In the past few years, Bitcoins have been at the center of the conversation. One of the most intriguing facts about Bitcoin is that it’s decentralized: it has no central authority, no central servers, no central storage, and no single administrator. This has created a whole new world of opportunities, the democratization of the economy, and new applications. Bitcoins and Cryptocurrencies are one of the most disruptive innovations in the world in current times which could change the way people look at money. Here are a few interesting facts about Bitcoins you probably don’t know.
1. Almost 20% of the bitcoins are lost forever due to their owners losing or forgetting the key
Around 20% of bitcoins are lost forever. It can happen in many different ways. If you lose or forget your unique key, there is unfortunately no option to retrieve it. Many people sadly passed away without sharing their keys. In 2021, it was estimated that of the existing 18.5 million Bitcoin, around 20% (worth around $140 billion in Jan’21) were either lost or stranded in wallets for various reasons.
2. The total number of bitcoins transactions (as on Jan’23) is around 800 Mn
There have been around 800 Million bitcoin transactions, according to recent data. Whoof! That’s huge.
Source: Nasdaq Data Link
3. El Salvador became the first country in the world to use Bitcoin as legal tender in 2021.
Bitcoins are legal tender in El Salvador, a central American country. Meaning, that they are used in daily transactions alongside the use of US Dollars. But they did not eliminate the use of US Dollars. Central African Republic also adopted Bitcoins as a legal tender in 2022.
4. The First commercial bitcoin transaction was made for a Pizza. A Florida (United States) resident paid 10,000 BTCs at Papa John’s for two large pizzas in 2010 – worth $230 Million in Jan’23
Content for title: A Pizza order was the first ever transaction made by Bitcoins
The first commercial Bitcoin transaction was a pizza purchase. Yep, that’s true. Laszlo Hanyecz, a crypto enthusiast from Florida purchased two Papa John’s pizzas paying them 10,000 BTCs on May 22, 2010. Bitcoin Pizza Day is observed on May 22 to commemorates the first time cryptocurrency was used to buy products in the real world.
5. Cryptocurrencies are taxable in several countries.
As cryptocurrency has entered the mainstream, the tax agencies worldwide are trying to get sure they get their fair share. The income tax departments across the globe have issued taxes on them.
6. Bitcoins were introduced to the world in 2009 by a person or a group of people known as Satoshi Nakamoto – the identity of its creator(s) is still a mystery
Bitcoins were introduced to the world in 2009 by a person or a group of people known as Satoshi Nakamoto. This person or group of people’s identity is unknown. It doesn’t seem likely that she, they, or he is willing to reveal it any sooner. People have gone to extreme lengths to recover their lost cryptocurrency including hypnosis to remember their keys.
7. One of the cons about Bitcoins is that they do not have a “forgot your password” option.
Bitcoins give you a private key to access your wallet. If it gets lost you not only lose your unique identification, you also lose all the coins in your wallet. People have lost Bitcoins worth Millions and Billions in the most absurd ways – including throwing away hard disk with keys, cleaners throwing away post-it notes with the key, etc.
8. Bitcoins have contributed to about 0.04% of all carbon dioxide released since 2009.
Bitcoin has been criticized for its environmental impact. The algorithm for bitcoin mining which requires superior computational capabilities that consume high quantities of electricity contributing to climate change. According to the University of Cambridge, bitcoin has contributed to 200 million metric tonnes of carbon dioxide since its launch in 2009. (As of 2022)
9. Satoshi is the smallest unit of the cryptocurrency bitcoin named after the founder(s): Satoshi Nakamoto. 100 Million Satoshis are equal to 1 Bitcoin.
A bitcoin is divisible to eight decimal places. Smaller units of bitcoin are: millibitcoin (mBTC) equal to 1⁄1000 bitcoin) and the satoshi (sat). 100 Million Satoshis are equal to 1 Bitcoin.
10. The total number of Bitcoins can exist in the market is capped at 21 Million out of which over 19 Million has already been mined (As of Jan’23)
There is a limit to how many bitcoins can exist in the market: 21 million. By now 19 million bitcoins exist.
11. The last Bitcoin will be mined in the year 2140
The total number of Bitcoins that can be mined gets halved every four years. This means that although over 90% of the total possible Bitcoin is already in circulation, it will take around 120 years or so to mine the remaining bitcoins.
12. There are Bitcoin and Crypto ATMs around the world
Though the numbers are less, but Bitcoin ATMs do exist around the world. A bitcoin ATM accepts cash and converts it into bitcoins and other cryptocurrencies for your digital wallet. Few ATMs buy Bitcoin from you and dispense cash. There are over 38,000 crypto ATMs across the world.
13. As of now, there are around 22,000 different cryptocurrencies floating in the market
Everyone wants to join in the party. That’s why there are new cryptocurrencies floating in the market. Currently, there are 22,000 different currencies in the market. While Bitcoin has the highest market cap amongst all cryptocurrencies, it is followed by Ethereum, Tether, BNB and USD Coin.
14. USA is the biggest cryptocurrency miner.
USA holds the title of the biggest cryptocurrency miner. USA has a 35.4% of bitcoin’s hashrate – a term that denotes the collective computing power of all miners. Kazakhstan ifollows the U.S. in terms of its share of the global bitcoin mining market (18.1%).
Hope you enjoyed reading the 15 most interesting facts about Bitcoins. Have you invested in bitcoins yet? Let’s hear it in the comments.