Interesting facts about Bitcoin

[Sebas.tian]

Hi guys! These are some interesting facts about bitcoin and i thought i'll share it with the community


1. Bitcoin reached its All Time High on 11 Nov 2021

2. Only 2% of addresses have 1 or more Bitcoins

3. Bitcoin network consumes lot of electricity

4. Satoshi Nakamoti hodls the maximum Bitcoins

5. 1 Bitcoin = 100 millon Satoshis

6. El Salvador is the first country to adopt Bitcoin as a legal tender

7. As of 2022, two countries have Bitcoin as legal tender

8. You can earn Bitcoin through Mining

9. 9 countries have banned Bitcoin (algeria, bangladesh, china, egypt, iraq, morocco, nepal, qatar, tunisia)

10. Only 21 Million Bitcoin would ever be there

11. Bitcoin network has more computational power than the best supercomputer (80 mil vs 122.3 petaflops - Summit)

12. Satoshis are smaller units of Bitcoin

13. You can buy things with Bitcoin

14. 10,000 Bitcoins were spent to buy pizza in 2010

15. Keep your bitcoins in wallets or exchanges

16. First version of Bitcoin was released in 2009 - Cryptography Mailing List, and on Jan. 9, 2009, Block 1 was mined, and Bitcoin mining commenced in earnest

17. Issuance of new bitcoin is under no one’s control

19. No government controls Bitcoin

20. Bitcoin.org domain was registered on 18 August, 2008

21. Bitcoin is open source

22. First transaction was received by Hal Finney - 12 January 2009 of 10 BTC

Source- https://blog.everycoinprice.com/100-facts-bitcoin/

There are 100 more facts on Bitcoin here. So those interested, could check them out

Here are some of the facts or advantage on Bitcoin that made many countries to made it legalized for their citizens to enjoy:
(1)Well secured: this is one of the facts or advantage that made many countries to have interest on Bitcoin because is more secure in the wallet for the users to move around with it in the societies.
(2)Eliminate unemployment:  this is another fact  or advantage that made many governments to make Bitcoin legal in their countries because it help the countries that made it legal to their citizens to reduce poverty and give job to those that willing to work online.
(3)Fast : fast is among the fact or advantage that made many people to be part of Bitcoin investment because is very fast in transaction.

[LoyceMobile]

2. Only 2% of addresses have 1 or more Bitcoins

Wrong. 99.999999999999999999999999999% of all Bitcoin addresses are empty (and I probably missed a few nines).

I have some questions about your answer. How many total bitcoin addresses can be created?

2^160=1461501637330902918203684832716283019655932542976

Is it an infinite set or does the number of possible addresses have a finite value? Could there come a moment in the future when all addresses will be used and it will be impossible to create a new one? Sorry for the somewhat naive questions, but I really don't know anything about this. I have some guesses based on your previous answer, but would like to get the correct information. Thx.

Thought experiment: 10 billion people create 1 address every second and live 100 years. Use WolframAlpha to get the percentage of unused addresses. I'll give you a hint: 99.99999999999999999....%.

[m2017]

2. Only 2% of addresses have 1 or more Bitcoins

Wrong. 99.999999999999999999999999999% of all Bitcoin addresses are empty (and I probably missed a few nines).

I have some questions about your answer. How many total bitcoin addresses can be created?

2^160=1461501637330902918203684832716283019655932542976

Is it an infinite set or does the number of possible addresses have a finite value? Could there come a moment in the future when all addresses will be used and it will be impossible to create a new one? Sorry for the somewhat naive questions, but I really don't know anything about this. I have some guesses based on your previous answer, but would like to get the correct information. Thx.

Thought experiment: 10 billion people create 1 address every second and live 100 years. Use WolframAlpha to get the percentage of unused addresses. I'll give you a hint: 99.99999999999999999....%.

Well, I understand and now I will not worry that there will not be enough addresses for everyone and I will stop accumulating them in my reserve.

This can be attributed to interesting facts about bitcoin with the wording: it is possible to create an almost infinite number of addresses on the bitcoin network.

Thanks for the clarification.

[Falconer]

16. First version of Bitcoin was released in 2009

So can I expect the second version or the next version to be released in the next few years? Why is it called the first version, this really raises the question.

One fact that is not on your list is that bitcoin has never been favored by the government until recently. The decentralization of bitcoin so far has led governments to think that bitcoin is not a suitable currency for adoption as legal tender, but may be good as a regulated trading or investment asset. It was their version, but I never thought so.

[LoyceMobile]

I will stop accumulating them in my reserve.

If accumulating would help, you'd risk someone else creating the same address.

