5 Fun Facts About Bitcoin.
Who doesn’t know Bitcoin? the very first and original cryptocurrency which became phenomenal after its launch in 2009 by Satoshi Nakamoto, an alias.
Since then the price for a single Bitcoin has experienced tremendous growth. In May 2016 the price of this coin was just $500, but it went up to $44,000 on March 1, 2022 which means Bitcoin has grown by around 7,800%.
But, in this article, we won’t talk about the price, instead we have compiled 5 fun facts about Bitcoin that you may find interesting.
About 20% of Bitcoin Has Been Stuck or Lost Forever
Based on a report from crypto data firm Chainalysis, About 20% of Bitcoin has been lost or is stuck in unreachable wallets.
There are a few ways why it can happen. First, according to Decrypt, Nakamoto owned around 1.1 million BTC, but the consensus is that Nakamoto won’t ever access those coins.
In addition, some people may have passed away without sharing their password or access to their Bitcoin account.
El Salvador is the first country to make Bitcoin as legal tender
Previously, on September 7, 2021 El Salvador became the first nation to accept Bitcoin as legal tender. President Nayib Bukele announced this decision last year.
It will be used as a payment method on the same level as the U.S. dollar, but will not replace it.
All Bitcoin Will Be Mined in 2140
There can only be 21 million Bitcoins produced. That’s coded into the coin’s DNA, and today about 18.8 million have been mined, although some have already been lost.
As Bitcoin mining operates, the number of Bitcoins you can mine gets halved every four years, which means that while almost 90% of the total Bitcoins will be in circulation within 120 years, the remaining 2.2 million will only be available within that period.
The First Commercial Bitcoin Transaction was for Pizza
Laszlo Hanyecz, a Floridian programmer on May 22, 2010 bought two Papa John’s Pizza for 10,000 BTC or about $41 at the time.
It is now called Bitcoin Pizza day each year to commemorate this first commercial Bitcoin transaction.
To date, more than 668 million Bitcoin Transaction
The total number of Bitcoin transactions since its release in 2009 is 668 million, according to Blockchain.com. In the past few years, the number has risen significantly. On September 25, 2021 there were an average of 265,714 transactions occurring each day.