100 facts about Bitcoin in 2022
Bitcoin is a peer to peer decentralized payment protocol that was established with the intention to remove third parties and their fees from online transactions between distant parties.
Bitcoin’s whitepaper clearly states this to be the only reason why Satoshi Nakamoto, founded it. He wanted to remove centralized bank and third parties from everyday online transactions and make them peer to peer using algorithms and a robust network of computers. The only feature that keeps the network running is computational power of all the ‘nodes’ or network of computers involved. They are responsible to validate transactions and keep the system ‘intruder-proof’. The system is less susceptible to intrusion and mallice is because all the network of computers keeps a copy of all the transactions that happened since the beginning and checks each other copies to see they are all on the same page. In case of an anamoly, the computer(node) with the longest copy of transactions (blockchain - chain of blocks(a block is a transaction(s) copy)), is the one that is given the highest priority and becomes the ideal, because it has managed to keep itself fool-proof for the longest time. It is used to verify all transactions and keeps the system secure and it is the only reason why Bitcoin network has never been hacked from past 14 years and ongoing.
Bitcoin is digital cash
Bitcoin has value in the digital space and could be used to purchase and sell items. It is similar to physical cash, just that it is only stored online but could be used both online and offline.
Bitcoin is decentralized payment system
Bitcoin is used for payment between individuals or organizations without the need of a central authority managing and controlling transactions. The trust needed to perform these transactions is built into the system using algorithms that keeps the system fool-proof.
All transactions are Anonymous
All transactions in the Bitcoin network ledger are public yet anonymous. No one knows the exact name of person or parties that initiated the transactions and are receiving the value as listed in the transactions.
Bitcoin is volatile
Bitcoin is volatile and it’s price is constatly changing based on the demand and supply. This is similar to how stocks are priced in a stock market environment.
Bitcoin reached its All Time High on 11 Nov 2021
Bitcoin reached its all time high of $68.692.14 on 11 November in 2021.
Only 2% of addresses have 1 or more Bitcoins
There are 633,008 addresses that have at least 1 BTC (1.68 million coins in total), which is 2.18% of all addresses out there
Bitcoin network consumes lot of electricity
Bitcoin currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million
Satoshi Nakamoti hodls the maximum Bitcoins
Satoshi mined more than 22,000 blocks and received more than one million bitcoin in cumulative block rewards for his work. As a result, Satoshi is estimated to hold the largest bitcoin cache, more than 1 million BTC
1 Bitcoin = 100 millon Satoshis
There are 100 million satoshis (sats) in one bitcoin, meaning each satoshi is worth 0.00000001 BTC.
El Salvador is the first country to adopt Bitcoin as a legal tender
Yuri Cortez/AFP via Getty Images
El Salvador this month became the first country to adopt a cryptocurrency – in this case, bitcoin – as a legal tender on September 7, 2021
As of 2022, two countries have Bitcoin as legal tender
In April- 2022, The Central African Republic has become the second country in the world to adopt bitcoin as official currency, after El Salvador took the same step last year
You can earn Bitcoin through Mining
When bitcoin was first mined in 2009, mining one block would earn you 50 BTC. In 2012, this was halved to 25 BTC. By 2016, this was halved again to 12.5 BTC. On May 11, 2020, the reward halved again to 6.25 BTC
9 countries have banned Bitcoin
Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh, and China have all banned cryptocurrency
Only 21 Million Bitcoin would ever be there
There will be only 21 million bitcoins in existence, and to ensure a steady flow of liquidity, the coins will be minted at a fixed rate. New bitcoins only enter circulation when a new block is mined
Bitcoin network has more computational power than the best supercomputer
The network of computers mining bitcoin is 8 times more powerful than the top 500 supercomputers. The bitcoin network also qualifies as the world’s first exascale computer, meaning it’s capable of a quintillion floating point calculations per second.
