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 to be 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 bank’s “Know Your Customer” (KYC) policies. But when using a Bitcoin ATM, users are able to buy and sell Bitcoin without having to share their personal 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 that 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.
To buy and sell Bitcoin with cash, find your nearest Coin Cloud Bitcoin ATM.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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