Bitcoin (BTC) has revolutionized digital payments in a massive way. Since its introduction in 2009, it has advanced technological processes through the blockchain network. Its initial developer remains largely anonymous since they use the pseudonym Satoshi Nakamoto. It is believed they could be an individual or a group of developers.
During 2009, BTC’s first year of existence, the value was technically $0 and was yet to trade on any exchanges… In 2010, the highest recorded price was $0.39. This has continued to fluctuate over time and peaked at $19,783.21 on the 17th December 2017. BTC is currently trading at $6,563, according to CoinMarketCap, representing a major decline from the colossal figures witnessed in 2017.
This digital currency is intriguing in many ways. Did you know that Bitcoin was not the first digital currency? That’s right! The first digital currency was Digicash, which was developed in 1989.
Approximately 3,600 Bitcoins are mined daily, with the daily mining power cost estimated at around $500,000. Miners and early adopters control a majority of the bitcoins in existence. For instance, Satoshi Nakamoto is believed to hold one million bitcoins. This is roughly 4.75% of the total supply of the existing 21 million.
In 2010, BTC was not widely known. There was very little use for it due to its limited adoption and knowledge. The first transaction completed, using Bitcoin, was the purchase of two pizzas. Cryptocurrency enthusiasts even christened May 22nd as ‘World Pizza Day,’ which is celebrated worldwide every year. As time progressed, BTC’s usage and the technology behind it has expanded exponentially. Blockchain usage has been utilized in voting, banking, health, land, food transformation, security, payments processing, infrastructure, and energy provision.
Bitcoin has other intriguing facts and concepts which will make your head spin. A total of 24 fun facts were created by the team at ICOWatchList; these facts are shown on the infographic below: