Top-10 fun facts about Bitcoin

1. Mysterious creator

No one ever seen Bitcoin creator – Satoshi Nakamoto, who developed the first cryptocurrency in 2008. In 2010 Satoshi Nakamoto left the Bitcoin project, transferring the rights to Gavin Andresen. Lots of people have tried to unveil Satoshi, suggesting various theories, all of which failed. Some thought that it was Nick Szabo, a legal scholar and cryptographer from the University of Washington. In 2014, Newsweek published the results of an independent investigation, saying that they found a man whose name was Dorian Prentis Satoshi Nakamoto, and he was the creator of Bitcoin. But the very next day the man made a denial in mass media. In 2015, Craig Steven Wright, a computer scientists from Australia, made a claim that he was Satoshi Nakamoto and provided some proofs… which didn’t seem to be solid enough. By the way, Satoshi is also the first and the only person who earned million Bitcoins, i.e. around $850 m.

2. First transactions

The first non-mined bitcoin transaction happened on 21 January 2009 between Hal Finney and Satoshi Nakamoto. Satoshi transferred 101 BTC to Finney’s account. But the digital currency has come a long way since 2010, when the purchase of the two Papa John's pizzas by Laszlo Hanyecz from another bitcoin enthusiast marked what is believed to be the first "real-world" bitcoin transaction. In May 2010, a developer bought two pizzas using 10,000 bitcoins. Today, 10,000 bitcoins are worth more than $50 m. Now, that’s a tempting slice of pizza!

3. More precious than gold

Bitcoin has had a very volatile trading history since it was first created in 2009. Bitcoins initially traded for next to nothing! The first real price increase occurred in July 2010, when bitcoins went from around $0.0008 to $0.08 for a single coin. For today, Bitcoin’s price is about $5,681.38. In November 2013 Bitcoin made headlines as the price of a single coin hit an all-time high. For the first time in its history the digital currency’s price was higher than gold’s! It still is, by the way.

4. Until the last block

Like gold, Bitcoin has a limited and finite supply. In fact, there are only 21 million bitcoins that can be mined in total. Once miners have unlocked this many bitcoins, the supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply Since 2009 more than half of bitcoins were mined – about 12 million. The Bitcoin block mining reward halves every 210,000 blocks, the coin reward will decrease from 12.5 to 6.25 coins. Under the assumption that halvings occurs every four years, the final block that creates new bitcoins would occur in 2140. In fact, the mining reward might be too little to pay for mining efforts much earlier: already in 2036 99% of the bitcoins will be in circulation.

5. Materialization challenges

Physical bitcoins have been around for years, but they are anything but mainstream and there are very few companies involved in this industry. Some try to appeal to consumers through quality and the use of precious metals, others offer good designs at relatively low prices, while some offer neither. Rather than being truly practical, physical bitcoins are usually marketed as conversation pieces, limited series collectibles or geek gifts. The most familiar is a Casascius coin. Casascius is currently listing three coins, along with a gold-plated savings bar. However, none of them are priced and it is unclear whether or not Casascius simply ran out of stock or stopped selling them directly altogether. In addition to the silver, brass and gold-plated products, Casascius also sells aluminum promo coins. A bag of 500 coins costs 0.39 BTC. Each coin holds the key to the digital value assigned to a particular bitcoin account. Though the coins are designed to reflect the relative worth of an account, they’re actually just secure containers for the digital information that unlocks the bitcoin’s value. Somewhat more daring initiative was announced by Alderney, a dwarf island jurisdiction. It plans to stamp physical equivalents of Bitcoin. So far, only 36% of produced coins were seen in any transaction. The remaining 64% after its introduction has yet not been used even once.

