Bitcoin has come a decade ahead with Ups and downs in value. Gaining a better user-base and trust of people, Bitcoin has come a long way. In the Immediate Bitcoin, other traditional currencies are struggling to hold their value at the forefront of the financial world.
With time Bitcoin has seen huge growth and at the same time, some bizarre facts get hold of it. Here, we have brought 10 mind-blowing Bitcoin facts which you may have not heard before. Let’s take a look at all of these facts.
Fact 1: Anonymous Bitcoin creator.
Bitcoin was first mined in 2009, from then everyone wants to know about the creator. There are lots of theories related to facts. Some say Satoshi Nakomoto is the founder and first miner of Bitcoin. But nobody knows who this Satoshi Nakomoto is, a person, group, or institution.
Some also say Bitcoin was founded by Samsung, Toshiba, Nakamichi, and Motorola as their initials make the term Satoshi Nakomoto. But the real creator of Bitcoin is yet to come before the world.
Fact 2: Not controlled by any authority.
As we know all the transactions in traditional currencies are looked after by banks. Banks are considered the sole authority for all the happenings in the financial world. But after Bitcoins and other cryptocurrencies, this fact has changed a bit.
Bitcoins have no such authority as others and this makes them more user-friendly and secure.
Fact 3: the limited number of Bitcoins.
This is one of the mind-blowing facts about Bitcoins. Imagine something which has all the good qualities to change the way we see the future of finance. Now, imagine it’s not infinite in number. I know, you must be surprised by this.
Bitcoin is limited in number around 21 million and in which also only 18 million is in circulation. Even more bizarre, all these millions of Bitcoins are distributed only to thousands of people.
Fact 4: Bitcoins are mined.
Do you know this digital currency which is so popular and everyone wishes to own this could be mined? Don’t get excited, not everyone could minify it. Bitcoin mining needs special technology and consumes tonnes of energy.
These Bitcoins are available by mining and nearly 90% of total Bitcoins are already mined.
Fact 5: Bitcoin and bizarre Government rules.
Governments of different countries have their own rules for Bitcoins. As said earlier, Bitcoins don’t have any authority, so the Government treats them with their understanding. Some countries have legalised it for owning, trade, and commercial use.
In some countries, you can own Bitcoin but cannot use it for commercial purposes. But some countries have declared it illegal.
Fact 6: 1st commercial Bitcoin payment and Bitcoin pizza day.
This is a mind-blowing fact of Bitcoins. Can you ever think of paying millions for your pizza? Yeah, I know you must be thinking crazy of me. This is a fact, a person paid 2 Bitcoins in exchange for pizza. This is also considered the first commercial transaction of Bitcoins.
Today you can guess the price for that pizza. This happened on 22 May 2010, so this day is celebrated as Bitcoin pizza day.
Fact 7: James Howells’s mistake cost him thousands of Bitcoins.
Can you even think about throwing your 7500 Bitcoins? Pretty Simple, your answer would be a “No” but once James Howells accidentally threw his hardware which has his 7500 Bitcoins.
Later, he requested the authority to permit him to mine his hardware all again. He even offered them 25% of the cut but all his efforts went in vain and he lost all of them.
Fact 8: Bitcoin transactions charge only peanuts.
Unlike banks and other payment methods, to pay using Bitcoins you don’t need to pay any additional fee. If payable, transaction charges are very low.
Even for Global payments Bitcoin does not charge any high fees like other currencies.
Fact 9: Completely transparent transactions.
All the transactions through Bitcoin are completely transparent. You can see all the history on the Bitcoin wallet. It all gets stored there and you can easily keep track of it.
Fact 10: The value of Bitcoin is not set like other currencies.
Bitcoin is a digital currency, it is not like our other traditional currencies where we get a paper or metal coin having set value. Its value only depends on how users and finance Gurus treat it.