Amazing Facts About Bitcoin
01.The founder of Bitcoin is someone known as “Satoshi Nakamoto.” No one knows who he is, what his real name is, or where he lives. As of 2017, he owns up to one million bitcoins which have an estimated value of $2.7 billion
The only personal information available about Satoshi Nakamoto (his pseudonym) is based on claims and speculation. He is claimed to be a Japanese man born in April 1975. However, all the speculation regarding his identity was mainly focused on non-Japanese cryptographers and computer science experts residing in the United States. It was because of his use of perfect English, occasionally with British spelling, and as no Japanese labels or documents were found in his software. It is believed that he began coding Bitcoin software in 2007 and collaborated with other developers until 2010. After that, he handed over the reins to Gavin Andresen, his collaborator, and made him the lead developer of Bitcoin Core
02.The first real-world transaction using Bitcoin was done to purchase two large, Papa John’s pizzas for 10,000 bitcoins. As of August 2017, that amount is now worth $27 million
03.Unlike what most people think, bitcoins are not unlimited. The number of bitcoins in circulation will never exceed 21 million
04.The global Bitcoin computing power is 256 times faster than that of top 500 supercomputers combined!
05. Bitcoin has been sent into outer space
Genesis Mining, the largest cloud mining company that sells Bitcoin mining contracts, has recently made the first ever peer-to-peer transaction in space. They’ve sent a paper wallet attached to the back of a 3D model bitcoin into space using a weather balloon. It crossed the Armstrong limit of 20 kilometers and reached a distance of 34 kilometers
06. Bitcoin uses a public ledger called “block chain” for transactions. The invention of block chain made Bitcoin the first digital currency to solve the problem of double spending, an error in digital cash which allows the same token to be spent twice or more.
A blockchain (or block chain) is a distributed database of the public ledger that records all bitcoin transactions. Being a distributed database, it doesn’t need a central authority and is maintained by a network of communicating nodes running Bitcoin software. These nodes validate the transactions they receive and add them to their ledger. Also, around once every ten minutes, a newly created group of accepted transactions, or a block, gets added to the blockchain. It is then broadcast to other nodes so that each network stores its own copy of the blockchain. This ensures that the Bitcoin software knows when an amount is spent, preventing double spending
07. If you had invested $100 in Bitcoin in 2010, you’d be worth $72 million now
Since it was founded in 2009, the value of bitcoins has increased exponentially. Today a single bitcoin is worth around $2,782. Had you bought $100 of bitcoins in 2010 at the 0.003 percent price, you would have $72.9 million as of May 2017. In an interesting incident, while writing a thesis on encryption a Norwegian student, Kristoffer Koch, invested 150 kroner ($26.60) in 5,000 bitcoins in 2009. He soon forgot about his investment until Bitcoin became a widely covered topic on the media in April 2013. When he checked his wallet, he found his 5,000 bitcoins and, at the time of his rediscovery, they were worth 5 million kronor ($886,000)
08.The largest transaction ever made on the network was for 194,993 bitcoins. That was more than $147 million according to the effective rate in November 2013. The transaction was tagged “Sh*t Load of Money!”
09. Every bitcoin transaction, no matter how small, uses at least enough electricity to power three average homes for an entire day.
10.The FBI has the world’s largest Bitcoin wallets consisting seized bitcoins, apart from Satoshi Nakamoto
After shutting down the “Silk Road,” the online drug market, in September 2013, the FBI seized all the bitcoins belonging to its operator, Dread Pirate Roberts. The seizure made the FBI the owner of one of the world’s biggest wallets containing over 144,000 and 30,000 bitcoins. It is believed that they have also seized 96,000 bitcoins from another, similar operation called “Sheep Marketplace.” The FBI is probably the world’s second largest bitcoin holder as the first place belongs to Satoshi Nakamoto, who is said to have mined around one million bitcoins in the beginning.
01.The founder of Bitcoin is someone known as “Satoshi Nakamoto.” No one knows who he is, what his real name is, or where he lives. As of 2017, he owns up to one million bitcoins which have an estimated value of $2.7 billion
The only personal information available about Satoshi Nakamoto (his pseudonym) is based on claims and speculation. He is claimed to be a Japanese man born in April 1975. However, all the speculation regarding his identity was mainly focused on non-Japanese cryptographers and computer science experts residing in the United States. It was because of his use of perfect English, occasionally with British spelling, and as no Japanese labels or documents were found in his software. It is believed that he began coding Bitcoin software in 2007 and collaborated with other developers until 2010. After that, he handed over the reins to Gavin Andresen, his collaborator, and made him the lead developer of Bitcoin Core
02.The first real-world transaction using Bitcoin was done to purchase two large, Papa John’s pizzas for 10,000 bitcoins. As of August 2017, that amount is now worth $27 million
03.Unlike what most people think, bitcoins are not unlimited. The number of bitcoins in circulation will never exceed 21 million
04.The global Bitcoin computing power is 256 times faster than that of top 500 supercomputers combined!
05. Bitcoin has been sent into outer space
Genesis Mining, the largest cloud mining company that sells Bitcoin mining contracts, has recently made the first ever peer-to-peer transaction in space. They’ve sent a paper wallet attached to the back of a 3D model bitcoin into space using a weather balloon. It crossed the Armstrong limit of 20 kilometers and reached a distance of 34 kilometers
06. Bitcoin uses a public ledger called “block chain” for transactions. The invention of block chain made Bitcoin the first digital currency to solve the problem of double spending, an error in digital cash which allows the same token to be spent twice or more.
A blockchain (or block chain) is a distributed database of the public ledger that records all bitcoin transactions. Being a distributed database, it doesn’t need a central authority and is maintained by a network of communicating nodes running Bitcoin software. These nodes validate the transactions they receive and add them to their ledger. Also, around once every ten minutes, a newly created group of accepted transactions, or a block, gets added to the blockchain. It is then broadcast to other nodes so that each network stores its own copy of the blockchain. This ensures that the Bitcoin software knows when an amount is spent, preventing double spending
07. If you had invested $100 in Bitcoin in 2010, you’d be worth $72 million now
Since it was founded in 2009, the value of bitcoins has increased exponentially. Today a single bitcoin is worth around $2,782. Had you bought $100 of bitcoins in 2010 at the 0.003 percent price, you would have $72.9 million as of May 2017. In an interesting incident, while writing a thesis on encryption a Norwegian student, Kristoffer Koch, invested 150 kroner ($26.60) in 5,000 bitcoins in 2009. He soon forgot about his investment until Bitcoin became a widely covered topic on the media in April 2013. When he checked his wallet, he found his 5,000 bitcoins and, at the time of his rediscovery, they were worth 5 million kronor ($886,000)
08.The largest transaction ever made on the network was for 194,993 bitcoins. That was more than $147 million according to the effective rate in November 2013. The transaction was tagged “Sh*t Load of Money!”
09. Every bitcoin transaction, no matter how small, uses at least enough electricity to power three average homes for an entire day.
10.The FBI has the world’s largest Bitcoin wallets consisting seized bitcoins, apart from Satoshi Nakamoto
After shutting down the “Silk Road,” the online drug market, in September 2013, the FBI seized all the bitcoins belonging to its operator, Dread Pirate Roberts. The seizure made the FBI the owner of one of the world’s biggest wallets containing over 144,000 and 30,000 bitcoins. It is believed that they have also seized 96,000 bitcoins from another, similar operation called “Sheep Marketplace.” The FBI is probably the world’s second largest bitcoin holder as the first place belongs to Satoshi Nakamoto, who is said to have mined around one million bitcoins in the beginning.
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