7 bitcoin facts that will surprise you

7 facts about bitcoin that will surprise you

Bitcoin (BTC) itself is a very good result. It shows that you can enjoy digital benefits that aren't found in the bank or the government. Additionally, blockchain technology that supports Bitcoin can transform the market from financial to medical.

Want to know more about the world's first cryptocurrency? Here are some amazing facts about Bitcoin.

1. About 20% of Bitcoin is lost forever.

According to data from crypto-data firm Chainalysis, around 20% of Bitcoins are lost or stuck in unusable wallets. Today, that equates to 3.76 million BTC (valued at around $ 190 billion).

If you want to know how it can be done, there are several ways. First, according to Decrypt, the anonymous developer of the first token, Satoshi Nakamoto, owns around 1.1 million BTC. It was agreed that Satoshi Nakamoto would not touch this room.

Sadly, some people have died without sharing access to Bitcoin, which leads to other forms of currency exchange.

Another culprit? missing. The encryption key is like a bank PIN code and requires you to enter or redeem coins. Unfortunately, there is no simple “forget password” function. So if you lose your key, you will never see these parts again.

Hardware crypto wallets are a great way to keep assets safe offline because they are difficult to decipher. But if you lose your wallet, password, or password recovery, the encryption is perfect. There are also some stories of people who have lost their wallets. Indeed, a man in England believed he had 7,500 BTC (about $ 380 million) from his hard drive in his landfill, and had tried for years to obtain a research permit to be there.

2. Brock Pierce received his first Bitcoin loan in 2019.

Brock Pierce, entrepreneur and former child actor The Mighty Ducks is said to be the first person to receive an all-cryptocurrency-based loan. Cryptocurrency enthusiasts invested more than 3 million bitcoins to buy a renovated church in Amsterdam, the Netherlands.

Recently in the United States, UnitedWholesaleMortgage announced that it would be involved in Bitcoin and other cryptocurrencies. We plan to announce crypto payment options later this year.

3. There are 668 million Bitcoin transactions.

According to Blockchain.com, Bitcoin has made 668 million transactions since its inception in 2009. In recent years, that number has grown more rapidly. As of this writing, there is an average of 265,714 conversions per day.

4. Bitcoin is legal tender in El Salvador.

On September 7, El Salvador became the first country to recognize Bitcoin as a viable option. Earlier this year, President Naive Bukele announced a crackdown on Bitcoin Miami. Bitcoin has joined, but it will not convert the US dollar into a domestic payment.

The government has promised to give $ 30 to every citizen who opens a digital wallet in the country, but many Salvadorans oppose the entire campaign. For environmental and transparency reasons, the World Bank refuses to help countries use it.

5. The last Bitcoin was mined in 2140.

Only 21 million bitcoins can be generated. It is embedded in the code or DNA of the part. So far around 18.8 million have been searched, but as you can see some are missing.

The bitcoin mining method works if the number of bitcoin that can be mined is halved every four years. This means that when nearly 90% of potential bitcoin is already in circulation, it will take around 120 years to generate the remaining 2.2 million coins.

6. Buy Pizza is the industry's premier Bitcoin company.

On May 22, 2010, Laszlo Hanyecz bought two Papa Johns pizzas for 10,000 BTC, which were then valued at around $ 41. It is the first Bitcoin market and is now celebrated annually as Bitcoin Pizza Day.

At current rates, 10,000 BTC would be worth over $ 500 million. Perhaps this is the reason why the real story is so much a part of Bitcoin folklore.

7. There are nearly 100,000 Bitcoin millionaires.

Determining the number of Bitcoin millionaires or billionaires is difficult because anonymous wallets and Bitcoin prices can change over time. However, according to data from BitInfoCharts, there are currently 98,180 addresses worth over $ 1 million in BTC.

Forbes includes 12 crypto billionaires on their 2021 billionaire names, including Winklevoss Twins and Sam Bankman-Fried of FTX.