Alex Metzger Alex Metzger 27.09.2021

September Facts about Bitcoin ed.1

Cryptocurrencies have acquired an exceeding extent of attention in recent times. Bitcoin was the first-ever cryptocurrency, and this currency arrived in the marketplace in 2009. The store value of bitcoin at the time of the first-ever purchase using bitcoin was just 0.0042 dollars. However, recently bitcoin touched the value of $50000 again after the market crash. Like bitcoin, there are many other cryptocurrencies in the marketplace, such as ethereum, dogecoin, etc. 

Despite a massive rush in the marketplace, bitcoin has maintained its position on the top. The current market cap of bitcoin is nearly $800 billion, regardless of a cryptocurrency market crash. If you want to get profitable results in your bitcoin expedition, check this website.  Even though the market crash decreased the value of bitcoin to an exceeding extent, more public holders did not sell a single unit of bitcoin. To know more about bitcoin trading you may visit Bitcoin Prime

 Bitcoin is a very popular cryptocurrency; regardless, only a few people know about bitcoin. Below mentioned are some of the interesting facts you should know about bitcoin. So why are you waiting? Let's jump straight to the facts.

Mystery of Bitcoin Inventor

Bitcoin is an anonymous cryptocurrency. All the more, the inventor of bitcoin is correspondingly anonymous. Everyone is familiar that Satoshi Nakamoto, a Japanese programmer, created bitcoin. Before releasing bitcoin units, the inventor of bitcoin announced his work regarding bitcoin on the cryptographic mailing list. 

Satoshi Nakamoto, the so-called inventor of bitcoin, released the first-ever software of bitcoin in 2009. In 2010, the first-ever purchase using bitcoin took place. After the first-ever purchase using bitcoin, the inventor of bitcoin disappeared. No one is familiar with the actual identity of Satoshi Nakamoto so far. 

There are some rumors that Nick Szabo is Satoshi Nakamoto. Before the invention of bitcoin, Nick conceptualized a similar cryptocurrency like bitcoin and named it bit gold. All the more, Nick invented the concept of smart contracts at first glance, which made the ethereum blockchain very popular.

 Some people say that four multinational companies collectively invented bitcoin, Samsung and Motorola, are two multinational companies. However, none of these rumors have a strong foundation as people are currently focusing on availing profitable benefits by investing and trading in bitcoin.      

Bitcoin Pizza Day 

Satoshi Nakamoto released bitcoin in 2009. However, the first-ever purchase using bitcoin occurred in 2010. Bitcoin in 2009 was way ahead of its time, and there are only a few people who knew about its existence. Using bitcoin as a payment method was a significant step towards revolution. After the first-ever purchase of bitcoin, people came to know about bitcoin. 

People who utilized bitcoin for purchasing items for the very first time bought two Papa John pizzas. The individual hailed from Florida and paid almost 10000 bitcoin units for pizza worth $42. The store value of bitcoin at that time was just $0.0042.

 The current worth of these two Papa John's pizzas is nearly $600 million. He bought it on the 22nd of May in 2010, and that is why on every 22nd may, bitcoin enthusiasts and maxis celebrate bitcoin pizza day.   

21 Million Bitcoin Unit 

Since bitcoin is a decentralized currency complexed virtually, Satoshi Nakamoto issued a limited number of bitcoins. Satoshi Nakamoto was also not familiar with bitcoins and would acquire such a high amount of store value.

 Bitcoin's supply is 21 million bitcoin units. According to the bitcoin halving process, miners will mine the last ever bitcoin unit in 2140.  

However, if the majority of the users vote to increase its supply, they can increase the supply of bitcoin units. Therefore, investors will choose not to expand the supply of bitcoin as it will decrease the store value of bitcoin. 

Bitcoin Consumes Electricity similar to Pakistan  

The annualized energy consumption of bitcoin is more than even in Pakistan. The Bitcoin complex annually utilizes 93 terra watts per hour. The prominent reason behind the fact is bitcoin mining. The bitcoin miners verify every bitcoin transaction, and as a reward, these miners get bitcoin. Bitcoin miners use robust computer hardware and software to verify the transaction. 

These are some of the interesting facts about bitcoin mining.