6. To the space and back

Genesis Mining completed the first P2P bitcoin transaction in space. The project was launched to illustrate the endless potential of Bitcoin to transact anywhere in the world, and outside of it. This successful bitcoin transaction in space opened this technology to a brand new market showing that P2P transactions in space can and will be utilized in the future. The space balloon a took a physical bitcoin to space – the first one to the altitude of 20 km, while the second reached 43 km. What’ll be the next “first” bitcoin transaction; deep ocean or actually from the moon?

7. Lesson of security

Take care of your bitcoin wallets! One of Bloomberg TV anchors had a bitcoin gift certificate stolen while showing it during a live broadcast. He flashed his certificate on the screen for roughly ten seconds, which was enough for a Reddit user to scan the digital QR code with his phone and take the gift for himself. The user offered to return the cash (\$20), but the owner said that it would not be necessary. He called that a “great lesson in bitcoin security”. This situation turned out to be a kind of practical joke, although theft has become a vexatious problem in the world of bitcoin. Earlier this year, it was reported that someone stole up to \$100 m in the digital currency from Sheep Marketplace, an illegal online drug sales website. Dozens of other bitcoin thefts have been reported as well.

8. Cryptocrimes

Bitcoin has long been associated with the dark side of the web. The anonymity it provides has made it a favorite haunt of drug dealers and anyone else looking to sell illicit goods or services. After several years of uncertainty, the US government has finally claimed the $48 m earned from the Silk Road, a notorious online drug marketplace whose operations were terminated back in 2013. Ross Ulbricht disguised as the Dread Pirate Roberts, launched the Silk Road back in 2011, then permitting users to buy computer hacking software, illegal drugs and other illicit products. Before officers brought its operations to an end in October 2013, the site used an exclusive Bitcoin payment system to carry out the transactions, a factor that ensured customers’ identities remained anonymous. An even more alarming example exploitation of Bitcoin is a website called Assassination Market, which purports to encourage individuals to pay into crowd-sourced funds with bitcoins that in turn can be used to reward those who murder top government officials. The idea is as simple as ABC: the larger the funds grow, the greater the payment to those who successfully gets rid of federal officials whose actions appear most heinous to the site’s users. Luckily for the targets, in 2015 the site was suspected to be defunct, though the deposited bitcoins had not been touched.

9. What can one buy for $100 worth of Bitcoin

The automated online shopping bot was set up in 2014 by Swiss art group, Mediengruppe Bitnik, as an art installation to explore the dark web. Each week, the robot was given $100 worth of Bitcoin and programmed to randomly purchase one item from an online marketplace on the dark. The items were automatically delivered to a Swiss art gallery Kunst Halle St Gallen to form an exhibition. The Random Darknet Shopper’s purchases included a Hungarian passport, Ecstasy pills, fake Diesel jeans, a Sprite can with a hole cut out in order to stash cash, Nike trainers, a baseball cap with a hidden camera, cigarettes and the "Lord of the Rings" e-book collection. In January 2015, the Swiss police confiscated the robot and its illegal purchases. However, three months later, the Random Darknet Shopper was returned to the artists, along with all its purchases (except the Ecstasy).

10. Zerg, protoss and bitcoin

Backed by YouTube star TotalBiscuit and a team of Bitcoin professionals, the Bitcoin StarCraft Challenge was conceived in 2013 as a way to promote the digital currency to gamers who might learn to love it. Featuring the two best players outside of South Korea, the match generated serious hype around the world. The match was sponsored by some of the biggest name in the Bitcoin business world including Erik Voorhees, founder of Coinapult and the gambling website SatoshiDice. The inclusion of bitcoins is one part of a somewhat larger cooperation between the gaming and Bitcoin worlds. Team Liquid, the largest StarCraft 2 website, recently began accepting bitcoins as payment for its service and to buy products from its store.


  1. Amazing post on bitcoin facts, I really enjoyed reading this article. Thanks for sharing this information. You can also visit, a platform that also share latest bitcoin news news and information.


Post a Comment

Popular posts from this blog

Crowdfunding vs ICO: major differences

Marketing ICO case

ICO regulation: Global trends