding over a million dollars worth of Bitcoins each.
- It is estimated that between 20,000 and 200,000 people have made over a million dollars in Bitcoin profits.8
- Bitcoin bites the dust for the last time: Bitcoin has ‘died’ hundreds of times,9 but it seems that nobody told Bitcoin. You can even generate your own Bitcoin obituary these days at: https://99bitcoins.com/bitcoin-obituary-generator/
- Bitcoin was not the first cryptocurrency;10 that award goes to ‘Digicash’ which was founded in 1989, almost 10 years before Bitcoin.
Facts About Buying With Bitcoin
Bitcoin Lost And Found
Even after all these Bitcoin facts, do you…
Still Feel Like You Don’t Know A Thing About Bitcoin?
If you don’t understand what Bitcoin is all about, don’t feel bad, most legal authorities (including central banks) are also still struggling to understand the facts about Bitcoin too!11