Bitcoin is a big buzzword today, and it is like the term is now a part of everyday life. Go to the internet, visit social platforms, check out popular forums, etc. At least one crypto enthusiast will discuss this era’s “digital gold,” a.k.a. BTC. And why wouldn’t that be the case when Bitcoin has made many people incredibly wealthy?
But don’t let the hype lure you into investing in BTC without doing homework. If you are a crypto newbie, don’t risk your hard-earned cash before you learn what is Bitcoin and how it works. Once you’ve mastered the fundamentals, go through the list of all the priceless, must-known facts related to this crypto, including the ones listed below.
Technically, You can Mine Up to 900 Bitcoins a Day.
Theoretically, you can mine up to 900 Bitcoins per day. That's nice, right? Especially when considering that in 2024, 1 BTC is worth tens of thousands of dollars. But here's the thing. Although theoretically possible, you can't do it in real life. Why?
First and foremost, mining 1 BTC alone requires incredible computational power. You can’t do it without special tools and equipment, including Application-Specific Integrated Circuits, high-end GPUs, and mining software. Additionally, mining a single Bitcoin can consume up to 155,000 kWh.
Mining 1 BTC Takes Around 10 Minutes
As a solo miner, you can mine 1 BTC in under 10 minutes. But don’t rejoice yet. This incredible feat requires you to have extra-advanced systems. They range from pro-level ASIC miners to exceptional software programs like BFGMiner and CGMiner.
Without the best equipment, which costs a fortune, mining 1 BTC can take 30 days or more. Several factors determine the amount of time you’ll spend mining one Bitcoin, including your hardware’s efficiency, hash rate, and network latency.
Bitcoin Mining Will End in 2140
Unfortunately, Bitcoin has scarcity in its DNA, just like many other precious assets. Once 21 million Bitcoins come into existence, mining will stop. Experts expect that to happen in 2140.
Satoshi Nakamoto, BTC's creators, designed this crypto with a cap to control the number of coins in supply. Remember, scarcity often makes a commodity more valuable and increases its demand. The same applies to Bitcoin. As this digital coin's scarcity escalates, its price and value will rise. Once mining stops, the cost of one Bitcoin might hit and exceed the $100,000 mark.
Around 1,500 Bitcoins are Lost Every Day
With Bitcoin costing a fortune, you wouldn’t expect any coins to go to waste, right? Well, here’s something shocking: investors lose approximately 1,500 BTC daily! Where do all these coins go, you wonder? Most of them go nowhere.
In the crypto universe, “lost” is a term used to describe digital currencies that no one can spend. Here’s an example. Suppose you have a cold wallet where you store your BTC, which gets lost or stolen. If no one manages to use your coins, they’ll be categorized as lost. With that in mind, reports indicate that up to 4 million Bitcoins will eventually get lost and never be recovered.
Bitcoin was Once Worth Less than $1
As we speak, 1 Bitcoin is worth over $50,000. But this digital gold was sometimes more pricey. Before 2011, when 1 Bitcoin reached a dollar, the numbers were much lower. In fact, as of 2009, 1 BTC cost basically nothing.
Over the years, various factors have encouraged BTC prices to skyrocket to astronomical levels. They include the scarcity element, growing interest in digital currencies, and widespread adoption, especially by merchants.
BTC’s Alleged Creator is Holding Up to 1.1 Million BTC
Bitcoin’s creator, Satoshi Nakamoto, is a shadowy figure. Most people believe Nakamoto decided to use a pseudonym to protect their identity and remain anonymous. Some crypto enthusiasts also assume that Satoshi Nakamoto refers to a group of individuals, not a single creator. Whichever the case, the Nakamoto entity is legendary in the crypto world.
Apparently, Nakamoto is also holding a massive number of Bitcoins. According to some estimates, this mysterious entity owns over 20,000 wallet addresses, and most of their wallets hold at least 50 BTC. As a result, some people say Nakamoto may be the sole owner of over a million BTC.
There are +40,000 Bitcoin Millionaires and At Least 6 Bitcoin Billionaires
Bitcoin has made thousands of people millionaires. This list includes notable figures like Changpeng Zhao, Brian Armstrong, and Chris Larsen. Most of these individuals were early adopters who acquired BTC at meager prices and are now enjoying the fruits of their foresight and patience. But a few have also made their fortunes from strategic investment, mining, and speculation.
That said, BTC millionaires aren’t the be-all and end-all of success in the crypto space. There are also several billionaires like Tim Draper, Michael Saylor, and the Winklevoss Twins. These individuals have enormous BTC holdings and astronomically successful crypto ventures.
Bitcoin Pizza Day is Still a Thing Today
Here’s how the first ever real-life Bitcoin transaction went. Laszlo Hanyecz, a crypto enthusiast and talented programmer, wanted to buy pizza using Bitcoin, which was useless back in 2010. So, Hanyecz convinced Jeremy Sturdivant to take 10,000 BTC in exchange for 2 Papa John's pizzas.
Sturdivant agreed, and the rest is history.
Now, the same amount of Bitcoin that Hanyecz used to buy pizza is enough to purchase a private island, a fleet of top-class cars, and many more. That aside, crypto enthusiasts celebrate the first transaction ever on the 22nd of May. This day is dubbed Bitcoin Pizza Day.
Final Thoughts
You now know a few thrilling facts about Bitcoin beyond simply being a digital currency. Use them to further your journey in crypto investment and impress other BTC enthusiasts whenever you get the opportunity. But be careful while investing in BTC and other digital assets. Remember, malicious entities often target willing investors with projects like fake vendor platforms, pyramid/ Ponzi schemes, etc. Be extra cautious and never interact with suspicious entities.
Good luck!
