21 Bitcoin Facts You Really Need To Know

Bitcoin has been around since 2008, and yet you are still clueless about what Bitcoin is, what it does and what all the buzz and fuss is. Well today my friend, I

 am going to share with you just what you need to know about Bitcoin, and like they say in the universe, as I am watering you with knowledge, I am also watering myself. And to begin with, the name Bitcoin derives from "bit" - as in a unit of information in computing. Bitcoin is a system of online payment, while bitcoins are the virtual coinage used on the system.

1. Bitcoin was invented by someone under the pseudonym of Satoshi Nakamoto. And as nosy as the Journalists are, they have tracked someone by that name in California (Even though it is a Pseudonym), a former physicist who is about 60 years old, and he has denied knowing anything about Bitcoin.

2. In the year 2008, that person with the the pseudonym Satoshi Nakamoto created Bitcoin.

3. In case you need to know, it is reported that about 3600 new Bitcoins are mined each day  

4. The first ever recorded transaction was made December 01, 2009, and it was made between Satoshi and Hal Finney in the amount of 100 Bitcoins.

5. It is estimated that it take on average 5 years, for a Bitcoin to go from $0.00 in value to about $1000.00 or 613 pounds.

6. It is also said that in the year 2140, that is when the last Bitcoins will be mined.

7. About 20,000 Computers are working to mine Bitcoins each day.

8. Satoshi Nakamoto supposedly mined about 1 million Bitcoins in the early days.

9. The experts have said that only 21 million Bitcoins can ever be mined, and that will happen in the year 2140, as stated above.  

10. Bitcoins were always supposed to be an online and virtual transaction only. But back in 2011, a company started selling physical Bitcoins, and quickly shut down once the U.S. Treasury found out about its illegal operations.

11. Would you believe that of all the Bitcoins that are out there, only 36% are actually being used, while the other 64% are laying dormant? Maybe some people are speculating and waiting for them to go up significantly before they begin using them.

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12. Each Bitcoin that has been mined carries with it a complete history, which makes it  nearly impossible to clone or to have a fake one

13. There is a guy named James Howell, who had about 7.15 million dollars worth of Bitcoins stored on his computer, when he accidentally threw it away. It was taken to Welsh Landfill back in 2013

14. Vancouver, Canada. Has claimed that it is the first city to have had an A.T.M. style Bitcoin machine.

15. Bitcoin has been known to go down by a whopping 80% in just a matter of days. So be careful, everything in moderation, remember?

16. Dread Pirate Roberts, was a pseudonym used by the owner of the website "The Silk Road", before it was shut down. And this website was used to trade all kinds of illegal items and the owner took 7% on all Bitcoin transactions. And later on, Russ Ulbricht was arrested and accused of being the real owner of that website.

17. Lamborghini was the first car company to accept Bitcoins as a way to pay for its cars from purchasers.

18. Did you know that Pizza can be bought in the Netherlands using Bitcoins?

19. The company Virgin Galactic also accepts Bitcoins as a form of payment for booking Space Travel

20. China banned Banks from trading in Bitcoins back in 2013. And you already know that the Super Power Countries will never allow any other forms of monies, except their own, to transact business.

21. As of today, there is a minimum of 200,000 Bitcoins used each day to conduct transactions.




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