Bitcoins are a new and exciting way to make transactions easier, faster, and cheaper. But what exactly is it? This currency has achieved its popularity partly because people don’t know much about it.
There’s been an ongoing debate on whether governments should regulate bitcoins. The lack of understanding of Bitcoin may leave us wondering what will end up happening in the next decade.
Bitcoin may be new, but it’s not just a fad. It was the first cryptocurrency and still stands out as one of many viable cryptocurrencies today – even if its price has been volatile in recent months. Here are ten crazy fun facts you should know about this crypto-currency:
1. How Many Bitcoins Exist?
Bitcoin is a finite resource. The total number of bitcoins that can ever be produced is limited to 21 million, and as time goes on, that supply dwindles further with each day – making it more valuable.
Scarcity increases its value relative to financial assets trading at stable rates or lower prices per unit volume. There are over 16 million circulating currencies, but the numbers are sure to increase daily.
2. Pizza Day: Bitcoin Style
Bitcoin Pizza Day is a day to commemorate the first purchase ever done with bitcoins. On May 22nd, 2010, an unknown programmer traded 10K bitcoins for two pizzas from Papa John’s (equaling $41 at that time, we’re coming up on seven years!).
The 10,000 Bitcoins that were once worth $41 are now valued at over 64 million dollars. What a difference!
3. You Can’t Reverse Bitcoin Transactions
When creating an account on various services and platforms (Coinbase, Bitcoin Up, or Binance, for example), you’ll see all of your information there, but when it comes to knowing who sent you any amount, there’s no telling. This is why it’s so important to double-check the address you’re sending your Bitcoin.
Once money has been sent, there are no guarantees about whether or how much can be reclaimed if something goes wrong with that transaction – especially since most conventional forms of payment, like bank transfers, offer some tracking and recovery option.
4. Bitcoin Has Been To Space!
The first cryptocurrency to make it out of Earth’s atmosphere and into space is now on display for all eternity. Genesis Mining sent bitcoin in a weather balloon with tracking data from their company’s GoPros. The transaction went off without any problems at 20k or 34 km above sea level, proving how far we’ve come as an evolving society when one thing was once thought impossible.
5. Transactions Cost Just About Nothing
Bitcoin is a currency that doesn’t have any transaction fees. This means you can send money to someone else, and it won’t cost anything, unlike using PayPal or banks where people are charged for their services. The only drawback with Bitcoin is an exchange rate difference between what was bought in person (minus any discounts) versus buying online.
6. It Can’t Be Banned!
Yes, it is illegal in many countries to trade Bitcoins. For example, Vietnam and Bolivia have attempted this with their financial systems but failed because cryptocurrencies are decentralised; therefore, banning them would be virtually impossible. However, they can be regulated.
Bitcoin trading and mining are illegal in several countries but can still occur everywhere you go.
7. It Creates Tons of Energy
To keep up with the high demand for bitcoins, various estimates show that CO2 emissions from this activity equal around one million transatlantic flights, equivalent to countries like Ireland, New Zealand, and Hungary.
8. Bitcoin Wasn’t the First Attempt at Digital Currency
Bitcoin isn’t the first digital currency; it was just one of many. Other currencies that came before include Wei Dai’s B-Money and Nick Szabo’s Bit Gold, which both had their drawbacks but are still worth looking into for anyone interested in cryptocurrencies today.
9. You Can’t See Receiver and Sender Details
Bitcoin is a digital currency operating outside the realm of traditional banking. Transfers can be made from user to recipient without anyone knowing who sent them and with no way for authorities to find out either, due to its use on dark web markets where users trade drugs or other illegal goods with bitcoins, which serves the reason why they are the preferred choice over more traditional methods.
A wallet program protects your privacy by assigning each person an ID portfolio code name upon signing up. This makes it impossible to track anything related through blockchain data logs monitored within global networks.
10. A “Satoshi Byte” Equals One Unit Of Bitcoin
There are many different ways to measure things in this world but Bitcoins were created so that their smallest denomination would be just one Satoshi. A Satoshi is worth 0.00000001 Bitcoin, which is not very much!
Don’t let the name fool you; Bitcoin is more than just currency. It’s an entirely new way to do business. It’s hard to believe that Bitcoin is only five years old. It has been a transformative technology and cultural phenomenon, not just for its users but also in how we think about money itself.
The world of Bitcoin is complex, and for most people, it might be a little hard to understand. However, these unbelievable facts about Bitcoins might clear up some important aspects in your mind. Having said all this, if trading or investing doesn’t work out, there are plenty of opportunities within the cryptocurrency world where your creativity can shine.