Bitcoin – 15 Things You Might not Know
The overall appreciation in cryptocurrency prices over the course of 2017 have captured the attention of the mainstream media. It is hard to ignore an asset that has increased 1,317% in one year, as was the case of Bitcoin in the past year (2017/18). Nevertheless, it does not stop here, this is just the beginning of cryptocurrencies, the industry holds a promising future.
Let’s start off with the origin of the world’s most popular cryptocurrency. Satoshi Nakamoto, the unknown inventor of Bitcoin, actually never intended to invent a currency. He had the intention to develop a so called “Peer-to-Peer Electronic Cash System.” His goal was to build a digital cash system that did not have a central entity. In 2008 Satoshi introduced a decentralized network where every single entity of the network had a complete overview of all the transactions, eliminating double spending. This led to the creation of Bitcoin and as a consequence a vast pool of other cryptocurrencies.
Though Bitcoin has been a common word on the street for the last few months, little is known about it’s: use, history, potential and limitations within today’s society.
Here is a list of 15 things that you might not know about the #1 cryptocurrency, Bitcoin:
- Bitcoin and hence cryptocurrencies originated as a side product of digital cash
- One million is the estimated number of Bitcoins that Satoshi Nakamoto mined during the coin’s early days
- 21 million is the maximum number of Bitcoins that will ever exist
- In July of 2013, Thailand became the first country to outlaw the coin
- In 2010, Hungarian programmer, Laszlo Hanyecz conducted the first official Bitcoin transaction, in which he spent 10,000 BTC on two pizzas
- Lamborghini is the first car company to accept Bitcoins as a medium of payment
- Vancouver (Canada) was the first city in the world to boast a Bitcoin cash machine
- There is approximately 31,000 lines of computer code behind Bitcoin
- Genesis Mining (a major Bitcoin cloud mining company) conducted the first peer-to-peer financial transaction in space utilizing the coin
- Bitcoin is a legal payment method in Japan since the 1st of April of 2017
- No single entity or government controls Bitcoin, it is controlled by everyone that utilizes the currency
- Transactions are established such that no one can be forced to pay and transactions cannot be reversed
- It is illegal in: Saudi Arabia, Bolivia, Kyrgyzstan, Ecuador, Morocco, Nepal, Algeria and Bangladesh
- The University of Nicosia located in Cyprus, was the first university in the world to accept tuition fee payments in Bitcoin
- By January of 2018, there have been approximately 2,015 Bitcoin ATM’s across 61 countries worldwide
Bitcoin’s breakthrough technology has led to the establishment of hundreds of new cryptocurrencies, new companies, each one of them set to disrupt today’s industries in their unique manner. As the pioneer of the blockchain space, Bitcoin will continue to have an important role within the evolution of the space, further widening its presence within today’s world.