Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Mention the world bitcoin to a fan and you will be inspired to invest in the cryptocurrency immediately. Whether it’s the mining process, the coin’s price or anything in between, bitcoin enthusiasts love the virtual currency.
Not every bitcoin investor is rich though. Some who sold all their properties to invest in the virtual currency lost everything. Be keen and learn some things about bitcoin you probably never knew about below.
Bitcoin was developed by a person or people using the pseudo-name Satoshi Nakamoto. The mysterious founder first wrote a whitepaper about the project in late 2008. The complete project was launched on January 3rd, 2009, a date marked as the currency’s birthday.
Bitcoin’s birthdate also marks the first day Satoshi mined bitcoin’s 50 coins. In the next one year, the innovator mined 1,000,000 bitcoins before exiting the bitcoin scene for good.
Some people have claimed to be Satoshi, including Australian billionaire Craig Wright. Internet users have pinned Tesla’s founder Elon Musk as the founder. But in all cases, no one successfully proved to be the elusive bitcoin founder.
$84 Million-worth Pizza
The first publicized bitcoin transaction was the purchase of a pizza—a very expensive one. In May 2010, a programmer who had mined more than 10,000 bitcoins decided to buy pizza with his coins. He made an offer to pizza sellers on a popular bitcoin forum. An entrepreneur accepted the offer and arranged for two pizzas worth $25 to be delivered to the coder.
Seven years later, the 10,000 bitcoins were worth $100,000 million, a monstrous growth rate in all accord. Of course, neither the programmer nor the buyer expected bitcoin to grow with such rates. People who also bought and sold bitcoins before 2017 never imagined the coin could reach $19,000. Yet by December 21st, 2017, you needed less than 60 bitcoins to become a millionaire.
Your Nearest Retailer Accepts Bitcoin
You name it. Microsoft, dating sites like OkCupid, airlines, magazines, eateries, and bookstores all accept bitcoin. Your nearest coffee shop probably accepts the cryptocurrency. Irrespective of whether bitcoin's price fluctuates or not, the payment network is fast entering the mainstream industry.
Overstock.com was the first major retailer to accept the cryptocurrency. Microsoft followed suit and hundreds of Japanese businesses joined the chain. From soccer franchises to retailers, thousands of modern businesses welcome bitcoin users.
The reason—bitcoin users are not misers. They are revolutionaries that collectively spend millions to help the payment system grow. Of course, bitcoin is no longer the only cryptocurrency. It faces competition from hundreds of coins and retailers tend to welcome all the major coins.
The FBI Bitcoin Millionaires
Ever wondered who the richest bitcoin millionaire was? Look no further than the FBI. Although the bureau has since confiscated the virtual currencies, it once owned hundreds of thousands of bitcoins.
After arresting Ross Ulbricht, a dark web drug dealer, the bureau took away his 144,000 bitcoins. The FBI also arrested several other prime suspects, whose total bitcoins had a valuation of more than $100,000 million. Learn more interesting facts about bitcoin on this infographics diagram.
Infographic courtesy of https://www.playcasinoonline.net
The world’s most bitcoins are owned by the cryptocurrency’s founder, Satoshi Nakamoto. The mysterious founder owns one million bitcoins valued at over $6 billion. The Winklevoss twins, famous bitcoin entrepreneurs once owned 1% of all bitcoins in circulation, turning their net-worth to more than a billion dollars.
Constant Hacks and Losses
Although bitcoin had a security breach in 2010, the network has never been compromised again. The system’s security is assured by the millions of computer nodes that keep the blockchain active. The 2010 bug was also fixed with no possibility of happening again.
Bitcoin businesses haven’t been safe though. In 2014, popular exchange Mt.Gox got hacked and over 750,000 bitcoins worth more than $450 million were lost. The exchange had been hacked in 2011 as well but it was the 2014 hack that sunk it. Consequently, bitcoin lost more than 30% of its value within a few days.
Since 2014, at least 30 bitcoin exchanges and related startups have been hacked. The most recent hack is that of Zaif a Japanese crypto exchange. Hackers stole $60 million worth of bitcoin in September 2018.
Banks and Billionaires not Fans
You would think a new payment system would make billionaires and financial institutions jovial. Not Warren Buffet or JP Morgan Chase. Even Mark Cuban of the Dallas Mavericks was skeptical about the cryptocurrency before becoming a fan.
In a publicized interview with CNBC, Buffet told people to stay away from bitcoin as much as possible. He called the cryptocurrency a mirage and “a joke in my view.” The billionaire banker said governments would soon crack down bitcoin.
Celebrities want a Piece
Rappers like Nas; Oscar winners like Jamie Foxx and celebrity producers like DJ Khaled all have investments in bitcoin. Foxx publicized his love for bitcoin by promoting a cryptocurrency exchange with zero trading fees, Cobinhood. Nas and Kutcher own a venture capitalist firms while Khaled promotes crypto startups.
Other notable celebrities in the bitcoin bandwagon include former boxer Mike Tyson, Roseanne Barr, Donald Glover, and Paris Hilton.
Bitcoin can be Split
No, you can’t magically double your bitcoin investments. But the payment protocol can be subjected to what experts call a “hard fork.” In 2017, the cryptocurrency was forked to form Bitcoin Cash. The fork aimed to improve bitcoin by makings its payments faster and more convenient.
Apart from Bitcoin Cash, the cryptocurrency was also forked to form bitcoin gold and bitcoin private.
Phenomenal Growth Rate
From a trading for cents in 2009, bitcoin grew to a market cap of over $200 billion and a price of $19,000. Growing an average rate of 100% every year, bitcoin surpassed giant companies like Disney and IBM in less than one decade. With the fluctuation, the cryptocurrency’s market cap has remained constant. But it shows the anomalous rise of virtual currency once called a scam.
Bitcoin is full of surprises. One moment billionaires don't want to hear about it. The next day everyone is investing. It decentralized nature, security and dominance wow millions around the world.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.