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15 Lesser known facts about Bitcoins

By Admin | Bitcoin News

May 16

15 Lesser known facts about Bitcoins

Cryptocurrencies have been one of the most interesting things in the current generation. Bitcoin is one of the most commonly known among the different types of cryptocurrencies being traded. Recently, Bitcoin has been reaching astounding price levels, attracting many new investors day after day. Yet there are many people who are unaware about the origin and other interesting facts about Bitcoins.

What is lesser known is the way these Bitcoin trading works. Cryptocurrencies have created a huge wonder among the people who are lured by the buzz created by Bitcoins.

15 Lesser known facts about Bitcoins

There are many things that one does not know about Bitcoins. Below are some of the interesting and lesser known facts about Bitcoins and cryptocurrencies –

  • The very first real-world Bitcoin transaction was done to purchase 2 large papa John’s pizzas. It dates back to the year 2010 when Bitcoin was less than a year old, when Laszlo Hanyecz paid a fellow Bitcoin Talk user 10,000 Bitcoins in purchase 2 large pizzas. The amount of the Bitcoins today is worth 27 million dollars.

  • For any great invention, people look for the name of the founder or developer. But in case of Bitcoin, no one knows who the founder of Bitcoins is or who created these Bitcoins. It is rumored that a man named “Satoshi Nakamoto” is the founder of Bitcoin, but no one knows who he is or where he lives.

  • The supply of Bitcoins remains to be fixed. New Bitcoins can come only as rewards paid to Bitcoin miners. So Bitcoins can only be limited. It is researched that the total number of Bitcoins in circulation will never exceed 21 million at any point of time.

15 Lesser known facts about Bitcoins

  • Bitcoins that are generated as rewards to Bitcoin mining (to Bitcoin miners) and are halved every 4 years until all coins are fully mined.

  • Bitcoin is a decentralized monetary system, i.e. there is no central authority to regulate the issue of this currency.

  • Bitcoins are controlled by its own users and no other entity.

  • Currently so far 80% of the Bitcoins have already been mined.

  • The Federal Bureau of Investigation (FBI) owns 1.5% of the total world’s Bitcoins.

  • There are no refund transactions when it comes to Bitcoins. Once transacted, Bitcoins cannot be reversed.

  • It may be surprising fact to know that there are around 1354 Bitcoin ATMs all over the world, spread across 55 counties by 21 ATM producers and 231 operators.

  • The largest transaction ever made on the Bitcoin network was for 194,993 Bitcoins. The transaction was tagged “Shit Load of Money!”

15 Lesser known facts about Bitcoins

  • Bitcoin transactions consume a lot of power. Any Bitcoin transaction however small, medium or big it is consumes electricity power that can be used on an average to power 3 homes for a single day.

  • The Federal Bureau of Investigation (FBI) is said to have the world’s largest Bitcoin wallet.

  • All Bitcoin transactions are done within 10 minutes of settlement time, faster than other real time day to day financial transactions.

  • Bitcoin transactions or trading in Bitcoins remains to be illegal in some parts of the world like Bangladesh, Bolivia, Ecuador and Kyrgyzstan.

There are many other lesser known facts about Bitcoins. The research and findings continue in the cryptocurrencies which comes up with newer and lesser known facts about Bitcoins and other digital currencies.

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