Bitcoin (BTC) keeps evolving and more people want to learn about the first-ever cryptocurrency every single day. There are so many things that can be said about Bitcoin. While most people know the fact that nobody really knows who invented it, you might want to learn more interesting facts about the cryptocurrency.
The Very First BTC Purchase – A Pizza
May 22 is officially known in the cryptocurrency industry as being Bitcoin Pizza Day. This is because on May 22, 2010, someone bought an item for the first time with the use of BTC. At that point in time, no seller actually existed. Nobody wanted to be paid with Bitcoin. However, Papa John’s Pizzas was not on the list. As a result, Laszlo Hanyecz bought 2 pizzas from the chain for a price of 10,000 BTC. This had a worth of around $41. Nowadays, this would mean around $25 million.
The purchase of those two pizzas showed the world that BTC can work.
Bitcoin Can Be Traced
A huge part of cryptocurrency is the fact that people cannot trace your transactions. To put it simply, BTC transactions are quite different than regular transactions since the identity of the owner of a BTC address is not public. Just the public address can be seen.
This anonymity is highly advantageous but there is one thing everyone should know. Every single BTC transaction is documented, with public details. Transparency is actually very high. If someone knows the Bitcoin address you use, it is possible to trace every single transaction done through that account. It is also possible to be identified through your IP address.
To put it simple, you can trace someone but it is really difficult to do so. It is only impossible when you do not know some important things and cannot discover it.
You Can Lose All Bitcoins In A Second
In November 2013, an IT professional named James Howells became crypto history because he lost 7,500 BTC. This is because he threw away a hard disk that had his BTC private keys for all that he mined back in 2010. If he were to be in possession now and sell, he could make around $20 million.
The key takeaway is that if you do not have the needed private keys, all BTC is lost forever. Nobody will be able to use the lost funds. Statistics actually show that 25% of all the Bitcoin ever mined is now lost forever.
21 Million Bitcoins
The supply of Bitcoin that can exist is limited. The maximum number of BTC that will ever be mined and that can be in circulation is 21 million. Over 16 million were already mined and can now be traded. In the year 2140, the very last BTC is going to be mined. When this is hit, zero BTC will be possible to be mined.
Bitcoin Can Be Used For Many Things
One of the common misconceptions is that Bitcoin is just a digital currency and that you cannot do much with it, except something like exchanging for ETH to play an Ethereum lottery, or any other altcoin. In reality, you can do countless things with BTC right now, including buying plane tickets.
The truth is that in the future, the only thing people will think about is what they cannot buy with the use of Bitcoins.
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