Satoshis are smaller units of Bitcoin
A satoshi is the smallest denomination of bitcoin, equivalent to 100 millionth of a bitcoin. It is named to honour the unknown invenetor of Bitcoin- Satoshi Nakamoto
You can buy things with Bitcoin
The list of goods and services you can buy with bitcoin and other cryptocurrencies grows daily as people and vendors get more comfortable with virtual money. Insurance, consumer staples, luxury watches, and event tickets are among the items that Bitcoin could buy. You can search for items to buy using Bitcoin on Spendabit
10,000 Bitcoins were spent to buy pizza in 2010
In 2010, Laszlo Hanyecz spent 10,000 Bitcoins at a local pizza restaurant called Papa John’s to buy himself two pizzas. Back then his Bitcoins were worth only $40
Keep your bitcoins in wallets or exchanges
You can store your Bitcoins is a digital wallet or keep it at an exchange like Binance, Gate.io or Cex.io. Keeping Bitcoins in a digital wallet requires you to handle your private and public keys yourself and thus it is more secure, while an exchange handles all of this for you, in exchange all the bitcoins you hold on an exchange are virtually owned by the exchange, similar to how a bank operates.
First version of Bitcoin was released in 2009
On Jan. 8, 2009, the first version of the Bitcoin software was announced to the Cryptography Mailing List, and on Jan. 9, 2009, Block 1 was mined, and Bitcoin mining commenced in earnest.
Bitcoin mining rewards are halved every 210,000 blocks
After every 210,000 blocks mined, or roughly every four years, the block reward given to Bitcoin miners for processing transactions is cut in half. This event is referred to as halving because it cuts in half the rate at which new bitcoins are released into circulation
Bitcoin ledger is public
A cryptocurrency public ledger is a record-keeping system. The ledger maintains participants’ identities anonymously, their respective cryptocurrency balances, and a record of all the genuine transactions executed between network participants. All of this information is public and accessible by anyone on the blockchain
There is no central storage. ledger is distributed
Bitcoin uses a distribute ledger. A distributed ledger can be described as a ledger of any transactions or contracts maintained in decentralized form across different locations and people
There is no central authority, managing it
There is no central organization that manages the bitcoin network. It is all people driven in exchange of rewards in Bitcoin.
Anybody can create a new bitcoin address
Anyone can generate a new Bitcoin address to send and receive Bitcoins on the bitcoin network. The easiest way to do this is through an exchange like coinbase. just follow their guidelines and they’ll help you get started.
Anybody can initiate a transaction
Anyone can send and receive bitcoins. there is no discrimination or verification required to do so. Exchanges could have their own verification process for secuirty and auditing purposes.
Issuance of new bitcoin is under no one’s control
Bitcoin issuance occurs as a reward to miners who are using computers to solve mathematical equations a.k.a mining. The first to solve the puzzle gets the reward and there is no central authority managing this.
Anyone can become a miner
Anyone can buy or rent a computer and start bitcoin mining. Official mining document
No government controls Bitcoin
There is a lot of bitter sweet adaptation of Bitcoin and cryptocurrencies in general by major governments of the world. Where China have tried to ban Bitcoin multiple times while El Salvador made it a legal tender in 2021. An idea of a currency that is people driven instead of government is new to institutions and they are learning and adapting to this latest decentralized technology of value keeping and sharing.
Bitcoin.org domain was registered on 18 August, 2008
On 15th August 2008, a patent for “Updating and Distributing Encryption Keys” was filed. 3 days later, the domain “bitcoin.org” was registered supposedly by Neal King, Vladimir Oksman, and Charles Bry
Bitcoin is open source
Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Bitcoin’s Source code
First transaction was received by Hal Finney
In the afternoon of January 12, 2009, computer programmer Hal Finney received the world’s first bitcoin mining reward (10 BTC) for mining the block-70
Symbol for Bitcoin
This symbol was designed by Satoshi Nakamoto for the icon of an early version of the original Bitcoin client, though the very first versions of the Bitcoin client used “BC” instead of any special symbol.
Term HODL is used for not selling
The term HODL (or hodl) originated in 2013 with a post to the Bitcointalk forum. It means “Hold On for Dear Life”.
