7 Secrets about Bitcoin that Maximalists Don’t Want You To Know.
Bitcoin (BTC) is an astonishing phenomenon in and of itself. It showed us that it’s possible to have a digital currency that doesn’t rely on banks or governments. Plus, the blockchain technology that enables Bitcoin could transform various industries, from finance to healthcare.
1. Around 20% of Bitcoin has been lost forever
According to crypto data firm Chainalysis, around 20% of Bitcoin has been lost or is stuck in wallets that can’t be accessed. Today that equates to 3.76 million BTC (worth about $190 billion).
If you’re wondering how that’s possible, there are a few ways. First, about 1.1 million BTC is held by the top coin’s anonymous creator, Satoshi Nakamoto, according to Decrypt. The consensus is that Nakamoto won’t ever touch those coins.
2. Brock Pierce took out the first Bitcoin mortgage in 2019
Brock Pierce, entrepreneur and former child actor of The Mighty Ducks fame, is said to be the first person to take out a fully crypto-based mortgage. The crypto enthusiast put up over 3 million BTC to buy a renovated chapel in Amsterdam, The Netherlands.
More recently, in the U.S., United Wholesale Mortgage announced it would accept Bitcoin and other cryptocurrencies as mortgage payments. It plans to roll out its crypto payment option by the end of the year.
3. There have been 668 million Bitcoin transactions
According to Blockchain.com, the total number of Bitcoin transactions since its launch in 2009 is 668 million. That number has increased more steeply in recent years. At the time of this writing, an average of 265,714 transactions took place each day.
4. Bitcoin is legal tender in El Salvador
El Salvador became the first country to adopt Bitcoin as legal money on September 7. President Nayib Bukele revealed the contentious action earlier this year at Bitcoin Miami. Bitcoin will be accepted alongside, but not in substitute of, the US dollar as a mode of payment in the country.
The government promised that each citizen who opened a national digital wallet would receive $30, but many El Salvadorians have protested the whole plan. And the World Bank refused to help the country with implementation due to environmental and transparency concerns.
The government promised that each citizen who opened a national digital wallet would receive $30, but many El Salvadorians have protested the whole plan. And the World Bank refused to help the country with implementation due to environmental and transparency concerns.
5. The last Bitcoin will be mined in 2140
There will only ever be 21 million Bitcoins generated. It’s written into the coding or DNA of the coin. About 18.8 million have been mined so far, albeit as we see above, some have already been lost.
The quantity of Bitcoins that may be mined is half every four years due to the way Bitcoin mining works. This means that, while about 90% of the total potential Bitcoin is now in circulation, the remaining 2.2 million coins will take another 120 years or more to manufacture.
6. A pizza purchase was the first commercial Bitcoin transaction
Laszlo Hanyecz spent 10,000 BTC for two Papa John’s pizzas on May 22, 2010, which were valued roughly $41 at the time. This was the first commercial Bitcoin transaction, and each year, Bitcoin Pizza Day is held to honor it.
That 10,000 BTC would be worth over $500 million at today’s pricing, which is possibly why the story has become part of Bitcoin mythology.
7. There are almost 100,000 Bitcoin millionaires
Because wallets are anonymous and the price of Bitcoin fluctuates rapidly, it’s difficult to say how many Bitcoin millionaires — or billionaires — there are. However, BitInfoCharts reports that there are presently 98,180 addresses holding BTC worth $1 million or more.
The Winklevoss twins and FTX’s Sam Bankman-Fried are among the 12 cryptocurrency billionaires on Forbes’ 2021 Billionaires List.
Laszlo Hanyecz spent 10,000 BTC for two Papa John’s pizzas on May 22, 2010, which were valued roughly $41 at the time.
