Bitcoin is the first cryptocurrency that world has come across. It was launched for the world on January 2009. Despite there are thousands of cryptocurrencies have come up, BTC is still ruling the crypto world.
A few years ago, only technology enthusiasts were aware of it but now everyone knows what Bitcoin is.
We strongly believe, cryptocurrency is the future money. If you are too interested in digital currencies then there are some very interesting facts pertaining to the cryptographic world that you should know about.
Here, we are going to know 10 astonishing Bitcoin facts that you will really like to know for example if you would have invested only $100 in 2010 in bitcoins then now you would be a millionaire.
10 Bitcoin Facts you should know
- First mining reward was 50 bitcoins
- 90% bitcoins mined
- You would a millionaire
- Bitcoin is legal in many countries
- 21 Million bitcoins will never be mined
- Bitcoin made over 100K millionaires
- Bitcoin mystery
- Bitcoin Pizza Day
- 30% taxes on Bitcoin
- More than 20% bitcoins are lost
- Bitcoin ATM
First Mining Reward was 50 Bitcoins
Bitcoin.org official Bitcoin domain was registered on 4th of January 2008. On 3 January 2009, first Bitcoin Genesis Block number 0 was mined who got 50 bitcoins as mining reward.
Did you notice, how profitable mining would be that time?
By the way, anyone having computer with powerful configuration can participate in cryptocurrency mining. And when we deploy our powerful computers to validate Bitcoin network transactions, we get rewards in the form of BTC. That is called mining.
Nowadays, mining is not that profitable but early birds had made fortunes by doing so.
90% Bitcoins Mined
Out of a total limited 21 million Bitcoins supply, more than 90% of BTC has been mined and only less than 10% left for mining.
On every 4 years, coin’s mining reward is cut in half, it is known as Bitcoin Halving. Bitcoin algorithm is written in such a way so it can cope with inflation. Halving plays an important role in this.
You Would a Millionaire
If you would have invested only $100 in Bitcoins in 2010, you would get 250 BTC.
For your surprise, now your $100 would be worth $46,00,000.
Bitcoin is Legal in Many Countries
In the year of 2017, Bitcoin faced so much criticism and many so called financial experts termed it as a bubble.
Media be it newspaper, television or social media, did not let any stone unturned to malign Bitcoin image.
But despite that Bitcoin emerged like a charm and now on the way to be recognized as a legal tender.
Some countries are on the forefront to do so and countries like India showing hesitation to approve the people’s currency in the name of their financial security.
For you information, Bitcoin is legal in El Salvador. Also, Japan’s Payment Services Act approves Cryptocurrencies as payment methods.
At the same time, some countries seems so afraid of this digital currency that they straight forwardly banned the virtual currency.
21 Million Bitcoins Will Never Be Mined
Last Bitcoin is supposed to be mined in the year 2140. But interestingly because of the bit-shift operators, it will never reach the 21 million number.
Bitcoin Made Over 100K Millionaires
If cryptocurrency is future money then we are going through wealth redistribution face. Here all who believe cryptocurrencies can take chance to participate in potential wealth redistribution face.
For example, one of the those early cryptocurrency investors who believed in the blockchain technology and invested their hard earned money, now being counted in wealthy people list.
For your knowledge, more than 100K early Bitcoin investors became millionaires and now living the most luxurious lives.
We all know Ethereum is created by Vitalik Buterin, Dogecoin, the meme coin, is created by software engineers Billy Markus and Jackson Palmer, but we don’t know who created Bitcoin.
It is the biggest mystery pertaining to Bitcoin and it seems that it would never be solved because many have already claimed the Bitcoin ownership but none of them could prove.
Famous name behind Bitcoin is Satoshi Nakamoto. But some say it is only a fictitious name for the team who invented BTC.
No matter Bitcoin stays or becomes a bubble, this Bitcoin mystery would never be solved because its inventor deliberately chose to this so, it is my opinion, people can believe it is their currency, not someone else’s.
Bitcoin Pizza Day
May 22nd is celebrated as Bitcoin Pizza Day. Actually, on May 22 2010, a guy named Laszlo Hanyecz spent 10,000 BTC for two Papa John’s pizzas. That time he would not know he had been eating world’s most expensive pizza.
Now, as of this writing, 10K bitcoins spent by him to purchase a pizza is valued at $184 millions.
30% Taxes on Bitcoin
India charges huge 30% taxes on Bitcoin investment. It is obvious that Indian government, instead of banning this digital currency, chose to imposed unreasonable tax on Bitcoin investment so people of the country stay away from it.
Despite that, Indians cryptocurrency enthusiasts investing heavily in virtual currencies in the hope of becoming rich.
Here we firmly suggest you that never invest in cryptocurrencies more than you can afford to lose.
For you information, within the next few years, out of these thousands cryptocurrencies and tokens, only few with valid purposes will last. All other will vanish.
So before investing your hard earned money, understand the project purpose.
More Than 20% Bitcoins Are Lost
More than 20% Bitcoins are lost forever due to lost/stolen recovery seeds which cannot be recovered, as of now.
Those who understands cryptocurrencies, know every well that one and only safest way to store cryptocurrencies is cold store them.
As of now, hardware wallets are the best picks to cold store cryptocurrencies and take the ownership. But a few years ago, paper wallets were the only way to cold store the coins.
And those who misplaced or lost their private keys would end losing their investments because till date there is no way to recover such wallets.
For your information, if one does not have his bitcoins private key then in reality he is not the real owner. It is the exchange who owns his BTC that can run away any time, no matter how reputed the exchange is.
At the time of generating Bitcoin cold wallet address, you get a 24 words recovery seed. That is your only backup in case you lose access to your wallet.
Unfortunately, if you lost your recovery seed too then there is not other way to recover lost bitcoins.
I personally strongly suggest you store your coins in a hardware wallet. This way you will have full control on your coins. Here are the best cryptocurrency hardware wallets:
Now bitcoins can be bought and sold using Bitcoin ATM machines. These ATM machines are installed in business places so people can conveniently buy and sell cryptocurrencies. Read more about Bitcoin ATM.