Bitcoin has skyrocketed in popularity among investors in recent years, but its journey began over a decade ago. Like many groundbreaking innovations, its path has been filled with both triumphs and setbacks, leading to some truly unexpected and intriguing events. In this post, we’ll share some of the most surprising and lesser-known Bitcoin facts that will leave you amazed.
1. The Enigmatic Creator of Bitcoin
While many are aware of this fact, it’s a great starting point for those new to cryptocurrency. Bitcoin was created in the aftermath of the 2008 financial crisis by an anonymous individual (or group), using the pseudonym Satoshi Nakamoto. Some rumors even suggest that major companies like Samsung, Toshiba, Nakamichi, and Motorola could have been behind its creation. Could there be some truth to that theory?
2. The Pizza That Cost Millions
Back in May 2010, a programmer made history by buying two pizzas from Papa John’s for 10,000 bitcoins. At the time, the bitcoins were worth only around $30. Today, those same pizzas would have a staggering value of over $735 million AUD. Talk about a costly meal!
3. The Halving Phenomenon
When Bitcoin was first mined in 2009, miners received 50 BTC for each block they mined. This reward was halved in 2012 to 25 BTC, and again in 2016 to 12.5 BTC. The most recent halving occurred in May 2020, reducing the reward further to 6.25 BTC. This process, known as “Bitcoin halving,” is a key event that controls the supply of Bitcoin over time.
4. A Hard Drive Full of Lost Wealth
James Howell, a man from Newport, UK, claims that he accidentally discarded a hard drive in 2013 containing around 7,500 bitcoins – which he had mined in Bitcoin’s early days. With those bitcoins now worth around 5.5 million AUD, Howell has spent years scouring a local landfill in search of his lost fortune. A truly heartbreaking story of bad luck.
5. Dividing Bitcoin Among the World’s Population
Bitcoin has a fixed maximum supply of 21 million coins. If this entire supply were distributed evenly among the global population, each person would receive just 0.0027 BTC, which would be worth roughly $200 AUD today. It’s a fascinating way to consider how scarce and valuable Bitcoin really is.
6. The Largest Bitcoin Transaction Ever
The largest single Bitcoin transaction to date involved a transfer of 500,000 BTC. At the time of the transaction, it represented a value of around $1 billion USD – and it was completed with a transaction fee of only $700. That’s some seriously low-cost transfer for such a massive sum!
7. Bitcoin’s First ATM
Vancouver, Canada, made history by becoming the first city in the world to install a Bitcoin ATM. The move was a pivotal moment in Bitcoin’s journey to becoming a mainstream financial asset.
8. The Regret of Early Bitcoin Seller
Martti Malmi, an early Bitcoin developer, mined 55,000 BTC on his laptop between 2009 and 2010. Unfortunately, he sold all of them before 2012. Today, those 55,000 BTC would be worth an eye-watering $4 billion AUD. While Malmi’s story wasn’t a happy one, there are plenty of other Bitcoin investors who’ve enjoyed a much more fortunate outcome.
9. Trillions in Bitcoin Transactions
Since Bitcoin’s network was launched in 2009, over $10 trillion USD has been settled using Bitcoin on its blockchain. A significant portion of these transactions – over $7.5 trillion – occurred from 2018 onward. All of these transfers took place without the need for any traditional banks, showing just how powerful Bitcoin’s decentralized system has become.
10. A Young Millionaire Thanks to Bitcoin
In 2011, a teenager participated in Bitcoin surveys and earned 127 BTC. Years later, after forgetting about his wallet, he stumbled upon his old computer and private keys, regaining access to his long-dormant fortune. He sold his entire stash for just over $4.2 million USD – a welcome surprise for someone who thought they had long lost their digital treasure.
Bitcoin’s journey has been nothing short of incredible. Despite facing various challenges, it has established itself as a legitimate and enduring digital currency. Today, fewer than 2% of the global population owns Bitcoin, but its future looks bright, as the cryptocurrency continues to gain traction and redefine the financial landscape.
