Since Bitcoin’s creation in 2009, it has become a popular digital currency used for online transactions. People decide to buy Bitcoin for a variety of reasons. Some view it as a safe investment, others see it as a way to make money quickly, and still others believe in the digital currency’s potential to change the world.
Regardless of your reasons for wanting Bitcoin, this asset class has a fascinating history and a bright future. Let’s take a look at some of the most interesting Bitcoin facts.
- Bitcoin is the first digital currency to solve the problem of double spending:
- Satoshi Nakamoto, the creator of Bitcoin, is still a mystery.
- Bitcoin was not the first digital currency. In 1989, David Chaum created the first cryptocurrency called Digicash.
- Up until 2013, almost all Bitcoin transactions took place in China.
- There are more than 12,000 alternative digital coins, tokens, and assets issued on blockchains.
- Only 21 million Bitcoin will ever be created/mined
- On May 10, 2010, Laszlo Hanyecz paid 10,000 Bitcoin for two Papa John’s pizzas in Florida which was approximately $40, recorded as the first Bitcoin transaction. The value of that Bitcoin today is worth more $$380,000,000.
- There are only 1.3 million Bitcoin accessible to buy on cryptocurrency exchanges at the moment.
- Bitcoin halving: The process by which the number of bitcoins awarded for mining a block is cut in half, is known as halving. It happens every four years and the next one is scheduled for 2024. The first halving happened in 2012 when the reward was cut from 50 bitcoins to 25 bitcoins. In May of 2020 each block produced 6.25 bitcoin and will continue to halve till 2140 when all coins are mined.
- Bitcoin transactions are processed through a decentralized network of computers called “miners.” These miners use special software to verify and record transactions into a public ledger called the “blockchain.”
- Bitcoin is not controlled by any government or central bank and is instead managed by a network of computers around the world.
- The last Bitcoin will be mined in 2140
- In 2021, El Salvador became the first country to legalize Bitcoin as legal money.
- There are almost 100,000 Bitcoin millionaires
- The #1 corporate holder of Bitcoin is MicroStrategy. They hold 125,000 Bitcoin.
- Tesla is the second-largest corporate custodian of Bitcoin, with a total of 43,200 Bitcoins. Tesla reportedly makes more money from the digital currency Bitcoin than it makes from cars.
Crypto Contracts Facts
- There are 17,828 cryptocurrencies listed on CoinMarketCap.com.
- There have been 497,000+ token contracts created on Ethereum.
- There have been 2,008,000+ token contracts on the Binance Smart Chain.
- There have been 7,327 token contracts created on the XRP ledger.
Bitcoin ATM Facts
- According to CoinATMRadar there are 36,000+ crypto ATMs controlled by 601 operators in 76 countries.
- 32,000+ or 88% of worldwide crypto ATMs are in the United States.
- The #2 and #3 countries in total crypto ATMs are Canada (2,351) and Spain (210).
Crypto Exchange Facts
- Coinbase went public in 2021, and has a market cap (total value of all shares) of $60 Billion.
- Cryptocurrency exchange, FTX achieved a valuation of $32 Billion in 2021. They also purchased the naming rights to the Miami Heat’s home area, now called FTX Arena.
- Crypto.com made huge strides with it’s partnership and sponsoring strategies in 2021. You might have recognized the iconic Los Angeles sports arena formerly known as the Staples Center is now called the Crypto.com Arena. They’ve also signed multi-year partnerships with other famous sporting organizations such as the 76ers, a well-known Basketball team, and the Formula 1 racing organization.
- The highest-selling NFT in history was “Everydays: The First 5000 Days”, by Beeple. It sold for $69,346,250 (38,525 ETH) on March 11, 2021. As of this writing ($3,023 per ETH) that is currently worth more than $116 million.
- NFT sales on OpenSea is on pace to pass $35 billion in 2022 with an average volume of 3.5 billion every 30 days.
- Gaming and metaverse projects were some of the most successful cryptocurrencies in 2021. Sandbox (SAND) increased by 12,763 percent. However, Axie Infinity ($AXS) outpaced it with a rise of 15,132 percent. Gala (GALA), on the other hand, rose 40,400%.
Bitcoin and the government
- Bitcoin Ban: Although several countries around the world, such as Canada and America, have wholeheartedly accepted Bitcoin, some haven’t. Due to the nature of Bitcoin, there has been a lot of debate about whether it should be “banned.” Because Bitcoin operates outside the control of the conventional banking system, many people are afraid of it. However, the fundamental design prevents it from being prohibited; it can only be controlled. You may use Bitcoin as long as you have an internet connection and a Bitcoin wallet. Countries including Bolivia, Iceland, Bangladesh, and Ecuador “banned” the usage of bitcoins. There are also countries, including India, Thailand, and Iran, that have asked their residents to be careful while using cryptocurrencies but haven’t completely tried to stop it—however, they do not accept it as legal tender.
- Bitcoin power consumption: Bitcoin, as with any other cryptocurrency, needs to be mined. And this mining process comes with a hefty price tag—Bitcoin’s annualized footprint in electricity consumption reached an all-time high in June 2021, now believed to be higher than the power consumption of Finland.
- Liberland: A micronation located on a small parcel of land between Croatia and Serbia, is the first country to recognize Bitcoin as legal tender. In fact, they accept any cryptocurrency as payment for their very low taxes.
- Silk Road: Silk Road was a darknet marketplace that dealt in illegal drugs and other illicit goods and services. It was shut down in 2013, however, it is often cited as the reason why Bitcoin gained so much attention and traction.
- Bitcoin is not untraceable: Contrary to what many people believe, Bitcoin is not completely anonymous. While it is true that Bitcoin addresses are not linked to names, they can be linked to certain activities if the right tools are used.
- $14 Billion in crypto was stolen by scammers in 2021, compared to $7.8 Billion in 2020.
Wrapping up, Bitcoin is a cryptocurrency that has been around for a while now and has definitely proven itself. It’s still going strong and doesn’t seem to be going away any time soon!
There is clearly a ton more to know about Bitcoin but we thought these were some of the most interesting Bitcoin facts we have come across.