Toronto Mike

Some fascinating facts on Bitcoin!

Bitcoin has been around for less than a decade but it is  already changing the way we look at traditional money. Taking  away our reliance on centralised authorities controlling the worth of our  money, it creates a new world of anonymity, security, and digital innovation.  In today’s world, Bitcoin can be used for everything from charitable donations,  to online shopping, to Bitcoin sports betting! But how much do you  really know about this phenomenon? Read on to find out some amazing facts about  Bitcoin!

  1. Bitcoin was invented by Satoshi Nakamoto (which is a  pseudonym of the creator’s name) in 2008. To this day, no one knows the true  identity of its inventor and it is the subject of much deliberation and speculation.
  2. On average, there are 3,600 Bitcoins mined every single  day.
  3. The first Bitcoin transaction was of 100 BTC and was  between Satoshi and Hal Finney on the 12th January 2009.
  4. The creator has said that the last Bitcoins will be  mined in 2140 as the maximum number of Bitcoins that can ever exist is 21  million.
  5. Each Bitcoin has a detailed digital history which means  it is very difficult to fake.
  6. There are 31,000 lines of computer code that go into  Bitcoin.
  7. In 2013, a Brit names James Howells accidentally threw  away a hard drive with £4.6m worth of Bitcoin stored on it. It was never  retrieved.
  8. Norweigan, Kristoffer Koch bought some Bitcoins for $17  and then forgot about it. When he remembered, he had bought it, it was worth  $827,750.
  9. Vancouver  is home to the world’s first Bitcoin cash machine!
  10. Thailand  became the first country in the world to outlaw Bitcoin, in 2013.
  11. $7  is the least a Bitcoin has ever been worth and the most is $1250 which it  reached in November 2013.
  12. Lamborghini  became the first car manufacturers to accept Bitcoin in exchange for cars.
  13. In  Holland, you can buy pizza using Bitcoin!
  14. In  2012, a convenience store in Manchester started accepting Bitcoin.
  15. You  can also use Bitcoin to travel into space with Virgin Galactic.
  16. Dating  website OKCupid also accepts Bitcoins as payment for its services!
  17. One  of the most important factors about Bitcoin is that you cannot reverse a  transaction, nor can you be forced to pay. This makes is more secure than more  conventional ways of paying.
  18. If you lose your Bitcoin, you can never get them back!  Whether you keep them on a hard drive, or in a digital wallet, once that device  is lost or crashes, your Bitcoin are gone forever!

So, there is a roundup of lots of interesting facts and  figures to do with Bitcoin. Now we hope that you feel you are armed with the  knowledge to make a decision as whether or not to have a dabble in the world of  digital cryptocurrencies!

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About Toronto Mike
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