So everyone knows the standard stuff about Bitcoin. Today, I thought I'd take a break from the standard "how to make money" with Bitcoin stuff and give you 8 fun facts about our favorite cryptocurrency. Use these to impress your friends at the next party you go to.
The first official purchase using Bitcoin was for Papa John’s Pizza in 2010. Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas, worth $41 at the time.
I wonder how he feels now that it would be worth $40+ Million? (Probably more by the time you read this).
I wonder even more if Papa John kept them?
Golden toppings indeed, well, if the pizza was topped with 950 kilograms of gold.
Erik Finman, an american lad who dropped out of high school early, decided to start investing in Bitcoin when it was worth $12. He now owns 403 Bitcoin, worth around $1.09 Million.
Not bad for a high school dropout...
The phrase “Bitcoin Creator, Satoshi Nakamoto.” is an anagram of “Cash Miner, too basic to knot a ratio.”
A clue to the creator’s real identity, a hint as to the real intention of it’s creation, or complete internet nonsense.
I’ll let you decide.
There are plausible predictions from influential experts, including Erik Finman, who say Bitcoin may well be worth $500k - $1M within 10 - 15 years.
If this is the case, then we still have a long way to go.
Buckle up people.
Is bitcoin mining worth trying? The short answer is no. Not because it’s difficult. All you need for the process is a computer.
The problem is the power.
To attain Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Easy right?
But this takes power, and a lot of it. For small time players, it is simply not profitable enough. The cost of the power consumption makes it a difficult business to be in. Not to mention that bitcoin’s mining difficulty is increasing constantly!
Unless you get free electricity, I’d strongly advise against it.
Speaking of electricity… As of July 2017, Bitcoin mining ranked 71st in the highest power usage worldwide. That’s more than all of Iceland.
I’m kidding. Bitcoin is in its infancy. However, it was predicted in February 2017 that in 2018 80% of all Bitcoin will have been mined.
Think about it though, what happens when all 21 Million Bitcoin have been mined? Unless we see major changes to the original Bitcoin protocol then Bitcoin becomes even more valuable.
Diamond in the rough?
Wallets linked to the original coins, mined in the first days of it’s existence, are all linked to the anonymous person, or group, called Satoshi Nakamoto.
These wallets hold roughly 1 Million Bitcoin.
THAT’S OVER $4 BILLION!
There is a theory that these wallets, which hold 4.8% of all Bitcoin, could come back into circulation when there is no more to mine.
The Bitcoin reserve, if you will
Steve has been a crypto enthusiast for 5 years but only started learning the technology seriously in June of 2017. Since then, he's become widely known as a cryptocurrency expert.