Interesting BTC Facts

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There are lots of interesting facts about BTC, but here are 10 of our favourite ones.

We know who founded BTC… but, not exactly

Bitcoin’s founder is called Satoshi Nakamoto, but this is just a mere alias and is not the person(s) real name. This person is responsible for the entire project having designed and engineered the whole thing. Whoever this person is, he/she/they are estimated to be worth in excess of $16 billion.

BTC is limited in number

Before BTC was a finished project, a predefined amount of BTC was established. This number is 21 million, and it is slowly being approached. As a result, it is harder to ‘mine’ new BTC.

The FBI own lots of BTC

The FBI has one of the largest BTC in the world. When they took over Silk Road – the dark web marketplace for drugs – they seized the owners assets, which included a BTC wallet worth over $100 million.

The first transaction was for pizza

In May 2010, two pizzas were purchased for 10,000 BTC (around $25 then), but that amount of BTC is now worth around $150 million.

It is anonymous

It is not possible to find out the details of people you have sent bitcoins to, or from whom you have received bitcoins. When sending bitcoins, a 34-character alphanumeric ‘address’ is used which cannot be traced. As a result, the industry that was the swiftest to adopt cryptocurrency
payments was the online gambling scene. Bitcoin poker and general gambling without any territorial restrictions? Appeared practically overnight.

BTC transfers are irreversible

Unlike PayPal, BTC transactions are final; there are no second chances. You have to be certain that you want to go through with a transaction before committing to it.

BTC is not controlled by any one single entity

Unlike national currencies controlled by centralized banking institutions, BTC is not controlled by any one single person or entity. Instead, it is controlled collectively by all of its users and investors.

BTC is transparent

You can see all BTC transactions in real time on the blockchain. This is perhaps the most unique aspect of BTC. It has an openness and transparency which gives it such a high level of trust among the BTC community.

It has a dark past

Before BTC hit the mainstream, it was largely used on the ‘dark web’ to fund illegal transactions, such as purchasing drugs. A popular example of this also included ‘The Assassination Market’ where people could place bets in BTC about a particular individual’s date of death. If someone got it right, they accumulated winning.

It has made some people rich

BTC has made some people pretty rich. A good example of this is a Norwegian man called Kristoffer Koch who invested $28USD into BTC and forgot about it. When he remembered he had it, it was worth more than $825,000!