Bitcoin and cryptocurrency have risen in popularity to a level where people can’t help but recognize them and the benefits they bring. The technology has been perfected over time to make it more reliable, secure and anonymous.
This is a list of 10 things you probably didn’t know about the first cryptocurrency, Bitcoin.
1. Satoshi Nakamoto is thought to be a pseudonym for the person or people who developed bitcoin.
2. Only 21 million bitcoins will ever be created (mined) – This means that no more than 21 million bitcoins can ever be mined and this makes bitcoin a rare commodity in that there is only a limited amount of it.
3. The first Bitcoin transaction ever was made on May 22nd 2010 when Laszlo Hanyecz bought 2 pizza’s for 10,000 BTC – At today’s prices, those two pizzas would have cost him around $93 Million dollars!
4. There are more Bitcoin millionaires than you think – As of May 2017, there were approximately 1,000 people with at least $10 million worth of bitcoins!
5. Satoshi Nakamoto produced the first block on January 3rd 2009 – This was less than 1 month after the Bitcoin whitepaper was released by Satoshi Nakamoto on October 31st 2008
There are many things that we can learn from the first cryptocurrency, Bitcoin. Bitcoin is the grandfather of all of the cryptocurrencies in existence today.
Bitcoin has had a very interesting ride over the years and here are 10 things you didn’t know about Bitcoin:
1. The Creator
2. The First Transaction
3. Satoshi’s Fortune
4. Satoshi’s Identity
7. The Winklevoss Twins
8. Bitcoin is Dead?
9. Computer Scientist vs FinTech Startup Founder
10. Future Predictions
Not all currencies are created equal. Some, like the Euro, are backed by physical assets, while others like Bitcoin and Ethereum aren’t backed by anything at all other than their own value. What makes a currency valuable? History has shown that gold is valuable because it’s rare and hard to produce. Paper money is valuable because of government laws that make it illegal to refuse paper money (legal tender laws).
Bitcoin, Ethereum and other cryptocurrencies are valuable because of the qualities they possess. Each cryptocurrency has its own merits and demerits, but all of them have one thing in common: They’re decentralized. Decentralization means that no single entity controls the currency. No one can print new coins whenever they feel like it. No one can change the monetary policy rules about inflation, maximum supply or anything else for that matter. Cryptocurrencies are free from government interference, which is why many investors feel that it’s such a revolutionary technology.
The first cryptocurrency was Bitcoin. It was launched on January 3rd, 2009 and quickly rose to fame as the first decentralized digital currency with a unique algorithm called Proof of Work (PoW) which ensured that no one could create fake bitcoins or spend coins without authorization. To this day,
1. The first cryptocurrency was created by an anonymous person or group of people using the name Satoshi Nakamoto in 2009. To this day, no one knows who is behind the name “Satoshi Nakamoto.”
2. In 2010, Laszlo Hanyecz bought two pizzas using 10,000 Bitcoins. It was probably the first real-world transaction with Bitcoins as a payment method. The current value of those 10,000 Bitcoins is $71 million USD.
3. Bitcoin’s price reached its highest peak at $19,843 on December 17th, 2017 and since then has fallen to its current price of $6,906 (as of May 8th 2018).
4. Some experts estimate that the total electricity consumption for Bitcoin mining makes up about 0.2% of the world’s electricity consumption every year (which equals 5 times more than what Ireland uses).
5. Bitcoin has a limited number of coins that can be mined…21 million bitcoins to be exact! At current speeds it will take until 2040 for all coins to be mined and put into circulation.
6. The smallest unit on a Bitcoin account is called a Satoshi, named after the creator of the coin Satoshi Nakamoto. One satoshi is equal to 0
The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym, Satoshi Nakamoto. As of February 2019, there were over 17.53 million bitcoins in circulation with a total market value of around $63 billion (although the market price of bitcoin can fluctuate quite a bit). Bitcoin’s success has spawned a number of competing cryptocurrencies, known as “altcoins” such as Litecoin, Namecoin and Peercoin, as well as Ethereum, EOS, and Cardano. Today, there are literally thousands of cryptocurrencies in existence, with an aggregate market value of over $120 billion (Bitcoin currently represents more than 50% of the total value).
Nakamoto has not disclosed any personal information when discussing technical matters. When Nakamoto announced that he had created the first blockchain database capable of storing blocks of information permanently and securely, people paid attention. It seemed that blockchain technology was on the cusp of becoming mainstream. But then things took an unexpected turn.
In 2011, Nakamoto stepped back from active involvement with Bitcoin. His involvement with the project ceased entirely by the end of 2010. Up until the day he handed over leadership, no one outside his circle of friends knew who he was. The reasons
Blockchain technology has enabled the creation of a new class of assets known as cryptocurrencies. Bitcoin, the first cryptocurrency ever created has indeed become the most widely used digital currency on earth. Ever since the existence of Bitcoin in 2009, it has witnessed unprecedented growth across the world. The reason for its worldwide acceptance is no other than its ability to changed the way transactions are conducted in many electronic platforms. Conventionally, electronic card transactions take approximately three business days to get confirmation. On the other hand, Bitcoin transactions take few minutes to be confirmed on the blockchain.
The success of Bitcoin as the first peer-to-peer digital currency paved the way for many to follow. Following in its steps came Litecoin, so to date, we can enjoy having over 100 altcoins as well as Ethereum, EOS, and Cardano which are thriving in their own ways. Nonetheless, Bitcoin is still king and if it changes over time, this will only make it stronger by gaining more trust from users who seek to avoid inflation with a system that guarantees fixed rates while at the same time compensating miners who secure our network and verify transactions without compromising privacy of users while ensuring they are in control at all times.
The world’s first cryptocurrency was born out of the 2008 global financial crisis. The anonymous person or group of people known as Satoshi Nakamoto published a paper in October 2008 describing a cash system that would allow anyone to transact without the need for a central authority like a bank.
At the time, it sounded like an outlandish idea. Many people still believed that the U.S. housing market had bottomed and that we’d never see subprime mortgage defaults on the scale of 2007-2008 again. Fannie Mae and Freddie Mac were just months into their conservatorship, and few expected them to be nationalized permanently. Bear Stearns, Lehman Brothers, and Merrill Lynch were long gone, but banks like Citigroup and Bank of America were still standing — barely — thanks to bailouts from the government.
But this cryptocurrency would go on to become one of the most important financial innovations in modern history. It was called Bitcoin, and it wasn’t going anywhere anytime soon. In fact, it’s doing quite well today:
Here are 10 things you probably didn’t know about Bitcoin: