20 interesting facts about Bitcoin.

[KrIsP.Kreme 40]

Good facts and it will help the people to know more about the bitcoin and may pursue them to start earning here in cryptocurrency.

[Hatred 1388]

10 hours ago, Sahilmetraniya said:

1. The honey badger is Bitcoin’s unofficial animal mascot

Honey badgers are renowned for the toughness. The creatures are able to withstand terrible injuries, bee attacks, and bites from poisonous snakes, as described in a famous viral video (bad language warning). This resilient animal seemed like a good fit for Bitcoin, which has survived all kinds of attacks over the years.

2. A bug led to the accidental creation of 184 billion BTC in 2010

Known as the value overflow incident, this bug led to the accidental creation of a huge number of coins in August of 2010 at block height 74638. Satoshi or another developer fixed the error within 5 hours of its occurrence by releasing a patched Bitcoin client (version 0.3.10) which ignored the excess coins. As a majority of miners and nodes accepted this new client, the error was “forked out” and erased from the blockchain.

3. The maximum number of bitcoins isn’t really 21 million

In fact, it’s 20,999,987.4769 or thereabouts. It’s expected that the last bitcoin amount will be mined sometime between the years 2128 and 2140. The number is lower than the frequently-cited figure due to Satoshi’s block reward mechanism, which doesn’t quite reach 21 million, but also due to mining errors which have negated the creation of new coins. It’s possible that future errors will reduce total supply even further.

4. A smaller unit than one satoshi is already in use

Bitcoin’s value may eventually rise so high that 1 satoshi becomes too valuable for the smallest possible transaction. In this scenario, Bitcoin’s code will likely be altered to add more decimal places, allowing for smaller units. This wouldn’t be inflationary though, as no new bitcoins would be created, existing ones would just be “sliced finer.”

On the Lightning Network layer however, milli-satoshis are already in use! One millisatoshi(abbreviated as “msat”) is worth one thousandth of a satoshi. In numbers, one msat looks like this: 0.000,000,000,001 BTC.

5. Carnivory, or eating mostly or only meat, has become a fad in the Bitcoin community

It’s unclear how this practice started but it was first reported by journalists in 2017. Several prominent Bitcoiners are involved and they occasionally hold “meatup” dinners which coincide with major Bitcoin conferences.

Bitcoiners like their stake like their money; rare!

6. You can run Ethereum smart contracts on top of Bitcoin

Some of the more common smart contracts in Bitcoin include things like multisig and time-locked transactions. However, Bitcoin’s design deliberately prevents more complex, custom smart contracts for security reasons. The Rootstock project, which runs as a merge-mined sidechain to Bitcoin, allows for Ethereum-compatible smart contracts, like ICOs, to be executed via Bitcoin payment.

7. Bitcoin’s uptime is in the coveted “four nines” range

In other words, the network has been functional for 99.99% of the time since its creation over 9 years ago. This compares extremely well with standard centralized services, which are considered to be doing well if they hit four nines in a single month.

The downtime was due to the bug discussed in point 8. You can check the current uptime stats here.

8. Bitcoin’s downtime resulted from the LevelDB bug, which caused a hardfork in 2013

The 0.8 version of the bitcoind client was upgraded to use a more efficient form of database (used for storing blockchain data on the user’s machine). Unfortunately, the new structure, LevelDB, wasn’t fully compatible with the old, BerkeleyDB. As a result, the network split between users running the new and old versions.

Thanks to developers and pool operators notifying big miners as to which version they should run, the “original” side of the fork soon accumulated more blocks than the other. It took about 6 hours for the split to resolve.

9. Satoshi Nakomoto disappeared right after Gavin Andresen went to the CIA

Gavin Andresen was the former maintainer of the Bitcoin Core codebase. In June of 2012, Gavin went to the CIA’s headquarters to tell them about Bitcoin.

According to Gavin’s words on Bruce Wagner’s Bitcoin podcast, Satoshi’s disappearance may have been linked to the CIA meeting. Andresen said that he hadn’t received an email from Satoshi since informing him of the meeting with the CIA.

In 2014, Gavin appeared before the Council on Foreign Relations to present similar information.

10. Bitcoin was used to circumvent the WikiLeaks banking blockade, to Satoshi’s displeasure

In mid-2011, under pressure from the Obama administration, major American banks and payment services imposed a financial ban on WikiLeaks. People looking to support the organization used Bitcoin to get around the ban, proving Bitcoin’s utility as censorship-resistant money.