Satoshi, the original creator is unknown
Satoshi never came to public limelight after Bitcoin started to pick up momentum. Noone knows who he is or where he lives or if he is still alive.
Official currency of Liberaland is Bitcoin
Liberland is a sovereign state located between Croatia and Serbia on the west bank of the Danube River. It is the first micronation to have accepted Bitcoin back in 2015.
Bitcoin uses more electricity than few countries
Bitcoin, the world’s largest cryptocurrency, currently consumes an estimated 150 terawatt-hours of electricity annually — more than the entire country of Argentina, population 45 million.
Last Bitcoin will be mined in 2140
Experts are predicting that the remaining bitcoins will be mined by 2140
In 2019, the first mortgage was taken using Bitcoin
Brock Pierce has taken out the world’s first bitcoin-backed mortgage to buy a home in Amsterdam. The former actor, who rose to fame in the 90’s comedy, Mighty Ducks, purchased the $1.2 million property using Bitcoin as collateral
BTC is the short form for Bitcoin
BTC is the abbreviation used for Bitcoin. Similar to how USD represents United States Dollar
There are more than 50,000 Bitcoin millionaires
The number of Bitcoin millionaires changes every day as the price of Bitcoin is variable and changes everyday. One can check the number of people(addresses) holding more than $1 Million worth of Bitcoin on Bitinfocharts
You can buy a Bitcoin for less than $1
Anyone can buy or sell bitcoin for less than a dollar. they just own satoshis or decimal values of bitcoin when they do so.
20% of Bitcoin is lost forever
A 2017 report from Chainalysis, a forensics company, estimated that between 2.78 million and 3.79 million bitcoins have been lost. That could be about 20 percent of today’s supply that is gone forever. There is a site however Cryptoassetrecovery that helps people recover their crypto assets like Bitcoin
You can buy and sell Bitcoin at ATMs
One can exchange Bitcoin for fiat at a number of ATMs a.k.a Automated Teller Machine around the world. Here is the full map - Coinatmradar
Bitcoin is digital money
Bitcoin is a cash in digital form and you can buy and sell stuff using Bitcoin online or offline or exchange it for real money at public ATMs around the globe.
Anyone can be part of Bitcoin development
Bitcoin is free software and any developer can contribute to the project. More on development
One man wants to excavate a landfill to find lost Bitcoins
James Howells, 35, said he mistakenly put a hard drive with 7,500 bitcoins in the trash while clearing out his home in 2013.He needs permission from his local council to search a garbage dump he believes contains the lost hardware.The Newport City Council has rejected his requests to look through the landfill, citing environmental and funding concerns. More on the story
Bitcoin profits are taxed at some places
Bitcoin gains are taxed at most places. Major economies being UK, USA, Italy, Canada, Germany and India. For more information about cryptocurrency in Canada, PiggyBank is a great resource
Bitcoin could be stored in offline wallets
Bitcoin could be taken off the grid and stored into hardware wallets like Ledger Nano S. Trezor Model One and Safepal S1
You can trade bitcoin without an exchange
Sites like Localbitcoins helps you sell and buy Bitcoin without the need of an exchange
Bitcoin miners have massive electricity spenditure
Bitcoin miners spend $150,000 a day collectively to produce half a million dollar worth of Bitcoin
Some countries don’t tax bitcoin yet
These include Germany, Belarus, El Salvador, Portugal, Singapore, Malaysia, Malta, and Cayman Islands
Top 10 Crypto countries are not what you expect
United States 1523.6 Russia 421.38 Nigeria 400.08 Europe 204.41 China 198.26 United Kingdom 193 Colombia 147.49 Kenya 91.96 South Africa 87 Canada 65.56
Ranked based on Bitcoin trading volume on exchange
Top 5 countries ranked based on Crypto Adoption
Vietnam 1 India 0.37 Pakistan 0.36 Ukraine 0.29 Kenya 0.28
Bitcoin being the top crypto asset
Bitcoin market cap dominance is at 42%
Bitcoin market cap is at $360 Million in July,2022, which is down 70% since December last year where it exceeded $1 Trillio
