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8 Unique Facts About Bitcoin You Should Know

 8 Unique Facts About Bitcoin You Should Know - Although Bitcoin has been around for more than a decade, negative views often arise when talking about cryptocurrencies. On the bright side, the difference in views actually opens up a space for discussion and raises public curiosity. Arming yourself with a series of Bitcoin facts is the best way to grow your confidence in the future of cryptocurrencies.

Before you start asking questions from A-Z, first consider the following eight unique facts about Bitcoin, as quoted from Trading Education.

#1 Amount of Bitcoin

How many Bitcoins can be purchased? The number of Bitcoins is actually limited because there are only 21 million available. So far, the number of Bitcoins in circulation has touched the 18.5 million mark. That number is still growing considering that more and more people and institutions are buying Bitcoin every day.

#2 Bitcoin Pizza Day

Did you know that May 22 is celebrated as Bitcoin Pizza Day? It all started from a moment that occurred on May 22, 2010. Laszlo Hanyecz, a programmer from Florida, successfully bought two servings of Papa John's Pizza with 10,000 BTC. That was the first official purchase with Bitcoin. At that time the value of 10,000 BTC was around USD 41, while the nominal is now worth more than USD 64 million!

#3 Bitcoin Was Sent To Space

History records that in 2016, cryptocurrencies made their first delivery debut into space. Cloud service provider Genesis Mining tied a paper wallet and a Bitcoin 3D model to a weather balloon. A GoPro is embedded to track its journey. The transaction was finally successfully carried out at an altitude of 20 kilometers and 34 kilometers.

#4 The Mystery of the Bitcoin Maker

Did you know that the name Satoshi Nakamoto, who is said to be the creator of Bitcoin, is actually a pseudonym for a person or group of people? He or they are believed to have developed the creation of Bitcoin in 2009. However, traces of Nakamoto mysteriously disappeared from the internet two years later.

No wonder then that many people claim to be Satoshi Nakamoto, but no one has solid evidence. Until now, the mystery of the creator of Bitcoin has not been solved. In the end, many people agreed to keep the creator of this decentralized currency anonymous, just like the nature of Bitcoin's creation.

#5 Free Bitcoin Transactions

Feel loss when you have to pay transaction service fees via bank or PayPal? You will not experience this with Bitcoin. Bitcoin transactions are fee-free because they do not require intermediaries. Okay, some transactions apply a small fee, but that's only to pay for those who are 'mining' Bitcoin. In the end, even that small fee will still be released into the system.

#6 Bitcoin Transactions Can't Be Canceled

You really should double-check carefully before sending funds using Bitcoin. The reason is, once the money is sent, you cannot cancel the transaction. In contrast to conventional payment methods that can be traced and canceled in certain situations.

#7 Volatile Bitcoin Value

Yes, the value of Bitcoin is volatile. On the one hand, the world's largest digital currency is able to provide certain advantages for investors. Market analysis refers to several factors that cause Bitcoin to be so volatile, such as market size, regulation, low liquidity, to market sentiment.

#8 Bitcoin Made of 31,000 Codes

What does Bitcoin actually look like? Not paper money or coins, this digital currency is actually made of a series of codes. On January 3, 2009, Satoshi Nakamoto released 31,000 lines of programming code and he introduced it as Bitcoin. Using a similar system, the birth of Bitcoin was followed by the presence of the world's first 50 Bitcoins, which were then called the 'Genesis Block'.