Top 10 Interesting Facts About Bitcoin

There is no doubt that Bitcoins are creating a lot of interest in people all around the world. There is a huge population that has started dealing in the currency and has gained a lot of trusts. The hottest trend is now Initial Coin Offerings, ICOs, where people can invest directly to different companies. This ICO List site and many others has really gained popularity lately, so are the best days of Bitcoin past already?

With the increasing interest, there are a lot of stories that have surfaced making Bitcoin a lot more interesting than it already is. Bitcoins are changing economies for both developing and developed economies. This is making them immune to the economic crisis and keeping sound boundaries. There has been an extreme yet gradual increase in the number of users of the currency. It is a little surprising to see the response it enjoys. The idea of a virtual currency is more real to the people compared to the actual currency they can hold in their hand. The increase in prices of the currency has increased the number of potential investors in the currency they have a lot of questions about how it functions.

When Bitcoin Came in the Market

Bitcoin started in 2009 and took about 5 years to make it presence in most of the countries. Now it is at a phase where it is just increasing the number of people that deal with it. This number is bound to increase over the years as the means to access the currency is available to almost 80% of the world population. They are either a little skeptical yet or has not been informed about the whole functioning.

There are many who say that it is a bubble with a destiny to burst. The experts and the industry insider, however, have a different opinion on it, they feel that it is here to stay and with the increasing interest it is only going to get widespread.

Now if the interest is growing there has to be reasons behind it. Why people find it interesting is because of the facts Bitcoin has been holding behind its name.

  • The Creator of Bitcoin, Satoshi Nakamoto is A Mystery Figure: The Bitcoin name was introduced about a decade ago. The identity of the creator is still not known. There has been a lot of efforts made to find as much about the person but apart from the name – Satoshi Nakamoto nothing else can be associated with the creator. To add to the story an Australian entrepreneur, Craig Wright claimed that he was Satishi in the year 2016. Many started to believe it until he submitted some proof which showed that he is nothing but a fraud. The effort was made to market forked version of bitcoin which were clacked bitcoin cash. This made a lot of investors lose their money who purchase these cash instead of original Bitcoin.
  • Bitcoins Also Have Limits: The act that they are a virtual currency makes all of us believe that they can be created anytime and any required number as needed. The process of creation of bitcoin is, however, complicated. It is known as mining. Mining digitally generates Bitcoins which still keeps the possibility of the unlimited creation of them. The fact is that there is a pre-designed schedule that has limited the number of Bitcoins to 21 million. The process of mining is getting complicated each passing day and once the number is reached the Bitcoin production will be stopped.
  • You Cannot Find the Sender or Receivers Details: When you are dealing in Bitcoins your identity is not a part of any of the process. There is no form that is filled with any of these details; there is just a public address available. The permanent ledger, however, has all the information which is also transparent. With the help of the public address, one can find how many bitcoins you own this is also the reason why the agencies are able to find fraudulent activities. The users have an option to hide their IP address and public address which makes it a little tricky to get the information.
  • First Ever Purchase Using Bitcoin Was A Pizza: Another interesting anecdote to the whole story is the day of 22nd May which is known as Bitcoin Pizza Day. When the Bitcoins were launched they did not have much value attached to them. They could be purchased for just cents and it continued for about a year after which on the said day something valuable was purchased from them. Two Papa John’s Pizza was delivered for 10,000 BTC which is the first such official transaction. The worth of those Bitcoin was $41 which today is $25.8 million.
  • If the Bitcoin Private Key is Lost the Bitcoins are Lost: James Howells lost 7,500 bitcoins in November 2013. He has been dealing in Bitcoins since 2010 and accidentally threw away his hard disk while he was cleaning his home desk. The hard disk has private keys of the bitcoins he owned. He was an IT guy and when he heard the news about someone making a fortune by buying BTC at a low price. He then made an effort to locate his hard disc which could not be located and the Bitcoins which were worth $19.4 million were gone. Of the oners loses the keys then the Bitcoins are lost forever and no one else can use them. Reports say that almost 25% bitcoins have been lost like that.
  • Bitcoins Cannot Be Banned: The nature of Bitcoin has created speculations that it will be banned. This is a hostility that it has to face as works outside the jurisdiction of the banking and financial institutions. The experts state that the fundamental design of Bitcoin is such that it cannot be banned, at max, there could be regulations on the use. There have been efforts to ban this by companies like Thailand, Bolivia etc but there are also bigger economies that are legalizing it with certain regulations. It clearly shows that Bitcoin is here to stay.
  • You Can Shop Using Bitcoin: There are a lot of questions abound what one can buy using these currencies. Things have changed from the last decade and now there are a lot of things that one can buy using Bitcoin. The Coffee at star bucks, Food, Flight tickets, Tesla car etc can now be purchased using them.
  • There is No Random Tree Bitcoins are Taken Out From: Just as they say for the money, Bitcoins are also not grown on trees. There is a proper process of mining through which Bitcoins are generated. They are virtual and you cannot touch or feel like paper money. They are mined on a sophisticated blockchain network come into existence when a block of Bitcoin is mined successfully. The process and the power of mining at present are 300 times more powerful compared to top 5 supercomputers combined which is huge.
  • Bitcoins Have Always Made Profit Barring Just One Year: You can check what the performance of these currencies have been at which shows that there has been only profit in the trades done by the currency. Only in the year 2014 the prices plummeted and there was a loss if 62% to the investors. There is no such investment currency or commodity that has shown such performance especially at the time of commencement.
  • FBI Also Posses Huge Bitcoin in their Wallet: There was an operation where the FBI had shut down the operations of the Silk Road. They seized a lot of assets of the owner and amongst those assets were Bitcoins. This made FBI one of the biggest owners of Bitcoin. There has been a claim but Wired magazine which says that $120 million worth of Bitcoins is owned by FBI.

Bitcoins are safely considered the biggest evolution of the 21st century after the internet. It has revolutionized the way people deal with their currency. There are many efforts to add to the list and some other such currency has been successful and added to the list of virtual currency as the same form. There were also currencies which called themselves the rivals of Bitcoin but could not stand the test of time and have vanished. It is now difficult to penetrate the market especially when Bitcoin has created such strong base. The whole world is now trying to make efforts to accommodate the currency so that the economy can enjoy the boom.


The fact that Bitcoin uses Blockchain technology which is highly sophisticated and safe for use is the main reason why it is gaining popularity. The awareness about Bitcoin is increasing and with that more such interesting facts and anecdotes will be added to the list.

The popularity of the same will increase over time and the population which is not aware of the Bitcoins will soon be added to the list. The numbers of people who are searching for these currencies and reading the facts have increased shows that the Bitcoin will create much more such news in the future.

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