6 Facts About Bitcoin to Surprise You

6 Facts About Bitcoin to Surprise You

Illustration Bitcoin

Illustration Bitcoin

Netgenz - Stock | Bitcoin (BTC) an awesome event. This shows us that it is possible to have a digital currency that is not dependent on banks or governments. Plus, the blockchain technology that makes Bitcoin possible can help a wide variety of industries, from the finance industry to healthcare. Do you want to know more about the world's first cryptocurrency? This article will explain some of the Bitcoin proofs that you are not familiar with.

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About 20% of Bitcoins are gone forever

According to the largest crypto data company, Chainalysis, around 20% of Bitcoins have been lost or trapped in unreachable wallets, which equates to 3.76 million BTC (approximately $190 billion). When you ask how that's possible, there's a lot to say. First, around 1.1 million BTC is held by the top anonymous creator of the coin, Satoshi Nakamoto, according to an explanation quoted from Decrypt. The deal is that Nakamoto doesn't or has never touched the coins. Also, read How surveysay to make money online.

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Some people died without sharing access to their Bitcoins, which contributed to some coins that were not scattered. Crypto passkeys are like bank account PINs, and you need them to connect or trade your coins.

Unfortunately, there is no useful "forgot password" role to open access to the coin. So if you lose your passkey, you can't see the coins back. As for Hardware crypto wallets, which are called safe ways to store your assets off-line, because they are difficult to hack.

But if you have lost your wallet, password, or recondition phrases, it is a sign that you will lose your crypto. And there are many stories of people losing their wallets. In fact, a man in England once told me that his hard drive containing 7,500 BTC (approximately $380 million) was in an on-site landfill and had been trying to get a permit to search it all year. However, until now did not find it!

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There are 668 million Bitcoin business transactions

According to Blockchain.com, the total number of Bitcoin business transactions since its issuance in 2009 is 668 million. That number has grown more sharply in recent years. At the time of writing, an average of 265,714 business transactions occurs every day. Spectacular!

Bitcoin is the first legal payment instrument in the world, namely in the country of El Salvador

On September 7, El Salvador became the first country to accept Bitcoin as a legal tender. President Nayib Bukele announced the polemic method. Although Bitcoin has entered, it does not completely replace the US dollar as a form of payment in this country.

The government promised that every citizen of the country who opened their national digital wallet with bitcoin would receive $30. However, many Salvadorans have protested all these ideas and the World Bank seems to have refused to help the country because bitcoin is an environmental issue and is not open.

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Pizza purchase is the first commercial Bitcoin business transaction

On May 22, 2010, Laszlo Hanyecz paid 10,000 BTC for two Papah John pizzas or maybe around $41 at the time. This is the first commercial Bitcoin business transaction and is now celebrated as Bitcoin Pizza Day every year. At current prices, 10,000 BTC would cost more than $500 million. Wow!

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The last Bitcoin will be mined in 2140

Only 21 million Bitcoins can be created. It is made in the form of a code coin. Currently, around 18, eight million have been mined, although as we read above, parts of bitcoin have disappeared. The way Bitcoin mining works is that each amount of Bitcoin that can be mined will decrease by half every 4 years. This means that even if almost 90% of all possible bitcoins have been scattered, it would take another 120 years or so to spend the remaining 2,2 million coins.

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There are almost 100,000 new Bitcoin billionaires in existence

It's hard to know for sure how many Bitcoin millionaires or even billionaires are because anonymous wallets and Bitcoin prices fluctuate. But according to BitInfoCharts, there are currently 98,180 addresses with $1 million or more in BTC in them. Forbes lists 12 cryptocurrency billionaires on its 2021 Billionaires List, including twins Winklevoss and Sam Bankman-Fried of FTX.

If this amazing evidence has lured you into the world of Bitcoin, choose the best cryptocurrency exchange. However, still, make sure you do your own analysis and only invest money that you can afford to risk losing.

Bitcoin prices can be quite volatile; This may have made some people millionaires, but some people lost their money through this cryptocurrency investment.

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