We can all admit that the rise of Bitcoin, the growth of the cryptocurrency market, and the worldwide adoption of this digital asset has been surprising. All the way back in 2008, none of us could have ever imagined the impact that cryptocurrency has had on the world and the financial industry.
Even now, over a decade later, crypto continues to amaze us. With plenty of ups and downs, cryptocurrency has undoubtedly produced some fascinating and even unbelievable outcomes since the early days of Bitcoin. Whether you’re a trader or not, you may think you already know all about Bitcoin and the cryptocurrency market. However, we’ve compiled a list of interesting facts we’ve found out about Bitcoin and the cryptocurrency industry that may surprise you!
7 Interesting Facts About Cryptocurrency
In the constantly evolving world of cryptocurrency, we can often get stuck on focusing too much on the future. Sometimes it’s worth reflecting on the past to truly take in the
remarkable journey that Bitcoin and the crypto industry itself have been on. That’s why we’ve compiled this list of interesting cryptocurrency facts that you may not have heard of before! Let’s begin!
- We Still Don’t Know Who Created Bitcoin
In 2008, a creator under the pseudonym Satoshi Nakamoto introduced the concept of Bitcoin to the world. This group or individual continued to work on the Bitcoin and blockchain project until 2010 but then disappeared altogether.
Experts believe that whoever Satoshi is, they will likely be a billionaire from their ownership of over 1 million Bitcoin, which is 5% of the total number of Bitcoin ever to exist. Although there have been many theories and speculation, no one knows for sure who Satoshi Nakamoto is, and it remains one of the biggest mysteries in crypto history.
- Crypto Is Banned in Some Countries
Despite many countries taking steps to adopt cryptocurrency, it is actually restricted or even illegal in certain areas around the world. This is not completely surprising due to the controversial past of crypto, but you still may be astonished at the penalties you could face for using Bitcoin and other coins in specific regions. For example, in Bangladesh, a crypto transaction could land you up to 12 years in prison, whilst in Vietnam, you could be fined up to 200 million VND ($8,532)! Other countries where cryptocurrency is restricted or illegal include Algeria, Ghana, India, Iraq, Mexico, Nepal, North Macedonia, and Turkey.
- There Are Over 22,000 Cryptocurrencies in Existence
That’s right, CoinMarketCap currently lists approximately 22,000 different coins! Of course, many of these coins are considered ‘dead’ due to project abandonment of other factors, but traders still have plenty of options to choose from. So, if you’re thinking about building up a crypto trading portfolio, then it’s easier than ever before to do so!
Plus, we recommend using a crypto platform to cut out all the extra hassle of trading. A full-featured crypto platform such as Bitcoin Loophole will allow you to buy and sell cryptocurrency even as a complete beginner. The crypto industry is now more accessible than ever, so don’t hesitate to start trading if you’re interested in potentially making a huge profit!
- A Man Once Paid 10,000 Bitcoin for Two Pizzas
Have you ever heard of May 22nd being celebrated in the crypto industry as ‘Bitcoin Pizza Day’? Well, on this day in 2010, a US programmer called Laszlo Hanyecz became the first person to make a real-world transaction using Bitcoin. Through the online forum, Bitcointalk.org, Hanyecz declared that he was planning to purchase pizza with his Bitcoin and asked who would be interested in placing this order.
Shortly after, he announced that he had successfully purchased two Papa John’s pizzas with 10,000 Bitcoin. Although it may have seemed like a good deal at the time, this Bitcoin is now worth an eye-watering $330 million! As much as Hanyecz may regret his decision, it still marks a key point in cryptocurrency history and has helped pave the way for decentralised transactions.
- A Miner Accidentally Threw Out a Hard Drive Containing Over 8000 Bitcoin
In 2013, UK computer engineer James Howells threw away an old hard drive containing over 8000 Bitcoin as he cleared his office. He claimed that this was a complete accident and had meant to have instead disregarded a blank hard drive. To this day, Howells continues to search for his missing hard drive and has even sought the help of his local city council to retrieve it. In 2022, he even revealed his $11 million proposal to search up to 100,000 metric tons of garbage using AI-powered machines and “spot” robot dogs supplied by Boston Dynamics.
The Bitcoin, which Howells first mined in 2008, is now worth an estimated $181 million!
- Cryptocurrency Can Be Traced Back to the 1980s
Many believe that the story of cryptocurrency began in 2008 when Satoshi Nakamoto published the paper, Bitcoin: A Peer-to-Peer Electronic Cash System, proposing a system based on cryptographic proof without the need for a third party. However, the concept of cryptocurrency can actually be traced all the way back to 1983!
During this year, David Chaum, a computer scientist, presented the idea of digital cash and blind signatures. As founder of the company, DigiCash, Chaum created the first cryptographic electronic money known as eCash. Unfortunately, the company went bankrupt in 1998, but Chaum’s ideas still played a vital role in the development of digital currencies.
- 20% Of Bitcoin Is Lost Forever
According to a cryptocurrency data platform, Chainalysis, up to an estimated 3.79 million Bitcoins are lost, accounting for over 20% of the total Bitcoins currently in circulation! This huge amount of lost Bitcoin is worth approximately $140 billion, and we’ll never be able to retrieve it.
Bitcoin can be lost indefinitely for a few different reasons. Firstly, it’s fairly common for traders to forget their wallet keys. If you forget what your key is, unfortunately, you will not be able to access any of your stored cryptocurrency. Additionally, Bitcoin and other coins will be unretrievable if the owner of the crypto has passed away without sharing access to their wallet.
There you have it! We hope that you’ve been surprised by these interesting facts about cryptocurrency. From Bitcoin being exchanged for pizza to a hefty prison sentence for crypto usage, it’s amazing to see how digital currency is viewed all across the globe! We’re sure that in the years to come, more intriguing facts about cryptocurrency will emerge to shock us all!