Bitcoin was established back in 2008 and although over a decade has passed, the world still doesn’t know a lot about it. A decentralized digital currency that has many benefits over traditional (fiat) money, Bitcoin’s story is going stronger now than ever. But, do you know how it came to be? Do you know what the first Bitcoin was spent on? Here are 10 fun Bitcoin facts crypto fans should know.
The Inventor is Still a Mystery
The original 2008 Bitcoin whitepaper was written by Satoshi Nakamoto. No one exists under that name so it’s most likely an alias. Many claims that Satoshi isn’t a single person – it may be a group. The inventor of Bitcoin is still a mystery. Claims on the Internet have named Elon Musk and John McAfee as the masterminds, but both have strongly denied the allegations.
A bitcoin to the Lambo calculator became viral after it was posted on Reddit 2018. The idea was that you could calculate how many bitcoin you need to get a brand new Lamborghini. The crypto community went bananas and the post got around 70K hits in a couple of weeks. After this many meme jokes were created and the expression When Lambo was found. It also guides people on how to play bitcoin casino with the goal of one day driving around in a brand new Lambo.
Bitcoin was Spent on Pizza
What else but pizza? Bitcoin was spent on May 22, 2010, when a programmer named Laszlo Hanyecz bought two Papa Johns pizzas for lunch. If you’re wondering about the price, 10,000 BTC at the time equaled around $41. From that point on, May 22 is celebrated as Bitcoin pizza day.
Bitcoins Don’t Grow on Trees
Money doesn’t grow on trees and neither does Bitcoin. Unlike fiat money, however, the decentralized cryptocurrency is mined. Miners use PCs to mine Bitcoin blocks and give the world a fresh stack of BTC.
Bitcoin’s Supply is Finite
Did you know that there will only ever be around 21 million Bitcoins? Miners have mined and traded around 16 million Bitcoins so far and the supply is nearing the finish line.
If You Lose Your Private Key, You Lose Your Bitcoins Too
Bitcoins are stored in digital wallets. These are secured by a private key you use to log in and check your balance or make transactions. That private key is of utmost importance. If you ever lose it, there’s no way to access your BTC amount on that wallet – it’ll be lost forever.
One BTC Unit is Known as a Satoshi Byte
Do you know how dollars are divided into cents? Well, Bitcoin is divided into Satoshi bytes. One Satoshi byte (named after the mysterious inventor) is worth 0.00000001 BTC, so no point in bragging about it when you earn it.
It Can’t be Banned
Let’s clear the air on this one – Bitcoin can’t be banned by a government. It must be regulated and they can ban cryptocurrency trading, but they can’t impose a ban on Bitcoin itself.
It Was Not the First Attempt at Digital Currency
Bitcoin is not the first attempt at creating a digital currency. Its predecessors include cryptos called Bit Gold, Hashcash, B-Money, and DigiCash.
Bitcoin Has Been Sent to Space
Cloud provider Genesis Mining sent a Bitcoin wallet and a 3D model of Bitcoin to a weather balloon, making it the first crypto to reach space.
More Powerful than Supercomputers
At present, the full Bitcoin mining network is approximately 300 times more powerful than the world’s top five supercomputers. More Powerful than Supercomputers