12 Bitcoin Facts That You May Never Knew |Bitcoin Facts That Will Surprise Everyone

1. The creator of Bitcoin is unknown
There are lots of mysteries and conspiracies regarding who is the actual creator of Bitcoin or who’s behind this “Internet Money” that has revolutionized the digital currency. You can find the name “Satoshi Nakamoto” everywhere, who is believed to be the inventor of Bitcoin, but it’s unknown if that person even exists. Some believe it is the pseudonym given to the group of people that created Bitcoin. We may never know the truth.

2. The mysterious “Satoshi Nakamoto holds over 1 million Bitcoins”
It is believed that Nakamoto mined almost 1 million Bitcoins and stored them in different wallets in early 2008. If so, Nakamoto right now would be worth more than $17 billion USD. Fun fact, the smallest unit of Bitcoin is known as a “Satoshi”.
1 Satoshi = 0.00006694 USD
1 Bitcoin = 100,000,000 Satoshi

3. Winklevoss Twins – 1st Bitcoin Billionaires
You might know about the Winklevoss twins, who sued Facebook CEO Mark Zuckerberg for stealing their original idea of Facebook in 2004. They won $65 million bucks after suing Zuckerberg and endowed $11 million bucks in 2013. The price of 1 BTC that time was about $120 meaning they bought something like 90,000 BTC.

4. Losing your Bitcoin address means that you lose all Bitcoins
There is one thing referred to as Bitcoin private key, that consists the address of your Bitcoin transaction stored in blocks of the blockchain. That is the Bitcoin owners information since there is no formal information of owner such as name, email maintained during Bitcoin transaction. One research shows, over 60% of Bitcoin owners lost their Bitcoin address. When you lose the address (private key), there is no way you can get back to the wallets.

5. The person who threw away 7,500 Bitcoin worth over $50 million now
James Howells, a Welshman, had mined 7,500 Bitcoin in 2009, then worth about $1. He then accidentally threw away his hard disk in 2013, which contained the wallet where the Bitcoins were stored and private keys to those Bitcoins. He is still searching for the hard drive which he believed is dumped in some landfill. Who wouldn’t?

6. Bitcoin power consumption can power an entire country
Mining Bitcoin takes huge amounts of processing power, electricity, and fiat money. Globally, all the Bitcoin mining farms combined consume about 67 terawatts/hour (6.7*10^9 kWh). Ireland, population: 4.8 million, consumes 4,942 kWhh

7.Liberland, the country with national currency-Bitcoin
Liberland is a micronation claiming an uninhabited parcel of disputed land on the western bank of the Danube, between Croatia and Serbia. It was established on 13 April 2015 by Czech right-libertarian politician and activist Vít Jedlička. Their national currency is Bitcoin.

8.FBI – the largest Bitcoin wallet holders
FBI is currently the largest Bitcoin wallet holders, which they obtained after seizing the Silk Road online illegal drug marketplace, that used Bitcoins for anonymous digital currency transfers. FBI reported that it seized 144,000 Bitcoins, worth $28.5 million and that the Bitcoins belonged to Ross Ulbricht. At the start of the trial, Ulbricht admitted to founding the Silk Road website but claimed to have transferred control of the site to other people soon after he founded it.

9. 300 Times faster than supercomputers
Bitcoin’s combined mining network power is almost 300 times faster than the world’s 5 best supercomputers combined. The current World’s fastest supercomputer ‘Summit’ works at 200 pFlops while combined Bitcoin network speed is around 80,000,000 plus pFlops.

10. Only 21 million Bitcoins can be mined ever
Only 21 million Bitcoin will ever be created. Many people compare Bitcoin to “digital gold” because of this scarcity. About 17.6 million Bitcoin is already been mined and is in use now. It can only be mined until 2140. 525,000 blocks are added to the blockchain with 12.5 BTC (Bitcoin) per block, which will be halved every four years.

11. Bitcoins aren’t owned by any government, nor it can be banned
Bitcoin is a decentralized digital currency without the control of the central bank or single administrator. They can be sent from user-to-user on the peer-to-peer Bitcoin network without the need for intermediaries. The currency isn’t generated by banks like traditional fiat currency. Bitcoin is created in cyberspace by miners solving complex algorithms. Bitcoin is very difficult to ban as well. It is used by many to get around government capital controls. Though some countries like Iceland, Bolivia, Bangladesh, and Bolivia have tried to ban Bitcoin, it has generally been ineffective.

12. 1,000 people own 40 percent of the Bitcoin market
Know as Whales in the crypto market- around 1,000 investors (individual or companies) hold 40% of all the Bitcoin.

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