“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”
– Marc Kenigsberg
Every time I post about some technical analysis, factors related to the rise or fall of bitcoin price and how crypto adoption is important. But today instead of these technical posts we're going through some fun facts about the ' king ' of the cryptocurriencies, BITCOIN !!
We'll all of you knew what Bitcoin is and how it is transforming not only the millions of lives but also disrupting the centralisation systems in the world like banks, internet and mainly the social media sites. There are tons of gossips related to the bitcoin, few of the funniest gossips are listed down, so enjoy the article !!
The very first use of Bitcoin as a currency was done by the Hanyecz. He bought 2 pizzas for the 10,000 BTC on 22nd May 2010. I'm be like, are you kidding me !! Looking at the current price this is the most expensive food order !! Can you imagine the taste of that million dollar pizza. This day was recorded in the history and it's know as " Bitcoin Pizza Day 🍕" and is celebrated by all the crypto enthusiasts worldwide. Have you celebrated this day ?
Image source : cointelegraph.com
After this pizza day, Bitcoin is adopted by billions of people including small retailers to the institutional investors. Here the fun fact is, what can you buy with Bitcoin if you have them ?
The answer is, a goat, pocket canon, a webcam show and even a trip to the outer space !! The purpose of this list is that you can buy almost everything with Bitcoin, it might be the smallest thing or a big things like travelling outer space.
If you think you know about Bitcoin then answer me : Bitcoin is currency or commodity ?
Think ! Think !!
Okay now it's time to answer, if you think it's currency then congratulations you're right and yeah you know about Bitcoin. Wait....what you thought it's commodity ? No worries you still choose the correct answer, it's commodity too !!
Bitcoin can be considered as both currency as we as a commodity. Remember that guy, Hanyecz who bought two pizza for 10,000 BTC, in that case he used Bitcoin as a currency and some government agencies like IRS and SEC regard it as a commodity.
Have you ever lost money on the street or anywhere else? It hurts right ? Do you know what amount of Bitcoin is lost due to the mishandling of keys and data ? 3.79 million of the total bitcoin in transaction has already been lost forever; this amounts to approximately 23% of the total bitcoin in circulation and is worth around a whopping 252 million USD.
James Howell threw his old hard drive and you know what was in that hard drive ? Yup, private keys. He lost the private keys and $ 7,500 USD. It was the largest personal loss of Bitcoin due to mishandling. So what you learned from this, Keep you public as well as private key safe.
Recently you heard news about something like Bitcoin halving and all that stuff right. Do you know what actually it means and what are the effects of that event ? After bitcoin halving there is significant increase in the level of difficulty in mining bitcoin. Putting it simply, difficulty means how slow or how much computational power does it require to mine a single Bitcoin. The supply of Bitcoin is limited and it is estimated year that the last bitcoin will be mined is 2140, based on the Bitcoin block having a dividing frequency of four years. And Bitcoin miners mined 80% of the total Bitcoin supply in just 11 years.
Can you name the first Cryptocurrency ?
Is it Bitcoin? No, the award of first Cryptocurrency goes to the Digicash, which was founde years before the existence of Bitcoin. It was created by David Chaum in 1989 and it was also based on cryptographic protocols but it's not that popular.
So these are the fun facts about bitcoin. Hope you enjoyed the article and learn some new things about Bitcoin. If you knew some other interesting things about Bitcoin then tell me in the comment and don't forget to tell which one is your favourite fact from my list.
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