Why so serious, Bitcoin? Let’s have some fun with these 24 Bitcoin Facts
So far, we have only been talking about serious things like “To The Moon” and “Lamborghinis”, being wealthy, being retired at the age of 30 and so on. All good, but I really believe that we lost some of the magic and have forgotten how to have fun. Yes, money is involved, but at the end of the day if we do not enjoy the journey the chances to give up before the finish line are way higher. That’s why we will dedicate this article in exploring 24 bitcoin fun facts.
Since the beginning…
A little bit more than 10 years ago, the new breed came to light. October 31, 2008, is the date when bitcoin was born.
Bitcoin is like a Jungle. Everyone knows about it, everyone wants to see it (have it), and in fact, this has been like that since its creation. Yet, there are still a lot of unexplained theories about it. And yet there is so much more to discover!
Let’s start with the inventor – no one is 100% sure who invented it. Sure, we know the name Satoshi Nakamoto, but we know it as just a name. We are not sure if this is a single person or if this is a group of individuals. This secret is yet to come to light, nevertheless, there are several guesses who it could be.
Pizza and a few things more…
We all know the fact that the first purchase with bitcoin was pizza (and do not forget to celebrate the day of Bitcoin Pizza which is on the 22nd of May!!!), but are you aware of that you could pay for some other weird things with bitcoin?
Many people consider it to be too expensive to purchase one bitcoin, and yes, currently the price is high. On the 10th of July 2019 the price was $12,946.19 or R183,814.54, you can still be a part of it. There is another option: the smallest denomination of a bitcoin is a one hundred millionth part and it is named a Satoshi.
Another fact, did you know that there will never be more than 21 million bitcoin? That’s the limit and it won’t increase more than that. Add to that, 80% of bitcoin has already been mined. Per calculations, the entire amount won’t be mined until the year 2140 though.
Okay, let’s stop faffing around and dive into bitcoin’s 10-year journey. Be ready to read about the most unrealistic, funniest and unbelievable facts about bitcoin in one breath!
Let’s start with the first 10 Fun Facts
- Satoshi Nakamoto – to this day, no one can say if this is a real person. If he/she is a real person, who could they actually be? How many bitcoins he/she owns? Is this a secret organization? Or maybe a government?
- In Japanese – Satoshi has the meaning “Clear-thinking; wise; quick-witted”. Naka could be “inside” or “interrelationship”. Moto we can define as “the cause; the foundation, the basis, the beginning, the origin”. Add a pinch of conspiracy to this and some people think that bitcoin was created by the CIA (Central Intelligence Agency)
- Do you want more conspiracy? Okay, yet, there are more people that think that behind bitcoin there are 4 companies:
- Satoshi – Samsung & Toshiba
- Nakamoto – Nakamichi & Motorola
- Yes, yes, it’s interesting. Let’s continue with another conspiracy theory. This is related to the 2007 World Financial Crysis. With other words, Nakamoto is an anagram of “NATO amok”. NATO – North Atlantic Treaty Organisation. Let’s talk about definitions. Amok could mean to “behave uncontrollably and disruptively”. Riot, and be against the Central Banks. Who knows? Do you?
Let’s stop with conspiracy… and eat something
- What can you buy with bitcoin? The first-ever purchase with bitcoin transaction was to get 2 pizzas. At the bitcoin’s highest value – 2017, the pizza’s would have cost almost 99 million USD. Um, yes, each! Now, let’s see where we can check the most expensive food order in history? 🤔
- And because of point 5, there is a celebration of Bitcoin Pizza Day, by bitcoin enthusiasts worldwide. The day is on the 22nd of May. Who is up for a pizza then?
- Most people say and believe that bitcoin is a “decentralised currency”, while others argue with that by saying bitcoin is not a decentralised currency, just because four mining entities control more than 50% of the hash rate! Are you confused?
- We found that the strangest thing that you can purchase with bitcoin is… A Goat. And if you want to pay for a trip with a bitcoin, that’s possible if you want to travel to outer space. Or, maybe you know better?
- Ok, I can see through my monitor your shocked face about bitcoin being kind of “centralised”. Easy, cowboys, yet, it is definitely built on a distributed system.
- The smallest bit or denomination of a bitcoin is exactly one hundred millionth and, is named, yes, correct – Satoshi!
The second portion of 10 facts about bitcoin
- Another interesting fact is bitcoin is both a commodity and also a currency. While you can use bitcoin to purchase a variety of things as it’s a currency, government jurisdictions such as the IRS also treat it as property.
- Let’s go with a really fun comparison. During 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 country with the most bitcoin ATMs is the United States. It has more than the rest of the countries combined together.
- When you buy or sell with bitcoin, you are actually generating a public and private key. There are over 4 billion possible combinations for someone to be able to guess your private key. So you are secure, no worries!
A few shocking numbers related to bitcoin…
- This one is pretty sad. 3.79million of the total bitcoins in the circulations has already been lost for eternity. Just because people are not aware of how to handle their digital assets! When I calculate how much that costs, with today’s price $12,946.19 (10th of July 2019) it goes to a mind-blowing amount: $49 066 060 100. So.. congratulations people. You have wasted a FORTUNE!
- And another sad story. James Howell of Wales, UK accidentally threw away an old hard drive containing private keys of 7,500 bitcoins. The value is almost: $97 096 425 😔😔😔
- The absolute maximum number of bitcoins that will ever be in existence is 21 Million.
- Satoshi Nakamoto owns roughly 1 MILLION… of these 21 million bitcoins. Yes, take out the expenses for his pizza). But it is believed they will never be spent.
- No worries, reassuringly we won’t be alive to see the last bitcoin being mined. The calculations show that roughly in the year 2140, this will happen.
- 80% of all the bitcoins have already been mined.
Lastly, a few interesting facts before we hit the end
- There are over 23,000 addresses holding over a million dollars worth of bitcoin each.
- It is estimated that between 20,000 and 200,000 people have made over a million dollars in bitcoin profits. Are you one of them? Don’t be shy, show yourself! We will only ask for a beer. 😁😁😁
- And bitcoin bites the dust for the last time: if we are listening to the “Financial Gurus”, bitcoin has died hundreds of times, but it seems that nobody told that to Bitcoin. We didn’t! Did you?
- Let’s get back to the ground, chaps. Stop flying that high! Bitcoin is not the first cryptocurrency. That award goes to Digicash which was founded in 1989.
Do you know any other fact about bitcoin that hasn’t been listed? Please share with us and let’s discuss and make the list bigger! Do you have any fun or interesting story you have had related to bitcoin?