Did you know that there were as many as 424,000 bitcoin transactions completed in one day? This is just one statistic that shows how popular and in-demand the world’s first cryptocurrency has become.
And if you own bitcoin or want to purchase your first one there are some other interesting tidbits that you should know.
Read on for 6 facts about bitcoin that may surprise you.
1. There is a Limited Amount of Bitcoin Available
If investing in Bitcoin is your plan then you have a limited amount of time to do so. That is because part of the code written in the coin only allows for 21 million bitcoin to be minted. So far, that number has already reached 19 million with a prediction that the cap will be reached by 2140.
2. You Can Buy Bitcoin with Cash
Buying bitcoin with real cash is possible because there are now ATMs that service the crypto. In fact, there are about 32,000 bitcoin kiosks around the US that are run by private companies but connect directly to the bitcoin blockchain.
All you need to do is search buy bitcoin near me to find an ATM. Then scan your bitcoin wallet and insert cash to make a purchase.
3. Many People Have Lost Their Bitcoin
Unfortunately, bitcoin investments are easy to lose if you are not careful. All you need to do is forget your bitcoin wallet password or seed phrase to lose access to your bitcoin.
It is uncertain how many “ghost” wallets exist but this means that there are potentially millions of bitcoin lost forever.
4. The First Bitcoin Transaction was for a Pizza
Before selling bitcoin become mainstream, it was back in May of 2010 when someone used their bitcoin to buy two pizzas. At that time, the price of bitcoin was so low that 10k bitcoins equaled $41. If that same bitcoin were held onto then today they would be worth over $500 million.
5. No One Still Knows Who Invented Bitcoin
In 2009, bitcoin emerged as the first-ever virtual currency under the code name Satoshi Nakamoto. However, it is still unclear who created it and whether it was one person or a group of people. While the identity of Satoshi remains anonymous you can still see their wallet balance of nearly 1 million bitcoin.
6. Bitcoin is Banned in Some Countries
The first step in learning about bitcoin for beginners is to see if the cryptocurrency is legal in your country. This has been a back and forth struggle for many regions like India which almost banned bitcoin but then opted for taxation and regulation. However, some countries like Nepal, China, Egypt, and Qatar have completely banned the sale and trade of bitcoin.
Using these Facts About Bitcoin
These facts about bitcoin are not just for fun. They can help you make smart investment choices and safeguard your digital assets as you slowly learn more about how cryptocurrency works.
Check out our Finance section to do more cryptocurrency research.