21 Facts about Bitcoin you should Know

Eight years ago, 10,000 bitcoins were sufficient to get a couple of pizzas. Imagine having that amount of coins in your Bitcoin poker account right now. With the current price of the cryptocurrency, you could clean up the whole casino easily!

BTC rose from obscurity to mainstream recognition largely thanks to the insane surge in value it saw in 2017. Soon after, big-name brands started accepting it, Bitcoin gambling platforms became more popular, people began investing money in this cryptocurrency, and the general interest for Bitcoin reached an all-time high. Then, somewhat unsurprisingly, the price went down, sparking yet another heated discussion about the volatile unpredictability of the bitcoin.

Now, debates are all dandy as long as the participants know what they are talking about and the audience has at least some grasp of the matter. Neither of the above is true! The vast majority of experts are as clueless about the intricacies of the crypto markets as is the general audience.

The infographic below will not make you a marketing master. However, it will give you a much better understanding of the driving forces behind the world’s first cryptocurrency, how it came to be, who embraced it first, and how governments handle it.

Read through it and you will be better equipped to talk about bitcoin than 90% of the people, who are spewing wild predictions left and right.

Satoshi Nakamoto is the fictional name who create bitcoin

Satoshi Nakamoto is the name used by the unknown person or people who developed bitcoin, as on Jan 3rd of 2018 Nakamoto owns $16.5 Billion in bitcoins. In 2015, Satoshi Nakamoto was nominated for a Nobel Prize in economic sciences.

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No one has control over the bitcoin currency

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There is a limited amount of bitcoin in the world

As of January 2018 around 16.7M BTC are in circulation, the maximum can be 21M. About 1000 people own 40% of total BTC in circulation.

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Transaction fees are up by 1289%

From March 2015 to Feb 2017 BTC transaction fees are up

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Bitcoin market cap is 253B by Jan 2018

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64% of BTC have never been used and might never be used

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Blockchain, Bitpay and Coinstream are three big bitcoin startups

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FBI made $48M in 2013 by selling once seized 144,000 BTC

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Transactions are measured in Satoshi/byte (1 Satoshi = 0.00000001 Bitcoin)

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Blockchain is far more secure than any online banking system

There was a lot of bad press about cryptocurrency hacks, but this had more to do with poor management and poor wallet technology than the actually Blockchain.

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Bitinstant was a BTC transaction company that was working with a drug dealer

BitInstant was a company that handled Bitcoin transactions. The CEO was working directly with a drug dealer who wanted to launder his money for trafficking. He ended up in jail. This hurts the reputation of Bitcoin, and brought a lot of negative media attention. However, Bitcoin has nothing to do with the scandal. The same as the Federal Reserve isn’t responsible for what people do with cash.

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New York City passed a law requiring businesses to have a “BitLicense”

In New York City, they passed a law requiring businesses to have a “BitLicense” in order to legally operate using Bitcoin as a currency. This means they would still pay taxes to the IRS, and the FBI could still keep track of transactions. However, this defeats the purpose of what Bitcoin users are trying to do. Many businesses are refusing to sign the agreement and leaving New York instead.

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Vancouver, Canada was the first city in the world to have a Bitcoin cash machine.

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Many companies have been interested in incorporating Bitcoin

Many companies like eBay have been interested in incorporating Bitcoin into their currency system, just like PayPal. However, they are cautious to integrate it, since it’s all anonymous. Without regulation, companies are not sure how to move forward.

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In 2010, one bitcoin was only $.003 cents.

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There are over 1500 alternative currencies but bitcoin is king

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A computer would take over 400 years to mine one Bitcoin

“Mining” is a term for when computers have to decrypt a long string of code, and when they are finished, they are rewarded with a bitcoin. Every day, new Bitcoins are born. However, the longer Bitcoin exists, the harder it is to mine it. At its current rate, a computer would take over 400 years to mine one Bitcoin. It is possible to mine “alt coins” much faster than Bitcoin, but there is no way of telling if they will ever be as valuable.

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Silicon Valley, California is best place to be if you’re into Bitcoin

They even have Bitcoin ATM machines, and multiple businesses who will accept it in their stores instead of cash.

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There are actually websites that allow legal gambling with Bitcoin

Whenever money is involved, people love to gamble with it. The Grand Prize on these games is 5 Bitcoin.

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All of the major banks have hired Bitcoin Specialists

They are preparing for the inevitable reality of converting (at least partially) to cryptocurrency, or at least incorporating it into the system that already exists.

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Laszlo Hanyecz spend 10,000 coins to buy two pizzas in 2010

In 2010, a man named Laszlo Hanyecz was experimenting in Bitcoin back when it was still very cheap. He decided to use 10,000 coins to buy two pizzas with his friends. At of the time this article was written, those coins would have been worth more than $40 million.

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