Interesting Facts About Bitcoin

Facts About Bitcoin

Bitcoin is a trending topic in the global financial industry. This cryptocurrency was created in 208 by none other than Satoshi Nakamoto, an individual whose identity is yet to be revealed. Supposedly, there is not a person on this planet who knows Satoshi’s real identity.

That is kind of a fun thing to know about Bitcoin and instead of getting technical and taking a look at the technology behind it, we wanted to stick to the fun side and continue naming a few interesting things about Bitcoin that are worth knowing. Without any further ado, let’s check them out.

The First Transaction

Satoshi sold the first Bitcoins to Hal Finney in 2009, but it took another year before the first official transaction with this cryptocurrency was made. And the first transaction was about as funny as you could think as Bitcoin was used to purchase pizza at Papa Johns. It is safe to say that Bitcoin has come a long way since.

2140 Is The Year When All Bitcoins Will be Mined

As you may know, mining is one of the main processes that powers Bitcoin. Through this process, miners are able to earn Bitcoins for free. Yes, mining is very complicated, but it does have its advantages, especially if you are looking to make a profit. Experts believe that after the halving event which is scheduled to take place in 2032, 99% of all Bitcoins will be mined, but it won’t be until 2140 when that number reaches 100%

Many Celebrities Have Invested in Bitcoin

Countless Hollywood celebrities have invested in Bitcoin. Some have done it by purchasing Bitcoins, while other celebrities such as Serena Williams have decided to invest in trading platforms such as BitcoinUpapp. These trading sites are the marketplaces where traders can buy and sell Bitcoins.

Thanks to their advanced services, thousands of people are registering there. The aforementioned platform even has an AI system that analyzes the market and provides traders with intel on when to sell their Bitcoins and that is why its profitability rate is high.

The list of celebrities that have invested in Bitcoin includes Russ, Logic, 50 Cent, Gwyneth Paltrow, Paris Hilton. Elon Musk, etc.

Superior to Other Cryptocurrencies

As you may know, there are hundreds of other cryptocurrencies on the market. But, none of them even come close to Bitcoin. Bitcoin has greater stability and liquidity, focuses on user security far more, but most importantly – its value is second to none.

At the moment, Bitcoin is valued between $50,000 and $60,000. And if that is not enough, experts believe that Bitcoin has the potential to climb as high as $100,000 by the end of 2021.

Peer-to-Peer Focus

When using regular methods, banks always process funds and act as middlemen on every transaction. That is why they are able to charge fees and why it can take up to a few days before a transaction is processed and completed.

Bitcoin has a peer-to-peer focus, meaning that banks are totally excluded from payments. That provides users with two massive benefits. First, every online transaction with Bitcoin is instant. Secondly, they void all fees that are otherwise imposed by banks and actually save money with each transaction.

Paying For Various Services/Products

Speaking of transactions, the final thing that we are going to mention about Bitcoin is that it is accepted as a payment method by numerous global brands. The massive interest from these companies plays a major role in its stability.

The businesses that allow you to pay for their products and/or services include Tesla, Microsoft, Wikipedia, Overstock, Whole Foods, Shopify, Starbucks, Expedia, and many more. As you can see, you can use Bitcoin to purchase pretty much everything that you can think of.