Crazy Bitcoin Facts You Should Know About

By: Marco Verch

Since it was created in 2008, the Bitcoin virtual currency has not come short of countless reviews, rumours and speculations. In spite of the constant opposition from pessimists and issues with theft, this crypto-currency continues to make headlines. Just like many other scenarios that capture the attention of the public, Bitcoin is centred on characters who are just out of some tall tales – fortunate stiffs, the seemingly doomed and the financially stable seeking to rob others their hard-earned money.

It is no secret that the world’s journalists have an affection for Bitcoin. All the ups and downs of this crypto-currency are now being adequately documented. But if you feel a bit on the behind with all the news, here are some facts that will answer most of your Bitcoin-related questions.

Bitcoin all through the years…

How the currency was formed and what transpired after.

  • Satoshi Nakamoto – The alias of the mind(s) behind this virtual currency.
  • 2008 – This was the year Satoshi Nakamoto invented Bitcoin.
  • On January 12, 2009, the first Bitcoin transaction was conducted. Satoshi Hal Finney
  • 1 million – This is a rough estimate of the number of Bitcoins believed to have been mined through GPU mining hosting by Satoshi Nakamoto in its early days.

Mystery Man? – many failed attempts to trace the actual identity of the virtual currency’s creators.

  • Five years – The period it has taken for the value of a Bitcoin to move from $0 to $1,000.
  • 3,600 – The rough estimate of new Bitcoins mined every day.
  • Litecoin – A fierce competitor of Bitcoin that uses a different mining technology.
  • The number of computers working to mine new Bitcoins is more than 20,000.

The maximum number of Bitcoins that could exist is 21 million.

  • 2041 – This is the year when the last remaining Bitcoins will be purportedly mined
  • The total amount of Bitcoins that are sitting in accounts and that have not been touched since the currency was discovered is 64%.
  • The physical Bitcoins were first marketed in the year 2011 by a firm in the United States.
  • Shut Down – This is the mining company responsible for the shutdown of all physical Bitcoins after the US Treasury was displeased with its actions.

Bitcoin in the world: This crypto-currency has been through some rises and falls.

  • Vancouver – This is a Canadian City that prided itself on the first Bitcoin cash machine in the world.
  • Exchange Rates – Some top Forex websites are listing Bitcoins along with other currencies.
  • Thailand – This was the first country to outlaw this crypto-currency. This was in July 2013.
  • Argentina experienced a surge in the Bitcoin currency when its currency was facing inflation.
  • 80% – This is the percentage of value that Bitcoin has lost in less than a week.

In November 2013, one Bitcoin was found to be more valuable than a single ounce of gold.

  • 5% – This is the portion of the world’s Bitcoin in possession with the FBI after the seizure and closure of the famous Silk Road marketplace.
  • 80% – This is the total amount of Dread Pirates Roberts’ cryptos never seized by the authorities.
  • Spending power: This is a definition of what you can do and not do with your Bitcoins.
  • Lamborghini made history by being the pioneer car production company to allow Bitcoins as a form of exchange for their cars.
  • Kreuzberg is a section of Berlin that has isolated itself as an area where one can shop with Bitcoin.
  • In the year 2012, an average corner shop in Manchester became the first Bitcoin-friendly retailer and started using it as a currency.
  • All thanks to Virgin Galactic, the furthest you can travel with Bitcoins is space.
  • Mel B was the first musical artist to allow Bitcoin as an exchange for her music.
  • Limousines can also be hired in some parts of the United States using Bitcoins.
  • In the Netherlands, it is possible to buy a pizza using Bitcoins.

In December 2013, China banned its banks from trading in this crypto-currency.

  • The minimum amount of Bitcoins used in transactions every day is 200,000.
  • In 2010, a man swapped 10,000 Bitcoins for one pizza, Bitcoins that could be worth a staggering $7 million (4.28 million euros) in December 2013.
  • More than 200 businesses had the famous “Black Friday” sale event accepting Bitcoins in 2013.

If you think you can speculate on the Bitcoin craze, go over these facts and check whether the merits outweigh the demerits.