Top 10 Fun Facts About Bitcoin

There is a tremendous amount of data on the internet regarding Bitcoin, the Blockchain and cryptocurrency, as a whole. A lot of the information revolves around facts like how the Blockchain works, how to make money with Bitcoin, how to trade and invest in Bitcoin, how to spend Bitcoin, etc.

Did anyone ever tell you that there is a more to Bitcoin then the serious facts? In fact, there are some light-hearted stats surrounding the currency and the Blockchain that are weird, mysterious, and in some places, downright hilarious.

In this article, we aim to dwell on the lighter side of BTC life for a while, by offering you 10 fun facts to read up on regarding Bitcoin.

1. Nobody Knows The Maker

Bitcoin was introduced to the world on 31 October 2008 by ‘Satoshi Nakamoto’. To date, nobody has met this person, and it is touted that the name is a tag for a group of decentralised currency punters who operate under this mysterious pseudonym.

In Japanese, the name holds significant meaning, so some conspiracies suggest that this could hold a clue as to who the developer/s is/are:

  • Satoshi translates into ‘clever’, ‘wise’, or ‘clear thinking’.
  • Naka means ‘relationship’ or ‘inside’.
  • Moto means the ‘origin’ or ‘foundation’, or the ‘reason why’.

Could it be that Bitcoin was founded through a relationship of multiple clever insiders who now want to remain anonymous? Or it could possibly mean that the reason why Bitcoin exists, is to provide a relational way of transacting funds in a clever and wise manner.

Another conspiracy theory suggests that Bitcoin development was a joint effort of four of the world’s tech giants: Samsung, Toshiba, Nakamichi, and Motorola. However creative these theories might be, we will never know for certain.

2. Gold Rush Spade Frenzy

It has always been suggested that stores made more money selling spades during the USA’s 1848-1855 “Gold Rush” then people made from mining gold, itself. Today, a different tool is used in the mining of ‘Digital Gold’. This time the riches go to companies selling Graphics Processing Cards/Units for computers. The Bitcoin BOOM of 2017 saw GPU’s prices skyrocket as a result of the demand for this tech. As a result, there are a few million computer gamers out there who are not so chuffed with Bitcoin right now.

3. World’s Most Expensive Pizza

The first ever transaction (aside from tests conducted) in Bitcoin was carried out by a man named, Laszio Hanyecz in May 2010. He bought two pizzas for his dinner and forked out 10,000 Bitcoins for the pair. That was an equivalent of around $25 at the time

Today, that purchase would be worth the equivalent of over $53.8 million. All we can say is, “We hope he REALLY enjoyed the food.” As a result, techies celebrate Bitcoin Pizza day on 22nd May, each year. Our thoughts go out to Mr Hanyecz at this time.

4. Bitcoin Reached For The Stars

A fantastic publicity stunt was put into play by Genesis Mining in 2016 in support of the future prospects of Bitcoin. It most assuredly fits the aspirational values of the crypto community’s metaphorical cry that the Blockchain’s limit was ‘the moon’.

The company sent a Bitcoin wallet high into the sky aboard a weather balloon. Once the craft reached 25 km high, they sent a Bitcoin to the wallet. They then transferred another coin at the balloon’s ceiling of 34 km, which is way beyond the hyperbaric capacities of the human body.

5. Powering A Small Country

The amount of electricity a mining rig consumes is quite excessive. It’s been calculated that the power it takes to support the entire Bitcoin network could actually power around 2.26 million homes in America. If one electricity bill could be made out to Satoshi Nakamoto, it would amount to hundreds of millions of dollars each month.

6. Biggest Bitcoin Losses

Whatever you do, if you own Bitcoins, make sure that you never lose your private key codes to your wallet. If you lose the codes, you lose your funds forever. This is a lesson that James Howell of Wales learned the hard way, after throwing away an old computer hard drive containing private keys to wallets holding 7,500 Bitcoins. At current value, that action amounts to flushing away around $43,5 million.

More recently, in February 2019, Canadian Gerald Cotton, the CEO of Canada’s largest crypto exchange passed away taking the passwords to company’s encrypted accounts to his grave. These cryptocurrency accounts have been valued at approximately $145 million!

7. Biggest Bitcoin Business

The highest publically recorded Bitcoin transaction took place in 2013. This single trade involved a whopping 194,993 Bitcoins. At the time, it was worth a staggering $147 million ($1.1 billion by today’s value). The transaction was publically dubbed “Sh*t Load of Money.”

8. Bitcoin Shopping Bot

This next fact is one of the most fascinating of the lot. An online shopping bot was developed in 2014 with the unique ability to make purchases online. The program was given a weekly budget of $100 worth of BTC, with which it purchased a random product from a store on the deep web.

The aptly named “Random Darknet Shopper” automatically has the goods sent to an exhibition gallery where the purchases are on display for the public to see. The nature of the dark web sets this experience up to be a rather risky and controversial event.

9. Mel “B” Loves Bitcoin

Former Spice Girl band member, affectionately known as ‘Mel B’, was the very first musical performer to accept Bitcoin as a form of payment for her music. As such, she joins a list of famous people who have found cryptocurrency to be a worthwhile investment.

10. Superior To Super Computing

The computing power of the Bitcoin Network is one of the strongest data processing powers in the world. According to those in the ‘know,’ Bitcoin has a combined computer processing power of around 2,046,364 Pflop/s. When compared to the power of the top 500 supercomputers in the world combined, Bitcoin’s network is still almost 7,500 times stronger. The combined output of the supercomputers is a mere 274 Pflop/s.

Time To Jump Into Bitcoin!

We hope that you have found our fun facts as entertaining to read as they were for us to research. We suspect that there are far more ludicrous stories out there and potentially thousands more set to take place in the future. We will let you find those ones out along the way, as you invest more of your interest and time in the Blockchain.

Gamble your BTC for rewards at Vegascasino.io and you could be the next statistic in the Bitcoin Fun Fact Journal for most BTCs won on the web. One thing we can ascertain after accumulating all of the above information is this: Peculiar things do happen, so never say never!