[dlightag]

Bitcoin is a future global digital assets payment, it saved as money, which many countries we adopted by regulate Bitcoin using the local currency Bank transection directly, sooner or later Bitcoin will be fully recognize and approved, which stable coin we come and play a role because of high volatility effect for a better understanding and save way of holding your crypto assets.

[Z-tight]

Bitcoin is a future global digital assets payment, it saved as money, which many countries we adopted by regulate Bitcoin using the local currency Bank transection directly, sooner or later Bitcoin will be fully recognize and approved, which stable coin we come and play a role because of high volatility effect for a better understanding and save way of holding your crypto assets.

Bitcoin is not a future global asset... Bitcoin is already that, it is used now as a currency and asset, in the future the network will improve in many parts, but it will stay as what it is now, and what it has been since its creation: decentralized, inflation-resistance, control-resistance, etc. Stable coins have no role to play in bitcoin adoption, and many countries may not adopt bitcoin, but it is still what it is, and people who want freedom will use it.

[Solosanz]

Your points are very clear but i will say that some of them is real fact. Everybody knows that Bitcoin consumed a lot of power supply, so what i know is that the mining of cryptocurrency do consume a lot of electricity according to the instruction and the what we had and the road to the South and more in online so I cannot stand to dispute whatever you have written. So I can see many factors or many facts you gave, majority of them is in line.

Have you done a research before? Bitcoin doesn't consume a lot power supply! actually USA and China did consume many times higher than Bitcoin. I understand both of the countries are very big and there's a lot industry need to consume energy, but if you're talking to reduce pollution and make more friendly environment, you're need to take care on the big factors, not the smaller one.


https://www.statista.com/chart/18632/estimated-annual-electricity-consumption-of-bitcoin/

[wiss19]

The second one is the most important one for me. Only 2% has more than 1 bitcoin. Obviously not everyone has the same address for all their money, so that means 2% of people in crypto do not have more than 1, there are way more people, but we gotta remember there are companies with wallets that have much more, meaning the estimated is definitely less than 5% of the people have less for sure.

That means we are in a world where there aren't that many rich people, and there are many people who are at the same level of income and assets. That type of equality is the reason why I am so interested in it, and if a rich person ever wants to own a lot, they help us by increasing the price as well.

[Warkop]

Hi guys! These are some interesting facts about bitcoin and i thought i'll share it with the community


1. Bitcoin reached its All Time High on 11 Nov 2021

2. Only 2% of addresses have 1 or more Bitcoins

3. Bitcoin network consumes lot of electricity

4. Satoshi Nakamoti hodls the maximum Bitcoins

5. 1 Bitcoin = 100 millon Satoshis

6. El Salvador is the first country to adopt Bitcoin as a legal tender

7. As of 2022, two countries have Bitcoin as legal tender

8. You can earn Bitcoin through Mining

9. 9 countries have banned Bitcoin (algeria, bangladesh, china, egypt, iraq, morocco, nepal, qatar, tunisia)

10. Only 21 Million Bitcoin would ever be there

11. Bitcoin network has more computational power than the best supercomputer (80 mil vs 122.3 petaflops - Summit)

12. Satoshis are smaller units of Bitcoin

13. You can buy things with Bitcoin

14. 10,000 Bitcoins were spent to buy pizza in 2010

15. Keep your bitcoins in wallets or exchanges

16. First version of Bitcoin was released in 2009 - Cryptography Mailing List, and on Jan. 9, 2009, Block 1 was mined, and Bitcoin mining commenced in earnest

17. Issuance of new bitcoin is under no one’s control

19. No government controls Bitcoin

20. Bitcoin.org domain was registered on 18 August, 2008

21. Bitcoin is open source

22. First transaction was received by Hal Finney - 12 January 2009 of 10 BTC

Source- https://blog.everycoinprice.com/100-facts-bitcoin/

There are 100 more facts on Bitcoin here. So those interested, could check them out

Bitcoin is an investment asset for the long term that has never existed, that's what makes it unique, I was very interested when I heard about bitcoin in some media at that time, and tried to apply the usefulness of bitcoin for the future, it made me amazed when I found out that bitcoin could be traded. use it for digital payment methods and long-term investment, and many more maybe if I tell you, maybe that's all I can say...

[developeron29]

Thanks guys!

Based on the feedback, I have updated the list and will be online soon, thanks

[FanEagle]

Based on the feedback, I have updated the list and will be online soon

But, I guess there are way more stuff that could shock/surprise you and most of the people. Like not many people realize is that famous 10k bitcoin for 2 large pizzas were in 2010, not like it was on very first days or anything, it was established a bit when it happened. The price was still quite low of course but we are talking about 2010 here, not 2008 on very first conception or 2009 when it was live, it was 2010, so the idea was around for nearly 2 years before we saw that.

