20 Fast Facts About Bitcoin You Should Know – Nutshell School
- Bitcoin possesses the same characteristics as money: durability, portability. acceptability, limited supply, divisibility, and uniformity.
- There is no commonly accepted physical coin that represents Bitcoin.
- Bitcoins can be converted to other currencies.
- No one person controls Bitcoin it exits on a Blockchain.
- Bitcoins are kept in software wallets.
- The maximum amount of Bitcoins will be 21 million.
- Bitcoin is a digital currency that exists outside the banking infrastructure.
- Bitcoin was created by people not a government.
- Bitcoins are divisible for payments in decimals.
- Several merchants are already accepting Bitcoin as digital payment.
- Bitcoin is illegal in over seven countries.
- Bitcoin was invented by the anonymous Satoshi Nakamoto in a white paper and released in 2009.
- Capital gains in Bitcoin is a taxable event.
- “Miners” solve complex math problems and create bitcoins.
- Bitcoin is a trading vehicle that benefit from capital gains
- Bitcoin is very volatile as a store of value and a trading vehicle.
- Bitcoin is only one of hundreds of crypto currencies.
- Bitcoin is a speculation not an investment.
- Bitcoin is the most popular and the first mover in the Blockchain/Crypto Currency space.
- Bitcoin has had one of the greatest appreciation on a percentage basis of anything in financial history except the Tulip Mania in Holland.
Interesting Bitcoin Facts You Need To Know
Part of the reason people don’t want to use Bitcoin is that they don’t know enough about it. Well, our mission here at CoinSutra is to get everyone on the same page with regard to Bitcoin and cryptocurrencies.
Here are facts you need to know about Bitcoin.
The first Bitcoin purchase was for pizza.
Did you know why May 22 is celebrated as Bitcoin Pizza Day?
Initially, when bitcoins were mined they were virtually worthless as it cost literally cents to buy a BTC.
But it was until 22 May 2010, when someone purchased something with bitcoins.
Seven years ago on this day, someone bought Piazzas with bitcoins and this purchase was a big deal because no retailer was accepting bitcoins at that time for goods and services.
On 22 May 2010, two Papa John’s Pizzas were exchanged by Laszlo Hanyecz for 10,000 BTC. This was the first official documented purchase of goods using bitcoins.
At that time, the worth of 10,000 BTC was $41.
At the time of writing this article, the worth of 10,000 BTC is around $25.8 million.
The inventor of Bitcoin is a mystery.
Yes, that’s correct! The inventor of Bitcoin is still unknown.
Since the inception of Bitcoin in 2009, there have been several speculations about who the father of Bitcoin is.
The Bitcoin whitepaper was made open to the public under the pseudonym of Satoshi Nakamoto. The identity of “Satoshi” is still a mystery yet to be solved.
Amidst this confusion, there are some people like Craig Wright, an Australian entrepreneur, who in May 2016 claimed to be the inventor of Bitcoin. However, this guy, later on, turned out to be just another scammer.
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