Top bitcoin twitter accounts to follow
Only 5 addresses hodls the most Bitcoins
According to Bitinfocharts, Only top five bitcoin addresses hodls more than 100,000 Bitcoins
Vancouver installed the worlds first Bitcoin ATM
In November, 2013. Vancouver, Canada installed the world’s first Bitcoin ATM machins
Before 2010, you could mine Bitcoin on your laptop
Bitcoin was minable using a simple computer back in 2009, Former Bitcoin developer, Martti Malmi mined 55000 Bitcoins before 2010, only to sell them all before 2012. He could have been a billionaire now if he didn’t sell
The Bitcoin network processes more than 270,000 transactions per day
This number could be deceiving, since one transaction can have multiple recipients. There are between 700,000 and 1,000,000 active addresses per day. This means there are, likely, 300,000 - 500,000 unique users either sending or receiving Bitcoin per day
A kid won 127 BTC by completing surveys in 2011
He sold those entire Bitcoins for $4.2 million as an adult
ASIC machines are used to mine Bitcoin in 2022
ASIC a.k.a Application Specific Integrated Circuit are heavy duty power hungry machines that are used to mine Bitcoins today. As mathematical complexity of mining(earning) bitcoins increases, more and more technically advanced machines would take over
China leads in Bitcoin mining
Top five locations where Bitcoin is mined are- Dalian, China 750 BTC/month - 360,000 TH Genesis mining farm , Reykjavik, Iceland - 1000 GH Moscow, Russia - 38PH- 600BTC/month Gigawatt, washington, USA - 1.3 PH Linthal, Switzerland
Top 5 Bitcoin exchanges
Based on last 5 years data,
Yougest bitcoin millionaire
Erik Finman owns 401 bitcoins and at age 18, is the youngest millionaire in the bitcoin space
Bitcoin notes doesnot exists
Unlike fiat money, where currencies like dollars exists in the form of notes, Bitcoin doesnot has any physical form like metal coins or notes
Leading fiat currencies to be exchanged for BTC
US dollars (85.5%) and Japanese Yen (5%) are the two most popular currencies used in exchange of Bitcoins
Top merchants accepting Bitcoin
Starbucks, Virgin Galatic, Tesla, Microsoft, Namecheap, Shopify are some of the top merchants currently accepting Bitcoins as payment
Lowest recorded BTC price
Bitcoin started with a price of $0 but the last recorded price of Bitcoin according to coinmarketcap is $141 in 2013
Most of Bitcoin wallets are inactive
It is estimated that more than 65% of bitcoin wallets are inactive a.k.a ghost wallets
Bitcoin interest peaked in 2017
The search queries for the term “Bitcoin” on google peaked in December of 2017
Bitcoin nodes are on every continent
There are 15513 bitcoin nodes in the world as of 2022.
United states runs the maximum number of nodes
United states leads the charts by running the maximum number of bitcoin nodes i.e. 1999, which is 12.89% of the world’s share
90% Bitcoin has been mined
19.09M out of 20M bitcoins have already been mined. that is 90.88% of the total supply fo 21M
Bitcoin market cap hit $1 Trillion twice
Bitcoin market cap was at $1 Trillion twice since inception. Once in March-April, 2021 and next October-November, 2022. Current marketcap stays at $368 Million. A 70% drop since its All Time High
Moving Bitcoin’s price by 1%
$93 Million can move Bitcoin’s price by 1%, As estimated by Bank of America
89% of Bitcoin ATMs are in US
There are currently 34057 Bitcoin ATMs in United states
Notable people who get paid in Bitcoin
List of people who will get salaries in Bitcoin
- NFL star Odell Beckham Jr
- NFL quarterback Aaron Rodgers
- New York City Mayor Eric Adams
- Rapper Curtis “50 Cent” Jackson
- Miami’s mayor Francis Suarez
Number of lines of code for Bitcoin
Satoshi wrote Bitcoin’s in 31,000 lines of code, back in 2008, when it was first launched
Copies of Bitcoin’s code
Bitcoin’s code has been copied (forked) more than 32,000 times
Bitcoin has been sent to space
Genesis mining performed a stunt in 2016, where it sent an actual Bitcoin to space using a P2P transaction done to a wallet sent to space. This was shown how Bitcoin’s transaction could happen anywhere, even to space!
