Today cryptocurrency and related activities play a significant role in the world economy. More than 320 Million people are currently investing in crypto which is 4.2% of the world’s population. But how it all started? Who brings the revolution? What is the root of all these?
The answer is Bitcoin. Although Bitcoin was not the first ever blockchain, it was the first coin to bring a revolution in the market.
With the release of its white paper in 2008 and making it an open-source project in 2009, Bitcoin started a never-ending course and gave a new way of finance, security and many other daily use services.
Not just the start but the coin’s journey has been really interesting, which is why it is still dominating the market single-handedly.
Even after 13 years, there exists no close competitor to the coin. It still has a super supporting community.
Over time, it has gained popularity and hate from this world.
25 Facts about Bitcoins: Questions Answered
Let’s find some unknown facts about bitcoin which has contributed to its legacy.
Who is the creator of Bitcoin?
Ans: Satoshi Nakamoto is the name behind Bitcoin, but the interesting fact is the anonymous nature of the name. The personality is still unknown and could be anyone, a man, a woman, a group of people or even nobody.
How many Bitcoins are there?
Ans: On the date of drafting, there exists more than 19 Million Bitcoin. 19,209,755 to be precise.
Who mined the first block of Bitcoin?
The first block was mined by the founder Satoshi Nakamoto, as it is believed. Nakamoto mined more than 22,000 blocks and kept all the rewards received by mining. The total expected volume of bitcoin owned by Satoshi Nakamoto is over 1 Million Bitcoin at its peak worth 64.8 Billion USD.
Is all the Bitcoins that are minted are in circulation?
Ans: It is believed that over 4 million BTC have been lost since the first bitcoin was circulated in 2009.
When would the last block of Bitcoin be mined?
Ans: According to the calculation, the last block of bitcoin would be mined in 2140 and then all the bitcoin would be in circulation.
Which famous celebs own Bitcoin?
Ans: Famous figures like Elon Musk, Jack Dorsey, Mike Tyson, Snoop Dogg, Lionel Messi, Kayne West, etc. have invested in bitcoin.
Which companies hold a large amount of Bitcoin?
Ans: Companies like MicroStrategy, Voyager, Digital Limited, Tesla, Block Inc., Coinbase Global, etc. are some of the biggest firms to own Bitcoin.
What is the highest-ever price of Bitcoin?
Ans: Bitcoin has touched the mark of 68,789.63 USD, which is the highest of all time for any cryptocurrency.
Where can one buy Bitcoin?
Ans: Anyone can buy Bitcoin from a centralised crypto exchange, or P2P. Some famous Bitcoin exchanges are Binance, ByBit, CoinDCX, WazirX, etc.
What share of bitcoin is lost?
Ans: It is estimated that around 20% of Bitcoin would be permanently lost.
How many Bitcoins are released daily?
Ans: Around 900 Bitcoins are released into circulation daily.
What is the famous “2 pizzas for 300 Million dollars”’ story?
Ans: in 2010, a Bitcoin user bought 2 large pizzas for 10,000 BTC. Those Bitcoin would have cost more than 300 Million USD. This story is famous among Bitcoin enthusiasts and Bitcoin Pizza Day is observed on 22 May every year to celebrate the first real-world Bitcoin Transaction.
Which countries have banned Bitcoin and why?
Ans: Countries like Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar, Tunisia, etc. have put the use of bitcoin into the category of punishable offence with a punishment of up to 12 years. Such policies are made because of the use of Bitcoin in illicit activities like money laundering, terror funding, etc.
Where is BTC mined the most?
Ans: Countries like the United States of America, China, Canada, Russia, Kazakhstan, Germany, Malaysia, etc. are some major hubs for Bitcoin mining.
Name some Bitcoin Millionaires.
Ans: CZ(Changpeng Zhao, the CEO of Binance), Tyler and Cameron Winklevoss(Founders of Gemini), Brian Armstrong (CEO of CoinBase), and Michael Saylor (Co-Founder at MicroStrategy) are a few of the Bitcoin Millionaires.
What is the smallest unit of a Bitcoin?
Ans: A bitcoin is divisible into 100 Million parts, each is called one satoshi. 1 sat is equal to 0.0000001 BTC.
Which was the first transaction in the history of Bitcoin?
Ans: Satoshi Nakamoto sent 10 BTC to Finney on January 11, 2009, which was recorded as the first transaction of bitcoin in history.
What is Bitcoin ATM? How many such ATM exists?
Ans: Bitcoin ATM, as the name suggests is a machine where a user can use cash or debit card to purchase Bitcoin from the machine physically. There are about 39000 Bitcoin ATMs around the world out of which 2 are available in India as well.
What is the rewarding process for Bitcoin miners?
Ans: In 2009, the reward for mining one block was 50 blocks. But after the mining of every 210,000 blocks, the reward is halved. This halving is done almost every four years. This is done to manage the rate of new bitcoins released in the market.
When is the next Bitcoin halving expected?
Ans: The previous halving is done in 2020 when the reward for mining one block was halved from 12.5 to 6.25 BTC. The next halving is expected between Feb and June 2024, when the reward will decrease to 3.125 BTC per block.
What is a fork and how many forks does Bitcoin have?
Ans: Forking is a change in the protocol of the blockchain. In total, there are more than 105 Bitcoin Forks done in the 13 years.
Are there any books available for Bitcoin?
Ans: Yes, there are books available on this topic. A few of them are:
- The Basics of Bitcoins and Blockchains by Antony Lewis
- Mastering Bitcoin by Andreas M.
- Bitcoin Billionaires by Ben Mezrich
Name some Bitcoin Stocks.
Ans: A few of the top stocks of Bitcoins are MicroStrategy Inc., Block Inc., PayPal Holdings Inc., Visa Inc., CoinBase Global Inc., etc.
Where is Bitcoin a government legal tender?
Ans: Central African Republic and El Salvador have accepted Bitcoin as Legal Tender.
Name some famous Bitcoin Podcast.
Ans: The Bitcoin Podcast, The Money Movement, What Bitcoin Did, Crypto 101, the Anita Posch Show, etc. are some of the most famous and top bitcoin podcasts.
Facts on Bitcoin: Infographic
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