In the ever-growing world of cryptocurrency, Bitcoin has continued to maintain its superior status over all other cryptos. This digital currency has steadily risen in popularity over the last 8 years and continues to disrupt some of the longest-standing industries. While many bitcoin holders are well versed in the crypto and know many of the ins and outs, there are a few interesting facts that all holders should know. In this blog post, Coin Cloud explores 7 interesting Bitcoin facts that every Bitcoin holder should know.
1. The first purchase made with bitcoin was pizza
May 22nd is known as Bitcoin Pizza Day because on May 22, 2010, pizza became the first item purchased using bitcoin.
A man by the name of Laszio Hanyecz bought two Papa John’s pizzas for 10,000 BTC. At the time, that would’ve cost Laszio roughly $41. Today, that transaction would’ve been worth nearly $25 million. Whoops!
2. The inventor of Bitcoin is unknown
Bitcoin was created by a man, woman or organization by the name of Satoshi Nakamoto. The true identity of Satoshi Nakamoto is still unknown.
Since Bitcoin’s inception in 2009, there have been many speculations about who Satoshi Nakamoto really is; however, the mystery has yet to be solved.
This mystery has led several to believe that Bitcoin is a ponzi scheme, yet none of this has slowed the growth of the cryptocurrency. Its founder’s anonymity has actually turned out to be positive for its widespread adoption.
3. Bitcoin is both untraceable and not untraceable
Depending on how you buy and sell your bitcoin, your identity and other personal information is hidden. When using an online exchange, you will be required to share some personal information due to banks’ “Know Your Customer” policies. But when using a Bitcoin ATM, users can buy and sell bitcoin without having to share much personal or financial information. This makes bitcoin transactions pseudo-anonymous.
Bitcoin is built on the blockchain, meaning all transactions are recorded to a public ledger. All data on the blockchain is final and cannot be tampered with. This makes all transactions traceable, but still untraceable back to an individual person.
4. If you lose your private key, you lose your Bitcoin.
Without the private key to your account, you cannot access your bitcoin and those funds are lost forever.
In November 2013, a man famously lost 7,500 bitcoins when he accidentally threw away his hard disk that contained the private keys to the bitcoin he had mined. Today, those lost bitcoin would’ve been worth roughly $19 million. Costly mistake!
5. Bitcoins are limited in number
A predetermined schedule of 21 million bitcoin has been made available, and each time a bitcoin is mined, the subsequent bitcoin becomes harder and harder to mine. The last bitcoin is set to be mined in the year 2140.
6. A bitcoin transaction is irreversible
A bitcoin transaction done on the blockchain cannot be reversed. Unlike on PayPal or Venmo where transactions can be cancelled and redone, bitcoin transactions don’t allow for this. All bitcoin transactions are final.
7. The FBI has one of the world’s largest bitcoin wallets
When the FBI shut down Silk Road, it also seized the owner’s assets. In doing this, the FBI became one of the wealthiest holders of bitcoin with an estimated $120 million under control.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company headquartered in Las Vegas, Nevada. With over 627 locations nationwide, Coin Cloud boasts one of the largest and fastest-growing networks of two-way Bitcoin ATMs in the world. Our network has helped more than 144,000 customers buy and sell cryptocurrency since opening our doors in 2014. To find your nearest Bitcoin ATM, please visit CoinCloudATM.com.