Genesis mining has sent a weather balloon with the Bitcoin logo 20 km into the sky. After that, a team from Genesis mining sent Bitcoin to the wallet in space with a P2P transaction.
FBI seized 144,000 Bitcoins in 2013
Silk Road, a marketplace to buy and sell ‘illegal’ products online used Bitcoin as its means of payment, on the dark web. The marketplace was shut down and all the bitcoins were seized by the FBI in 2013.
Bitcoin fails as a currency
Bitcoin was initially designed to be a peer to peer mode of payment system. But due to its volatile nature where a value of 1 Bitcoin has ranged between $0.1 to $69,000 in the past 14 years. The chances of using Bitcoin as a stable currency like US dollar is still bleak. We have other stablecoins like USDT (Tether) or BUSD(Binance USD) that try to match US dollar’s value and have been lately used to buy and sell cryptocurrencies on major exchanges due to their stable nature
Transaction cannot be reversed
Bitcoin’s transaction are ‘permanent’ where unlike traditional banking systems Bitcoin’s once sent to a bitcoin address cannot be recoverd unless the receiver manually sends them back. This was intentionally built into the system by Satoshi, the original Bitcoin founder
Bitcoin transactions are cost very less
Compared to traditional banking systems, Bitcoin transactions cost fraction of the cost when the same amount of money is sent through banks.
For example $2 Billion worth of BTC was moved for a fees of $0.78 in 2021 Source
Top Bitcoin debit cards
You can earn bitcoin playing games
There are few blockchain games that reward their users in Bitcoin. We will not list them out as we cannot gurantee the security and prrivacy when using these platforms
These two survived on Bitcoin for 90 days
Austin Craig and Beccy Bingham showed how one can survive 90 days on Bitcoins alone. The couple was named The Bitcoin travellers as they travelled around the world using Bitcoin in 2013
Tax exemption in Belgium
Bitcoin has value added tax (VAT) exemption on Belgium.
Switzerland stance on Bitcoin
Swiss classified digital currency like Bitcoin as a foreign currency.
A man accepted Bitcoin in exchange of his house
A man in New York put his house for sale in December, 2013 for $799,000 equivalent in Bitcoins
Private keys are the only access to Bitcoins
If you hold you Bitcoin in an exchange, you need a password to access your Bitcoins. Here you can recover your password if once lost
But, if you have an independent wallet then losing your keys would mean losing your Bitcoins forever
Satoshi was nominated for Nobel prize in Economics
In 2015, Bhagwan Chaudhry, a University of Calofornia professor nominated Satoshi Nakamoto for Nobel Prize in Economics for the invention of Bitcoin
Monument for Bitcoin
A monument dedicated to Bitcoin blockchain was built in Kranj, Slovenia in 2018
Statue of Satoshi Nakamoto
In 2021, a statue dedicated to the founder of Bitcoin, Satoshi Nakamoto was inaugrated at Budapest, Záhony u. 7, 1031 Hungary
Three types of Bitcoin addresses
There are three Bitcoin addresses types:
- P2PKH aka legacy addressess( start with “1” )
- P2SH (start with “3”)
- Bech32 (start with “bc1”)
A kid named after “Bitcoin”
A couple in Simferopol in Ukraine have officially been named Bitcoin
A physical Bitcoin sent to the moon
BitMEX is minting a physical bitcoin which will be delivered to the moon by Astrobotic (Summer, 2022) using their lunar lander ‘Peregrine’
Fastest asset to hit $1 Trillion
Bitcoin is the fastest asset in history to hit a market cap of $1 Trillion
Pay taxes using Bitcoin
You can pay your taxes in Bitcoin in the Panama Islands (April, 2022)