Since 2017, Bitcoin has been on everyone’s minds.
You probably only hear about the dramatic price swings and people getting rich off the Bitcoin they’ve held, but there is a lot more to this enigmatic cryptocurrency.
Keep reading for some intriguing facts about Bitcoin that you wish you heard sooner.
1. The First Bitcoin Purchase Was a Pizza
The first commercial Bitcoin transaction took place on 22nd May 2010. Laszlo Hanyecz purchased two pizzas from Papa John’s with 10,000 BTC. At the time, this was worth $41.
That Bitcoin is now worth over $600 million due to the rising Bitcoin price.
This event has reached legendary status in the cryptocurrency community and 22nd May is now celebrated as Bitcoin Pizza.
2. There are Bitcoin ATMs
Everyone uses traditional ATMs to withdraw cash from their bank account, but did you know there are also Bitcoin ATMs?
You can use these to Bitcoin with your debit or credit card. The Bitcoin is then placed in your crypto wallet. You can also convert your Bitcoin into cash and withdraw it.
Bitcoin ATMs (https://www.bytefederal.com/everything-you-need-to-know-about-bitcoin-atms/) are becoming more common. Walmart has recently started installing them in stores all across the United States.
3. A Lot of Bitcoin Has Been Lost
Approximately 20% of all the Bitcoin in existence is inaccessible. Almost 4 million BTC worth over $200 billion has been lost because people have lost access to their wallets.
Some people die without sharing their access code, which locks their cryptocurrencies away forever.
The man believed to be the creator of Bitcoin, Satoshi Nakamoto, holds 1.1 billion BTC. It is thought that he will not access his fortune, so this Bitcoin will always stay out of circulation.
4. El Salvador Has Adopted Bitcoin as Legal Tender
On 8th June 2021, El Salvador passed the Bitcoin Law. This officially made Bitcoin legal tender alongside the United States Dollar.
The Law came into effect on 7th September, making El Salvador the first country to use a cryptocurrency as legal tender.
Bitcoin wallets are more popular than old-fashioned bank accounts in El Salvador.
5. Nobody Knows For Sure Who Created Bitcoin
I mentioned that Satoshi Nakamoto is often credited with the creation of Bitcoin. But no one knows this for sure, and nobody even knows who Nakamoto is. Some people theorize the name is a code—an acronym from Samsung-Toshiba-Nakamichi-Motorola.
However, all we do is speculate. The identity of the person who kickstarted this cryptocurrency revolution is unknown.
6. The FBI owns a lot of Bitcoin
On 6th November 2014, the FBI and Europol shut down a big black market website called the Silk Road.
When they did so, they took all of the Bitcoin that was being used by the website. This means the FBI now owns around 1.5% of all the Bitcoin in the world.
There Are Many More Facts About Bitcoin to Learn
Now you know that Bitcoin is not just a boring cryptocurrency. Do you have more facts about Bitcoin to share? Drop a comment below.