5 Awesome Bitcoin Facts That You Must Know

By | November 8, 2017

Bitcoin is the most happening things that evolve in the last decade or so. People are investing and trading bitcoin all over the world at a great pace. Indians are also catching up fast and awareness level on bitcoin is also rising in India. Bitcoin is one of the most sought and popular cryptocurrency since last 8 years or so. There are many bitcoin facts and I just mentioned 5 best and awesome facts on bitcoin in this post.




If you’re a newbie, then read beginner’s guide to own your first bitcoin Cryptocurrency.

Read Also: 3 Best and Popular Bitcoin Trading Websites in India

 

Let’s have a look at the 5 awesome bitcoin facts

If you’re not aware of bitcoin cryptocurrency, then now is the time for you to know the amazing Bitcoin facts.

Creator of Bitcoin is unknown

Yes, you heard me. Bitcoin invention is still a mystery and nobody knows about it. Way back to 2009, bitcoin white paper was published under the pseudonym of Satoshi Nakamoto. Satoshi Nakamoto mine the first ever block of bitcoin that known as the genesis block and had a reward of 50 bitcoins.

Hal Finney has done the first bitcoin transaction in the world and received the first 10 bitcoins from Satoshi Nakamoto. It is believed that Nakamoto own more than $4.7 Billion worth of Bitcoins. 

Unregulated Virtual Currency

Bitcoin is not regulated by most of the countries. Bitcoin network structure generates random address and key and so making bitcoin regulation little bit difficult. Furthermore, there are other alternative Cryptocurrencies and it is also much tougher to keep track of all other forms of virtual currency.

Bitcoin cannot be banned and only regulated as it normally works outside of any jurisdiction system. Some of the countries like Japan, Australia, and Russia already have made it a legal currency. In India, RBI and other government authority are working on regulating cryptocurrency like bitcoin.

Bitcoin facts on Pizza Day

Do you know bitcoin was first used as a virtual currency to buy Pizza? On 22nd May 2010, someone purchased pizzas with bitcoins. This day is celebrated as pizza day as that time nobody was accepting bitcoins for any goods and services. 10,000 BTC has been given to purchase two Papa John’s Pizza which was $41 worth in 2010. 

Don’t Lose Bitcoin Private Key

Never ever lose your bitcoin private key as you’ll lose your bitcoin too. Bitcoins will be kept in your wallet has a unique private key to them. So, if you lost your private keys, then your bitcoins will also be gone forever. 

Price History of Bitcoin

On 22nd May 2010, the value of bitcoin was less than $0.01. Within two months its value went up by more than 1000% and rise to $0.08 for 1 bitcoin. It did not stop here and in July 2011, 1 BTC was only $31 and at the end of 2011 bitcoin price started to collapse and come down to $2. Bitcoin started to recover and once again it moves upwards and reached $266 in April 2013.

In November 2013, the price was increased heavily and reached its lifetime high of $1242. Until December 2016, bitcoin was trading at around $800 and at the beginning of 2017, the price broke above the November 2013 high of $1242. 

On June 2017, bitcoin was trading an all-time high of $3000 and on 1 September 2017, bitcoin make history and reached $5000 for the first time. It is still in up move and today 8th November 2017, it is trading at around $7375.

I just quoted some of the bitcoin facts and if you know more about it, that I have missed out on this post, then do let me know in the comments section.

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Last updated: Mar 21, 2018

 



 

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About Ratan Kumar

Ratan Kumar, an enthusiast stock market trader & blogger. Forecasting stock market moves with the use of technical analysis since 2008. For the technical trader & investor, new or experienced, he provides legitimate and valuable advisory from day trading to long-term investment horizon and helped thousands of investors to make money out of stock market.

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