Bitcoin Facts that Could Surprise You [Sponsored] | TechTree.com

Bitcoin Facts that Could Surprise You [Sponsored]

If you are new to the crypto world, there are fascinating facts you should know about Bitcoin. Here are some of them.

 

You’ve heard many things about Bitcoin, but there are fascinating facts you may not know about this cryptocurrency. Being the pioneer cryptocurrency, Bitcoin is currently the most popular virtual currency. Based on the world disrupting technology called blockchain, this digital currency has drawn interest from investors worldwide.

Today, Bitcoin is an alternative investment for some people. That’s because they can use this virtual currency to make money by trading it on crypto exchanges like https://british-bitcoinprofit.org/. Ideally, these platforms allow people to purchase Bitcoin with fiat money. The idea behind Bitcoin trading is buying this cryptocurrency at a low price and selling it once it appreciates.

If you are new to the crypto world, there are fascinating facts you should know about Bitcoin. Here are some of them.

You can Purchase a House with the Amount Laszlo Hanyecz Used to Buy Pizzas in 2010

Laszlo Hanyecz bought two pizzas with 10,000 bitcoins back in 2010. This man had a hard time with the only Bitcoin that many people didn’t know about before then. The value of 1 BTC was $0.0025. His hunger and desperation prompted him to create a post on the web board to exchange his 10,000 BT for two pizzas. And Jeremy Sturdivant saw the move as a good idea and ordered two pizzas for Laszlo. Nine years later, the amount of Bitcoin has increased and the amount Laszlo spent on two pizzas can buy you a fancy house today.

You Might Never See the Last Bitcoin

Satoshi Nakamoto designed Bitcoin with a limited supply of 21 million tokens. Miners had produced more than 18 million bitcoins by June 2021, accounting for 89% of Bitcoin’s total supply. Experts estimate that miners will generate the last Bitcoin in 2140. That means miners will take more than a hundred years to mine all bitcoins. Thus, you will most likely be dead when this happens.

Mining Bitcoin is Not an Easy Process

Some people think mining Bitcoin is a simple process of solving mathematical problems. However, this process entails the use of specialized computer software and skills to solve mathematical puzzles. The person, computer, or node that solves a puzzle gets bitcoins as their reward. But mining Bitcoin requires high computing power and electricity. That means most people have fewer chances of profiting from Bitcoin mining.

Satoshi Nakamoto Remains a Mystery

Bitcoin’s founder, Satoshi Nakamoto, remains a mystery after introducing this virtual currency. Satoshi Nakamoto introduced Bitcoin by launching a whitepaper. However, only the name remains on the whitepaper today. After noticing the success of this virtual currency, individuals like Craig Wright attempted to claim to be Satoshi. Nevertheless, nobody knows who the original Bitcoin founder was and where they went. But Satoshi’s wallet has about 1 million bitcoins. And the world waits to see if Satoshi will eventually appear.

Bitcoin Made an 18-Year-Old a Millionaire

Erik Finman got a Bitcoin idea at the age of 12 years, making him a millionaire. Others bought games or toys with their money while Erik used his $1,000 from his brother and grandmother to purchase Bitcoin. At that time, Bitcoin prices ranged between $10 and $12. Later, he sold this Bitcoin at $1,200, making 100,000 from his $1,000 investment after a few years. After earning this money, Erik quit traditional education and started an online school company.

Final Thoughts

Bitcoin is an online currency without coins or banknotes. But this virtual currency has many fascinating facts that some people don’t know. While this digital currency was almost nothing back in 2010, its value has increased tremendously. If planning to start investing in Bitcoin, take your time to acquaint yourself with it first.

 


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