The gradual increase of bitcoin price happened quite exponentially, look at 2 years ago when the top was 20k and bottom was 3.4k, and look at now, bottom is 20k and top is 60k, back in those days 2 years didn't mean any improvement like this at all.

[CryptoYar]

3. Bitcoin network consumes lot of electricity

no more than banks!

A research report published by Michel Khazzaka, an IT engineer, cryptographer and consultant, calculates that Bitcoin payments are a "million times more efficient" than the legacy financial system. Plus, the banking sector “uses 56 times more energy than Bitcoin.”

Source

7. As of 2022, two countries have Bitcoin as legal tender

Yes, 1) El Salvador 2) Central African Republic

9. 9 countries have banned Bitcoin (algeria, bangladesh, china, egypt, iraq, morocco, nepal, qatar, tunisia)

Don't know if this list is accurate or not but nice to see that only a few countries are left

14. 10,000 Bitcoins were spent to buy pizza in 2010

Laszlo Hanyecz bought those pizaz

15. Keep your bitcoins in wallets or exchanges

Keep your bitcoins in YOUR wallet. or exchanges

Exchanges should be used for the purpose for which they were created --> Trading.
Get your bitcoins out of there after trading as it is not safe. They can freeze your funds at any time they want.

NOT your keys Not your coins

[Fivestar4everMVP]

Bitcoin network consumes lot of electricity

One this particular subject or believe that the bitcoin network consumes alot of electricity in terms of mining, I would simply say "don't believe every crap and sh*t people say out there, facts like this only come from bitcoin haters who are not after anything else but that bitcoin fails, there are several other techs in this world that consume far more electricity than minning bitcoin.

As of 2022, two countries have Bitcoin as legal tender

Namely El Salvador and Central African Republic .

Bitcoin was made a legal tender in El Salvador on 6th of September, 2021, though some news outlet have the year, 2020 recorded as the year bitcoin was made legal tender in El Salvador.


And bitcoin also become a legal tender in Central African Republic in on 23rd of April, 2022.

9 countries have banned Bitcoin (algeria, bangladesh, china, egypt, iraq, morocco, nepal, qatar, tunisia)

I wonder why Nigeria is not on the list, maybe banning cryptocurrency transactions is different from banning bitcoin.

Keep your bitcoins in wallets or exchanges

[Ziskinberg]

There is one thing I believe about Bitcoin and that it gives benefits to the community. I heard some people talking and throwing negatives fact - oh people are making many things that describe Bitcoin and usually, this only gains misconceptions and misunderstandings.
You can do the check OP, you can also listen to others - but you also have your own belief about Bitcoin. Because the more we read and hear facts about Bitcoin, the more we got confused. Well, just think straight that Bitcoin is a profitable investment and it never harms the community, period.

[lizarder]

Hi guys! These are some interesting facts about bitcoin and i thought i'll share it with the community

I've seen similar threads on forums, not even a single new fact I've found.
Do you want to make puzzles?

1. Bitcoin reached its All Time High on 11 Nov 2021

Don't teach people only about Ath, but people have the right to know the bitcoin journey process, this will amaze them and start digging bitcoin further

3. Bitcoin network consumes lot of electricity

How about cutting down trees in the forest, is this worse than the story that continues to be developed by the media menstrim, isn't this also damaging to the environment, which category do you think bitcoin falls into.
doesn't this look funny?

4. Satoshi Nakamoti hodls the maximum Bitcoin

It is still speculation about the maximum bitcoin holdings Satoshi holds (assumed) and how sure, that he visits your country, goes on vacation and sells some bitcoins according to the maximum amount he has

5. 1 Bitcoin = 100 millon Satoshis

Analogy

8. You can earn Bitcoin through Mining

Requires sophisticated tools to perform mining, the computer you use cannot accommodate mining fields and requires large operational costs.
Easy but hard to reach!!!!

9. 9 countries have banned Bitcoin (algeria, bangladesh, china, egypt, iraq, morocco, nepal, qatar, tunisia)

As a means of payment, but not as a commodity asset and no user limits, who can be sure people in this country don't own bitcoins now?

13. You can buy things with Bitcoin

Obviously the development carried out from before, bitcoin is not only limited to investment, that's its advantages and uniqueness.
Fun is not it?

15. Keep your bitcoins in wallets or exchanges

Wallets can store keys as security, you are the only authority that can control them.
While the Exchanges is just a parable of a daycare that will be taken back when the work has been completed (custodial).

19. No government controls Bitcoin

Decentralized, even the owner of the exchange who has complete control over the course of the exchange, does not have access to it, even though bitcoin is in their system