Top 7 Bitcoin Facts That Will Amaze You | Amazing Facts Of Btc
Top 7 Bitcoin Facts That Will Amaze You | Amazing Facts Of Btc
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in this video we are going to talk about top 7 bitcoin facts that will amaze you.
In and of itself, Bitcoin (BTC) is a remarkable phenomena. It showed that a digital currency without rely on banks or governments is possible. Furthermore, the blockchain technology that enables Bitcoin has the potential to transform a wide range of industries, from finance to healthcare.
Are you interested to know more about the world's first cryptocurrency? So here are some Bitcoin facts that will shock you.
Number 1. Around 20% of Bitcoin has been lost forever
Around 20% of Bitcoin has been lost or is stuck in wallets that can't be accessed, according to crypto data firm Chainalysis. This equals to 3.76 million BTC (about $190 billion) now.
There are a few ways if you're curious how that's possible. According to Decrypt, the top coin's mysterious creator, Satoshi Nakamoto, owns around 1.1 million BTC. It's widely assumed that Nakamoto won't ever touch those coins.
Unfortunately, some persons died without providing access to their Bitcoin, resulting in yet another chunk of out-of-circulation coins.
another offender? Keys were lost. Crypto keys work similarly to a bank account PIN in that they are required to access or trade your coins. Unfortunately, there isn't a handy "forgot password" feature. So, if you lost your keys, those coins are unlikely to be found.
Hardware Crypto wallets, which are difficult to hack, are a safe way to store your assets offline. But if you lose your wallet, password, or recovery phrase, then say bye-bye to your crypto. There have also been reports of people losing their wallets. Indeed, one man in the United Kingdom claims his hard disc containing 7,500 BTC (about $380 million) is at his trash dumpster and has been trying to obtain permission to search there for years.
Number 2. Brock Pierce took out the first Bitcoin mortgage in 2019
Brock Pierce, a businessman and former child actor best known for his role in The Mighty Ducks, is reported to be the first individual to obtain a fully crypto-based mortgage. The crypto enthusiast invested over 3 million BTC on the purchase of a renovated chapel in Amsterdam, Netherlands.
Recently, United Wholesale Mortgage in the United States stated that it will take Bitcoin and other cryptocurrencies as mortgage payments. It plans to make its cryptocurrency payment option available by the end of the year.
Number 3. There have been 668 million Bitcoin transactions
According to Blockchain.com, there have been 668 million Bitcoin transactions since the currency's launch in 2009. In recent years, this number has risen even faster. Each day, an average of 265,714 transactions took place as of this writing.
Number 4. Bitcoin is legal tender in El Salvador
El Salvador became the first country to accept Bitcoin as legal tender on September 7. President Nayib Bukele revealed the controversial action earlier this year at Bitcoin Miami. Bitcoin will be accepted alongside, but not in substitute of, the US dollar as a form of payment in the country.
The government has promised that each citizen who opened a national digital wallet would gain $30, However many El Salvadorians have protested the whole plan. Due to environmental and transparency problems, the World Bank declined to assist the government with implementation.
Number 5. The last Bitcoin will be mined in 2140
Only 21 million Bitcoin can ever be generated. It's written into the code or DNA of the coin. About 18.8 million have been mined so far, however as we saw above, some have already been lost.
The quantity of Bitcoins that can be mined is half every four years due to the way Bitcoin mining works. This means that, while about 90% of the total possible Bitcoin is already in circulation, the remaining 2.2 million coins will take another 120 years or more to produce.
Number 6. A pizza purchase was the first commercial Bitcoin transaction
Laszlo Hanyecz spent 10,000 BTC for two Papa John's pizzas on May 22, 2010, which were valued roughly $41 at the time. This was the first commercial Bitcoin transaction, and each year, Bitcoin Pizza Day is held to honour it.
That 10,000 BTC would be worth over $500 million at today's pricing, which is perhaps why the story has become part of Bitcoin folklore.
Number 7. There are almost 100,000 Bitcoin millionaires
Because wallets are anonymous and the price of Bitcoin fluctuates rapidly, it's difficult to say how many Bitcoin millionaires — or billionaires — there are. However, BitInfoCharts reports that there are currently 98,180 addresses holding BTC worth $1 million or more.
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