SP: Interesting Facts about Bitcoin

September 20th, 2018

SP: Interesting Facts about Bitcoin

If you had 10,000 bitcoins today, what would be the first thing you buy? A fast car, a mansion or maybe you could invest. In 2010, a bitcoin owner used his 10,000 bitcoins to purchase two pizzas. If you have heard the story before, you can’t blame the guy since bitcoin back then was worth peanuts.

Fast forward to 2018, here are some of the most interesting facts about bitcoin. In fact, take a look at this infographic below that was recently created by PlayCasinoOnline with more than 100 facts:

Bitcoin Facts Infographic

 

80% of Bitcoins are Already Mined

Gone are the days when people were still learning how to mine bitcoins. As of mid-January 2018, 80% of bitcoins were mined. The maximum possible amount that can be mined is 21 million BTC. So, only about 4.2 million coins remain before we call bitcoin mining a thing of the past.

Interestingly, more than 2.78 million bitcoins can’t be accounted for as per Chainalysis.com. Some owners misplaced their bitcoin hard wallets. Others burnt their paper wallets or sent them to invalid addresses. There many are scenarios that can lead to the loss of cryptocurrencies. Chainanalysis did not consider bitcoins lost through theft or hackers in their study. However, the organization counted the 1 million bitcoins owned by the mysterious bitcoin founder as lost forever.

Bitcoins Payments are not Totally Anonymous

Remember when everyone used to say bitcoin payments provided anonymity? Not anymore—the FBI has already arrested a number of criminals who received payments via BTC. The most infamous case involves Ross Ulbricht, arrested and sentenced to life in prison in 2015. The then-31-year old had helped facilitate the sale of $1 billion worth of illegal drugs through the dark web.

Another apprehended criminal who uses bitcoins includes Trendon Shavers, an American who ran a Ponzi scheme that duped people over $150 million. A Czech Republic and French coder, also the former Mt.Gox CEO, Mark Karpeles, were also charged with bitcoin-related fraud.

Your records stay in the digitized, decentralized ledger called the blockchain forever.Regulators are able to check and see how many bitcoins you own. They can trace your computer’s IP address and get hold of you.

Bitcoin Processes $4 Billion + a Day

2017 was the best year for bitcoin. The cryptocurrency peaked at $19,000 dollars and became a mainstream currency. The prices have since dipped but the coin’s popularity is still there. As of September 2018, millions of people around the day spend over $4 billion a day using bitcoin.

Some of the world’s largest retail stores record millions of dollars’ worth of sales done using bitcoin. Shopify, Overstock, Microsoft, and Subway all accept bitcoins. However, it is through trading that the cryptocurrencies process the most money. Bitcoin is used as a base currency for purchasing other cryptos in almost every cryptocurrency exchange. On Coinmarketcap, the dominant coin processes over $3.9 billion worth of cash a day, nearly double its closest competitor.

Users Control Transactions, Not Governments or Alliances

Unlike fiat money, bitcoin is mined and controlled by its users. The cryptocurrency was built on the foundation that money should be governed by users. Its creator used a pseudo-name; Satoshi Nakamoto but never revealed his true identity.

To date, the cryptocurrency’s price is determined by the law of market and demand. If the coin’s demand increases, its prices increase. If the demand goes down more than people are willing to pay, its price decreases. The law was exemplified toward the end of 2017 when bitcoin’s price shot up in less than three months.

Bitcoin’s demand went up so high that it cost up to $40 just to make a payment. In January, the demand lowered and the cryptocurrency lost half its value in a matter of weeks.

Founder has Never Withdrawn $6 Billion Worth of Bitcoins

Bitcoin’s mysterious founder mined 980,000 bitcoins between 2009 and 2010. Since then, the coins have never been touched. Satoshi’s records are viewable on the blockchain, which is how people know the creator’s Networth.

When valued at bitcoin’s highest ever price in 2017, Satoshi could have become the 44thrichest man in the world. At a price of $19,000, the founder’s network was estimated be about $19.4 billion. Nine months into 2018, Satoshi is still a billionaire. With his coins worth over $6 billion,

The FBI Once Held the Most Bitcoins in the World

There are articles that state the FBI holds a bitcoin wallet for storing seized coins. When the agency apprehended Ulbricht in 2014, they also got to 144,000 bitcoins valued at over $100 million. Earlier on, the bureau had captured 30,000 bitcoins from Ulbricht’s compatriot. When summed up with small bitcoin amounts captured from other suspects, they FBI wallet ranks amongst the top wallets with the most bitcoins.

However, the FBI confiscates bitcoins seized from criminals. If it didn’t, the organization would be the richest bitcoin owner in the world. Legally, the Winklevoss twins, who once sued Facebook for stealing their idea, and several other people rank above the FBI. The twins hold bitcoin worth more than $200 million at the time of writing.

Has Only Failed to Make Profits in 1 year Since Invention

A lot is reported about bitcoin year in year out. It has been termed a Ponzi scheme its fall predicted hundreds of times. But since 2009, bitcoin’s value has been growing steadily. In 2010, the coin rose by more than 20,000%. By 2013, the cryptocurrency was up to 5000%.

In 2014, the closure of the world’s largest bitcoin exchange, Mt. Gox took a big hit on bitcoin. The coin’s value lost value by 62%, driving millions of investors into losses. In the years that followed, bitcoin has been growing steadily, turning profits in both 2016 and 2017. Compared to other years. With the coin’s unpredictable nature, only time will tell if its value can get back to its level toward the end of 2017.

 

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