Interesting facts about bitcoin

interesting-facts-about-bitcoin

Bitcoin is a cryptocurrency that is powered by famous blockchain technology. With it, all users take part in keeping it stable by verifying all transactions via mining. Every recorded transaction is known as a block. The blockchain is the database that stores all blocks.

But, most of us are well-known with how Bitcoin operates since this cryptocurrency has been a trending topic recently. Instead of getting analytical, we decided to break the monotony and name a few interesting facts about this cryptocurrency that are worth knowing. So, without any further ado, let’s check them out.

The Identity of Its Creator is Unknown

The identity of Bitcoin’s creator is the biggest mystery connected to this cryptocurrency. There’s literally no confirmed information that suggests whether this person is male or female, whether he is an individual or a group of people. We don’t even know the age or nationality. All we do know is that the creator goes by a pseudonym, Satoshi.
In that honor, the network named a Bitcoin sub-unit after the creator. 1/100,000,000 Bitcoins is 1 Satoshi.

First Official Bitcoin Transaction

The first trade with Bitcoins was made in 2009 when Satoshi Nakamoto transferred Bitcoins to Hal Finney. But, the first official Bitcoin transaction was made in 2010 when this cryptocurrency to buy pizzas at Papa John’s in Jacksonville, Florida. It is safe to say that Bitcoin has come a long way from buying pizzas today.

Far Superior Compared to Other Cryptocurrencies

Bitcoin was the first cryptocurrency on the market and it remains undefeated to this day. Thanks to its massive price tag as well as other features, it is far superior compared to other cryptocurrencies. First off, Bitcoin has greater stability, greater liquidity, and focuses on user security more than any other cryptocurrency.

These advantages are the reason why some reports state that more than 90% of crypto users have invested in Bitcoin. Not only that, but thanks to its popularity every reputable trading site such as Crypto Engine will accept many cryptocurrencies, but their main focus is on Bitcoin.

Celebrities That Have Invested in Bitcoin

Investing in Bitcoin for various purposes is a big thing now. It is so popular that many celebrities have decided to step into these waters. For example, 50 Cent accepted payments with Bitcoin for his 2014 album Animal Ambition. It is worth noting that he was among the first artists to support this cryptocurrency.

Back in autumn 2020, Logic invested $6 million in Bitcoin just before it started rising in value. Other celebrities that are affiliated with Bitcoin are Gwyneth Paltrow, Snoop Dogg, Russ, Elon Musk, Bill Gates, and Serena Williams.

The Importance of the Year 2140

2140 is set to be an extremely important year for Bitcoin. It is expected that 100% of Bitcoins will be mined this year. But what’s even fascinating is that according to analysts, 99% of all Bitcoins will be mined in 2032. That means that it will take another 100 years for the rest 1%.

Final Thoughts

There’s no denying that there are many great benefits that come with using Bitcoin, whether that be as a payment method or as a means to make a profit. But, some of its best features such as self-sustainability and decentralization are also the reasons why this cryptocurrency is considered an outlaw by many governments.

Since they cannot control it, governments and banks oppose Bitcoin very hard. Hence, it is very hard to determine its future. Some believe that Bitcoin has the potential to become an official method, but many are also skeptical. All we can do for now is wait and see how everything plays out.

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