However, Satoshi was concerned, fearing the hostile attention from powerful players which support for WikiLeaks would bring to the project. Satoshi disappeared from the project soon afterwards.

11. Julian Assange later thanked the blockade for forcing WikiLeaks to hold Bitcoin

In October 2017, Assange tweeted that the banking blockade led WikiLeaks to invest in Bitcoin, realizing a massive profit:

12. The earliest Bitcoin faucets dispensed 5 BTC per visitor

In June of 2010, Gavin Andresen created the first Bitcoin faucet to distribute 5 free bitcoins per day to anyone who wanted them. At the time, BTC was worth very little and the faucet was funded with well over 1,000 BTC. Based on the current price, it’s amazing to think how much value was given away for free.

13. There are hundreds of Bitcoin Core developers

Bitcoin Core is the main reference client for Bitcoin. Many other wallets exist but Core is the standard for maintaining compatibility between them. According to the Bitcoin Core site, there are at least 366 talented coders who’ve freely contributed to the development of Core.

14. Bitcoin is only used about 10% for crime according to the DEA

Although there’s still a lingering misperception that Bitcoin is used primarily for illicit transactions on darknet markets, this myth was recently dispelled by a special agent from the US Drug Enforcement Agency (DEA).

According to the Cyber Investigative Task Force, an inter-agency collaboration involving the DEA, FBI, and ATF, 90% or more of Bitcoin volume is entirely unrelated to drug purchases. The peak of Bitcoin’s usage for darknet trades occurred between 2011 and 2012.

15. The FBI agents involved in the Silk Road darknet investigation were themselves criminals

Silk Road was the famous darknet drug market which allowed people to trade narcotics for Bitcoin. Two former Secret Service agents were assigned to shutting down Silk Road. However, after the site was taken down in October 2013, these two agents were themselves imprisoned. Charges of extortion, money laundering and obstruction of justice were brought against the agents for their misconduct during the Silk Road investigation.

16. There are fewer bitcoins than millionaires in the world

According to a 2017 report by Credit Suisse, there are 36 million Dollar millionaires in the world. As there are only around 17 million bitcoins in existence out of a future total of just under 21 million, this means there aren’t enough bitcoins for every millionaire to own one.

Those who own 1 BTC are said to be part of the “21 million club,” whereas those who own 21 BTC are said to be part of the “one in a million club.”

17. There are around 70 forks of Bitcoin

At least 70 altcoins have forked off from Bitcoin. The most well-known are Bitcoin Cash (BCH) and Bitcoin Gold (BTG). Like the ICO craze, the forkcoin craze has largely died down, as new forks achieved diminishing returns.

There is even a Bitcoin fork coin generator, known as Forkgen, which allows anyone to create their own fork in a largely automated fashion. The service charges 0.017 to generate a new forkcoin.

18. Bitcoin mining consumes about as much energy as a mid-size country

Bitcoin’s current energy usage is estimated at 73 Terawatt-hours (TWh). This is a little more than the consumption of the nation of Chile, which has a population of about 18 million.

It should be kept in mind that Bitcoin mining is only economical if it uses cheap power as an input. Such power tends to be renewable, such as hydro and geothermal. Assuming Bitcoin scales via additional layers, such as the Lightning Network which doesn’t impose additional energy costs, Bitcoin may eventually become a more efficient use of resources than the traditional monetary system.

19. The economist Milton Friedman predicted Bitcoin

Renowned American economist and Nobel Laureate, Milton Friedman, predicted a system very much like Bitcoin in 1999. In this recorded statement, Friedman lays out his vision for a future, internet-based “e-cash” beyond the control of the state.

20. The average Bitcoiner is a male European or American between 25 to 34 years of age

While these survey stats, collected between 2013 and 2015, are somewhat dated, they nevertheless paint an interesting picture. The stats seem consistent with the type of people one is most frequently encounters on Bitcoin social media or at real-world events.

(Taken from https://holytransaction.com/page/who-uses-bitcoin)

21. The politics of Bitcoiners is probably somewhat right-leaning

According to a study conducted by a crypto news site in mid-2018, the majority of the 1,200 cryptocurrency users polled identify as liberal. However, different coin communities have different attitudes.

