10 amazing facts you didn’t know about Bitcoin [Revealed]

Human beings have been trading stuff from the beginning of time, a ton of things have changed and evolved since then.

But, one thing hasn’t:

we humans always try to reduce the uncertainty in every trade we do, it was same back then and it still is.

During early days people weren’t so happy how the trading went because most of the times it was through violence, so they found financial banks.

These banks facilitated smoother transactions by acting as a middleman between two parties.

Today, platforms like Amazon, eBay, Alibaba are doing the same work at a faster pace.

But lately, there is a rise of new technology which could bring radical change in how we exchange information in the modern world.

That groundbreaking tech is Blockchain Technology.

Well, people never came across this term until the introduction of Bitcoin, a cryptocurrency that utilizes blockchain technology.

Bitcoin was so successful that new cryptocurrencies started to evolve like anything.

Fact: As of today(2018) there are 1645 cryptocurrencies whereas there was only one in 2015 i.e. Bitcoin.

So, this is all with the introduction: let’s get into the topic.

10 amazing facts you didn’t know about Bitcoin  

To start with let’s start with Bitcoin creator who hasn’t revealed his true identity till date. But we might have found the breakthrough:

1. We might have found the creator of Bitcoin

I’m pretty sure that you’ve heard the name Satoshi Nakamoto, a mystery founder of Bitcoin.

Well, his identity was kept secret from the beginning. But, a man who claimed himself Nakamoto had appeared in front of media recently.

He just didn’t claim, he came with the proof:

Yes, an Australia entrepreneur named Dr Craig Wright appeared in front of media and showed that he owns the unique signature used for the first transaction that took place using Bitcoin network.

bitcoin

In his speech, he also mentioned that he wanted to be left alone and is not interested in any fame, or money.

5. Bitcoin code had 3k lines at the beginning, now it’s huge

So, basically when Bitcoin was launched Satoshi Nakamoto released the software with 3000 lines of code for Bitcoin transaction.

Bitcoin source code has grown dramatically since its inception.

Since Bitcoin’s code is an open source, a huge number of people had contributed to improving the code from the beginning.

Currently, the Bitcoin Core source code contains more 100k lines of code an all-time high.

3. These guys sued Facebook and invested in Bitcoin

The Winklevoss twins sued Facebook in the earlier stages, stating that it was their invention and was settled with 65 Million dollars.

This is where they played smart.

They invested 11 Million of what they got from Facebook into Bitcoin and guess what their chuck is huge today.

bitcoin

That 11 Million investment in 2013 had made them World’s first Bitcoin billionaires in the world.

Yes, their slice of the Bitcoin pie is now worth over $1 billion after it surged past $10,000 recently.

“If Bitcoin is a better gold or seen as a type of gold-like asset, then it could be in the trillions on a market cap,” Tyler Winklevoss told CNNMoney in 2015.

2. FBI made billions from Bitcoins itself

After reading the last section if you think Winklevoss twins are the richest people in terms of Bitcoin, then you’re wrong. It’s FBI.

FBI currently owns world’s largest Bitcoin wallet,…

…which they acquired when seized the assets of the black market site, Silk Road. It is said that Silk Road was helping people keep their illicit dealings anonymous,

in exchange for Bitcoins.

When FBI raided the site they took control of the operator and they seized his crypto wallet which contained over 144,000 Bitcoins. As of today, they are worth around 2.5 billion dollars.

4. Here’s the country that mines 70% of entire Bitcoins

If you ask me to name the countries where and all Bitcoin mining is taking place, I would say everywhere.

Yes, Bitcoin is been mined throughout the world.

bitcoin

It’s more likely to see Bitcoin mining rigs in the places where electricity cost is low and the weather is cold.

Taking electricity into consideration, China beats all the Bitcoin miners in other places.

This is mainly because of surplus electricity in China.

China produces a huge amount of electricity from dams using Hydroelectric project and they spend very less on coal to generate electricity making China heaven for Bitcoin minors.

7. Bitcoin’s Transaction Fees Are Up More Than 1200%

Originally, one of bitcoin’s big selling points was that payments would be fast, convenient, and cheap.

“The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions,” wrote bitcoin founder Satoshi Nakamoto in the white paper announcing the technology.

But in recent months, bitcoin’s popularity has outstripped the network’s ability to cope with growing demand.

As a result, the bitcoin network today is a radically different animal.

Bitcoin’s transaction fees are up 1289% since March 2015. Bitcoin transaction volume in 2017 approximates $250 million per day or about $180,000 per minute.

5. You can hack into the Bitcoin’s network, but

Yes, I ain’t lying. You can, anyone can hack into the Bitcoin’s network and could make a shit load of money. But,…

…there’s one problem:

To get the job, you’ll have to use a quantum computer. Quantum computing can decode the security key in no time whereas it takes years using normal computers.

As of now, Bitcoin’s safe and good.

But when quantum computing would be introduced after twenty years, then bitcoin’s security might be compromised and bitcoin might get worthless.

But we may expect that some precautions might be taken much before such disasters occur.

6. 90% of Bitcoin address has less than 0.1 Bitcoin

As soon as people saw Bitcoin going huge they started investing in it. Some in bits and others huge. But,…

…most of the people never invested a huge chunk of money in this tech.

The reason might be because people weren’t ready to lose more than what they afford to lose.

So, they kept their investment low.

But it was completely opposite for the people who were looking for investing opportunities. They grabbed it like a rabbit and reports say 1000 people own 40% of Bitcoin market.

8. Samsung and Toshiba might have created Bitcoin with others

At the beginning of the article, I mentioned the mystery founder of Bitcoin, Satoshi Nakamoto. Now,…

… do me a favour and combine the words Samsung and Toshiba.

It adds up to Satoshi. It is also believed that Nakamoto was derived fromNakamichi and Motorola

This might be a total coincidence because we haven’t found any proof for this.

9. You can earn real Bitcoins by playing online games

It is a question we rarely dare to ask – is it possible to earn something simply by playing games? Well, the answer is yes, at least in the world of Bitcoins.

Bitcoin site itself has few games where you can play for free or you can actually gamble.

It might sound too good to be true, but it really is the truth. And the games are becoming more and more popular, at least with cryptocurrency enthusiasts.

People had already made a ton of money from gambling using Bitcoins.

A person by the name Nakowa won 11,000 Bitcoins worth $1.3M back in 2013 (worth over $47M today) on a gambling site.


Wrap Up

With many rivals like Ethereum, Litecoin and others in the market with superior tech, Bitcoin still had managed to stand high in terms of market cap.

Until one’s not an investor it doesn’t matter which cryptocurrency is winning.

All we need is secure and fast transactions with a minimal transaction fee. Let’s hope cryptocurrencies will help in achieving that goal.

Did you like this article?

Do let us know through comments. Thanks for spending your valuable time here. Also, check out 10 amazing facts you didn’t know about Tesla Motors.

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