Bitcoin is the first cryptocurrency that came into existence in 2008, and all the other cryptocurrencies are the copy of bitcoin. Bitcoin is limited in supply, and there are only twenty-one million bitcoins on the blockchain network, and the demand for bitcoin is increasing day by day. By increasing the demand, the price of bitcoin is pumping high because supply is limited. There are some surprising facts about bitcoin that you should know about it. In this article, I will share five surprising facts about the bitcoin cryptocurrency. So without wasting time, let’s explore these amazing facts about bitcoin.
Bitcoin in brief:
Bitcoin is a different digital currency that became popular after its launching in 2008 by Satoshi Nakamoto. Bitcoin is an open-source system, and everyone has heard about the name bitcoin. Bitcoin is famous all around the world, and everyone wants to learn more about it. The most prominent feature of bitcoin is that there is no third party involved in it, such as the government, banks, other financial institutions, etc. Click here to learn that how to earn website
Five surprising facts about bitcoin:
There are the following surprising fact about the bitcoin that must have known given below:-
- Bitcoin as a legal tender:- The first fantastic fact about bitcoin is that the president of El Salvador has declared bitcoin as the legal tender, and half of the population is using bitcoin as fiat currency. Every business has to accept bitcoin as a payment method, and there, businessmen cannot say that we do not accept bitcoin. The population of El Salvador is around Six million and a half million people, i.e., three million people are using bitcoin as a legal currency. Nayib Bukele offered the public to give bitcoin worth $30 if you would use the specific bitcoin wallet, and he gave $30 per wallet to half of the population, which is a considerable amount.
- Twenty per cent of bitcoin lost:- There are limited bitcoins on the network, over 21 million and twenty per cent of bitcoin means 42,00,000 bitcoin lost, and there are many reasons. First, a lot of bitcoins are stuck in the wallet because bitcoin has no access. Second, bitcoin wallet has no recovery that means once you forget the wallet password, you cannot recover it back. You cannot sue the government because there are no third parties involved. Some people have lost a lot of bitcoin, and they never get it back. Some celebrities have burned their bitcoins, such as Satoshi Nakamoto, who had a lot of bitcoin, but the identity is anonymous. Some people died without sharing their wallet access and without password and id; anyone cannot recover the password and id because there is no option of forgetting the password.
- Six hundred eighty-five million bitcoin transactions:- Over 685 million transactions are occurring on the blockchain platform from the launching of bitcoin, i.e., 2008 to 2021, when writing this article. Over multi-million people use bitcoin for daily transactions, and the number is enormous compared to the other cryptocurrencies. Bitcoin transactions mean when people send bitcoin from their bitcoin wallet to another bitcoin wallet. There are over 3,30,000 bitcoin transactions daily occurring on the blockchain platform when writing this article. That is a shocking fact.
- 18.8 Million bitcoin mined:- Bitcoin is limited in supply, which is why the price of bitcoin increases day by day by increasing the demand. According to Google data, over 21 million bitcoins are on the blockchain network, but 18.8 million bitcoins are left, and the bitcoin mining process is complicated. If you want to produce bitcoin, you have to solve the complex mathematical equations in programming languages that require a lot of computational power, and a standard computer cannot produce bitcoin. So bitcoin production is a highly complex process, and an average miner cannot produce bitcoin. The study says it is needed for 120 years to produce 2.2 million bitcoin to make it 21 million again, and half of it will burn in years.
- Pizza purchase was the first bitcoin transaction:- In 2010, Laszlo paid ten thousand (10,000) bitcoin for two papa john pizza worth forty dollars at that time. The pizza purchase was the first bitcoin transaction, and at the current time, 10,000 bitcoin is worth more than 600 million dollars, which is a considerable amount.