Bitcoin, the mysterious money of the internet, has grown in popularity over the last few years and is still rightfully considered the undisputed king of cryptocurrency.
Here is a collection of information about Bitcoin that you may not have heard yet.
The first Bitcoin transaction was for pizza
Do you know the reason behind the celebration of May 22 as Bitcoin Pizza Day?
Initially, when bitcoins were mined, they became virtually useless as BTCs were as cheap as chips.
However, it was until May 22, 2010, when someone bought something with Bitcoin.
Seven years ago, on this day, someone bought Piazzas with Bitcoin, and the purchase was a big deal because no retailer was accepting Bitcoin for goods and services at that time.
On May 22nd, 10,000 BTCs were spent on two Papa John’s pizza. This was the first official documented purchase of a consume good using Bitcoin.
10,000 BTCs were worth around $41 during that time.
Honey Badger is Bitcoin’s private animal mascot
Honey Badgersare tough cookies. They can withstand severe wounds, bee attacks and poisonous snake bites. This resilient creature seemed an excellent fit for the mascot of Bitcoin, which has survived all kinds of attacks over the years.
Over 184 billion BTCs were accidentally created in 2010 by a bug
This is also known as the value overflow event. The bug resulted in the creation of over 184 billion
Known as the standard overflow event, this bug resulted in the creation of over 184 billion BTCs. Satoshi or a different developer released a patched Bitcoin client that fixed the error within 5 hours of occurrence by ignoring all the excess coins. Most of the miners willfully accepted this new client and the error was forked out of the blockchain.
There will only be 21 million bitcoins
The supply of bitcoins is limited.
Currently, 16.3 million bitcoins have already been mined and are in transactions. The last Bitcoin to be mined is going to happen in 2140. After that, no new Bitcoin is supposed to come into existence.
Bitcoins cannot be banned
Due to the nature of Bitcoin, there is a regular fear on bitcoins getting banned. This animosity towards Bitcoin because of its operation outside the jurisdiction of a traditional banking system.
However, the basic design of it is such that it can never be banned, it can only be controlled. As long as you have an internet connection and a Bitcoin wallet, you can get yourself involved with Bitcoins.
Only 10% of Bitcoins is used for crime
Although there is still a long-held misconception that Bitcoin is primarily used for illegal transactions in the darknet, this myth was recently removed by a special agent of the US Drug Enforcement Agency (DEA).
According to the Cyber Investigative Task Force, an inter-agency collaboration involving DEA, the FBI and ATF, 90% or more of Bitcoin volumes are not fully related to drug purchases. Bitcoin used for illegal activities on the darknet rose between 2011 to 2012 but then, it became very negligible.