55% of Bitcoiners identified as right of the political center, which is not surprising given that libertarians and crypto-anarchists were early adopters of Bitcoin. There is also a clearly established trend within Bitcoin against centralized “big government” solutions. The stats were reversed for Ethereum users, who reportedly display a 55% leftwards skew.

Wow, this is another knowledge that I only knew just now. Thanks for sharing it in this forum. Tell us more about crypto and bitcoin next time, pal.

[Rosepetals 407]

I have also read some articles that Bitcoin would reach $100,000 after the 3 months of halving.Its unpredictable really,but reality will tell us in the coming May 2020 where Bitcoin are expected to rise after 3 months.

[Akbor 1042]

Thank you very much for your information. btc was the first crypto but now there are many other coins but btc will always be the first ranking coin.

[Jokeer 648]

Thanks for sharing this kind of information. IT might increase a little bit knowledge about Bitcoin especially for the beginners.

 

[Yanadia 1517]

Imformative post u made.  Yes you right the fact of bitcoin that many people don't realize and you have given a good record for new cryptomania.  Thank you bro

[patitaycute 648]

It was very interesting facts for the dominant coin in the market. The sad fact of this was the purchasing of pizza by using his bitcoin maybe if he not did that he would be a billionaire.

[andrehol 16294]

Almost all the facts were known to me. I think that a lot of bitcoins were lost until people realized their value. therefore, there will be less than 21,000,000 bitcoins. hurry to buy them!

[harsh 248]

also, 

The first bitcoin transaction was for a pizza purchase

and bitcoin private keys integers are between  1 and 10⁷⁷

[Romaan1987 601]

That is very wonderful information. so if last btc will mind in 2140 than there are lots of chances for us to be get rewarded by this wonderful currency and can educate our child 

[SuperCrypto 7193]

Really interesting information. It is strange that the first Bitcoin transactions were made to purchase two pieces of pizza in 2015, which cost $ 25, equivalent to 10,000 Bitcoins. Its value increased by a rocket in January 2018, when the value of 10,000 Bitcoins reached about $ 150 million. Bitcoin's computing power is better than 500 supercomputers.

[Maxtron73 3269]

Yes i have heard about almost all of these inyeresting cactus about bitcoin that you have written. Maybe i haven't heard about that user who inadverdently paid 81 BTC instead of just 0.01 BTC. That must have been a catastrophy for that poor guy, as a feel sorry for him. 

[xprince1996 865]

8 hours ago, man002 said:

I learned a lot from that. For me, I am very interesting when talking about the price of bitcoin, Bitcoin has passed a lot of these stages, Thank you very much for sharing this interesting fact about bitcoin.

When it comes to bitcoin price no one can predict it right but one thing is sure it will pump hard when the price is falling hard with this knowledge you can easily make a good profit by trading bitcoin.

[Emma 611]

On 12/13/2019 at 3:49 PM, Emmychris said:

I know much about btc

I think it is our misconception that we know very much about bitcoin and crypto world. in my opinion, we only know a little part of this great magical world.

[ShakilA 373]

Thanks you very much for sharing 20 useful interesting facts about cryptocurrency.I dont know this facts before today.This is very useful post

[Aereen 456]

These are some basic facts that people especially beginners should take note of, knowing and understanding bitcoin and everything about it is as important when you start engaging into it. 

[Beromnia 733]

On 11/22/2019 at 9:44 PM, Slavish said:

So, 20 interesting facts about bitcoin that you may not have known.

