6 Must Know Facts About Bitcoin [Mind Blowing]

When you think of Bitcoin, you probably don’t think of anything too weird or strange. After all, it’s just money, right? It’s not like coins or dollar bills, which are physical objects that you can touch and hold.

But did you know there are some facts about Bitcoin that are weird and strange? Whether you’re an early adopter or just considering using the cryptocurrency to make your next purchase, these 10 facts about bitcoin will blow your mind.

Bitcoin Facts

The creator of Bitcoin is anonymous

An interesting fact about Bitcoin is that no one knows who created it.

Ever heard of Satoshi Nakamoto?

Satoshi Nakamoto is a fake name for an anonymous programmer, or group of programmers, who invented Bitcoin. They released their invention in 2009 as open-source software and people can freely use it (with some limitations), but there’s no way to know whether they are male or female, let alone where they are from.

Some people believe that Satoshi Nakamoto isn’t even a real person – they think that it’s just a pseudonym and no one really knows who created Bitcoin.

Only 21 Million Bitcoin Can Be Mined

You heard it right. Only 21,000,000 Bitcoins can be mined.

Yes, that’s a lot of zeroes. It might seem like there are millions and millions of Bitcoins to be mined, but in fact, there are only 21 million Bitcoins that can ever be mined.

But don’t let that stop you from investing in Bitcoin now. As more and more people start using it, its value is expected to skyrocket—so much so that within a decade or two you could have made back your investment several times over.

The Last Bitcoin will be mined by 2140

It is predicted that the last Bitcoin to be mined will be somewhere in 2140. Because block rewards are halved every four years, each successive halving will require more coins to be mined.

This means that, over time, it will become increasingly difficult and expensive to mine bitcoins. By 2140 (the year when all bitcoins are projected to be mined), transaction fees would need to make up approximately 80% of mining revenues.

About 20 percent of total bitcoins are lost forever

Bitcoins need not be stored in Cryptocurrency exchanges themselves. You have the option to store your cryptocurrencies like Bitcoin on your hardware wallet or even on your hard drive.

By storing your cryptocurrencies on a Hardware Wallet or hard drive, you’re completely disconnecting them from the Internet. In short, the chances of your crypto assets being stolen it’s almost 0 if it is disconnected from the Internet.

But, there’s a flipside to it. If you somehow lost your digital wallet, you will lose all your cryptos along with it. And, there won’t be anyway by which you can get them back.

As of now, it is estimated that about 20% of total Bitcoin is lost already. People lost hundreds of thousands of Bitcoins by losing access to their Crypto wallet or misplacing the hardware storing Bitcoins.

A person Spent 10,000 BTC on two Papa John’s pizzas 

Would you believe it if I say a guy spent 10,000 Bitcoins for two pizzas? Well, you have to.

In 2010, Laszlo Henyecz paid around 10,000 Bitcoins for buying two Papa John’s pizzas. The value of 10,000 Bitcoins back then was just $41. But if you translate the value of 10,000 Bitcoin as of today, it is valued at more than $500 million.

This perhaps has to be the most expensive pizza purchase ever!

Bitcoin is legal tender in El Salvador

El Salvador became the first country in the globe to accept Bitcoin as legal tender. The president of the country announced the same in 2021.

Conclusion

These are some of the really interesting and weird facts about Bitcoin that you must know as an investor. Bitcoin is the largest cryptocurrency in the world with a market capitalization of about 805.093 Billion at the time of writing this article. I’ll make sure to add more such facts about Bitcoin to this article so make sure to check back later.