    The first transaction with bitcoin was made on January 21, 2009.
    In total, 21 million bitcoins can be produced, which will be mined gradually due to the complexity of the mining process. The last coin will be mined in 2140.
    It is still unknown who created bitcoin. There is a certain name – Satoshi Nakamoto-but no one knows whether it is an individual or a group of programmers. While the Creator of bitcoin remains anonymous.
    The purpose of creating bitcoin is to decentralize the financial turnover, to bring it out of the monopoly control of the States. Simply put, free money with easy and fast transfer. So far, this is not always successful: somewhere the technology fails, somewhere the state does not allow the development of progress. In addition, bitcoin transactions are not cheap.
    More than half of the bitcoins already mined today are owned by 1000 people.
    Most bitcoin wallets (~90%) hold no more than 0.1 BTC on the balance.
    Only a third of the mined coins are actively involved in the turnover. The rest are inactive. Experts suggest that most inactive bitcoins are simply lost or forgotten by their users. Experts of Fortrader magazine remind that if the password from the bitcoin wallet is lost, it is impossible to restore it, the system works like this.
    For example, in 2017, a woman unsuccessfully tried to remember her password from a bitcoin wallet. Turned to magicians, healers and hypnotists, but to no avail. These coins will be lost to the Network forever.
    The highest bitcoin rate recorded at the time of writing was $20,042. This was in December 2017. Then there was a strong drop in the quotations of the coin.
    The price of the cryptocurrency has grown gradually. But bitcoin became more expensive than an ounce of gold in 2013.
    The biggest dynamics of growth-the fall of the bitcoin exchange rate showed in April 2013, when the day fell by 80%.
    Most of the exchange transactions of bitcoins takes place no, not on the dollars on the yuan.
    Now there are more than 3000 bitcoin ATMs in the world, the main share of which falls on America, Canada and Europe. Moscow also has a small network of such ATMs. Government agencies in many countries have long accepted bitcoins as payments.
    For the first time, 2 pizzas were purchased for bitcoins. This was done by the miner Laszlo in 2010, paying 10,000 bitcoins for food. It is easy to calculate, based on the rate of bitcoins, what a small country he could feed pizza today.
    Another unfortunate situation: a resident of the UK accidentally threw away a hard drive with a wallet, which was 7500 bitcoins. This still needs to be experienced.
    The most expensive transaction was the transfer of bitcoins by a certain user who inadvertently paid 80.99 BTC instead of 0.01 bitcoin. In 2013, it was $50,000.
    In General, the bitcoin rate is a cause for endless controversy. Someone believes that its rate is overvalued and predicts a fall to $1800, someone writes about the imminent growth of as much as $100,000. There are even schemes of collapse and catastrophes associated with bitcoin.
    In the meantime, the capitalization of Bitcoin is greater than the GDP of some countries, for example, Ukraine and Estonia.
    Thailand is the first country that has actively taken up the regulation of bitcoin. First she forbade it, then she allowed it. Now many countries are in search of a solution to the question of how to make cryptocurrencies official and protect the population from possible fraud.
    Cryptocurrencies are actively winning back the market from Fiat money. Many retail outlets and even state structures gladly accept bitcoin and other coins for payment. However, what is important, most new cryptocurrencies do not achieve popularity-they appear and disappear. You have to be careful with that.

Hello my friend
Valuable information for the first time
What you deduce from your topic, be careful with bitcoin transactions
A small mistake costs big sums

[DidaNahrisya 165]

Nice facts dude, i thought laszlo regret what his doing back on 2010 buying some pizza with 10k btc 

[febriyana 934]

That is nice article if you don't post it centered. Really hard for us to read whole thread when you post it centered.

But in my opinion, i am really love about blockchain technology. Because with blockchain we can create decentralized system so we don't depend on institution or company for transaction. Blockchain also have transparent data about transaction so we can see how many people sending Bitcoin everyday.

[Sid 589]

A very ridiculous fact for me is that buying pizza with 10 thousand bitcoin. Imagine if they knew the possibility of the price of bitcoin would rise dramatically. 🤣

[Upright 2688]

I really, feel for the person, who threw the hard drive of 7500 btc.

How of a whale it would have been, as whales keeps growing, this days

[Gusion 321]

If we could really just go back in time wherein we can have bitcoin with that such huge price. This is really unexpected for that time being that's why I am still on crypto because I am hoping that we can still reach that price! Even after the bearish action of crypto.

[Sumayya 493]

6 hours ago, Sajib Chakroborty said:

Thanks for sharing 20 interesting things about Bitcoin. I learnt a lot about Bitcoin from this post. I appreciate posts like this. Bitcoin is a wonderful currency with a great value. When it first arrives its price was $4 for 1 Bitcoin.

No it was not $4, it was $0.01 when bitcoin was first launched

[Jeet Narayan 1940]

Thank you very much for sharing this post because before I didn't know about Bitcoin facts. Now I know lot of facts about Bitcoin.

[Sourav43 106]

This information about Bitcoin should be read by all Bitcoiners. It will be beneficial for them to work with Bitcoin. And know a lot about Bitcoin.