Topic: Interesting facts about Bitcoin (Read 638 times)

I've seen similar threads on forums, not even a single new fact I've found.
Do you want to make puzzles?

Don't teach people only about Ath, but people have the right to know the bitcoin journey process, this will amaze them and start digging bitcoin further

How about cutting down trees in the forest, is this worse than the story that continues to be developed by the media menstrim, isn't this also damaging to the environment, which category do you think bitcoin falls into.
doesn't this look funny?

It is still speculation about the maximum bitcoin holdings Satoshi holds (assumed) and how sure, that he visits your country, goes on vacation and sells some bitcoins according to the maximum amount he has

Analogy

Requires sophisticated tools to perform mining, the computer you use cannot accommodate mining fields and requires large operational costs.
Easy but hard to reach!!!!

As a means of payment, but not as a commodity asset and no user limits, who can be sure people in this country don't own bitcoins now?

Obviously the development carried out from before, bitcoin is not only limited to investment, that's its advantages and uniqueness.
Fun is not it?

Wallets can store keys as security, you are the only authority that can control them.
While the Exchanges is just a parable of a daycare that will be taken back when the work has been completed (custodial).

Decentralized, even the owner of the exchange who has complete control over the course of the exchange, does not have access to it, even though bitcoin is in their system

There is one thing I believe about Bitcoin and that it gives benefits to the community. I heard some people talking and throwing negatives fact - oh people are making many things that describe Bitcoin and usually, this only gains misconceptions and misunderstandings.
You can do the check OP, you can also listen to others - but you also have your own belief about Bitcoin. Because the more we read and hear facts about Bitcoin, the more we got confused. Well, just think straight that Bitcoin is a profitable investment and it never harms the community, period.

One this particular subject or believe that the bitcoin network consumes alot of electricity in terms of mining, I would simply say "don't believe every crap and sh*t people say out there, facts like this only come from bitcoin haters who are not after anything else but that bitcoin fails, there are several other techs in this world that consume far more electricity than minning bitcoin.


Namely El Salvador and Central African Republic .

Bitcoin was made a legal tender in El Salvador on 6th of September, 2021, though some news outlet have the year, 2020 recorded as the year bitcoin was made legal tender in El Salvador.


And bitcoin also become a legal tender in Central African Republic in on 23rd of April, 2022.


I wonder why Nigeria is not on the list, maybe banning cryptocurrency transactions is different from banning bitcoin.

no more than banks!

Yes, 1) El Salvador 2) Central African Republic


Don't know if this list is accurate or not but nice to see that only a few countries are left

Laszlo Hanyecz bought those pizaz

Keep your bitcoins in YOUR wallet. or exchanges

Exchanges should be used for the purpose for which they were created --> Trading.
Get your bitcoins out of there after trading as it is not safe. They can freeze your funds at any time they want.

NOT your keys Not your coins

But, I guess there are way more stuff that could shock/surprise you and most of the people. Like not many people realize is that famous 10k bitcoin for 2 large pizzas were in 2010, not like it was on very first days or anything, it was established a bit when it happened. The price was still quite low of course but we are talking about 2010 here, not 2008 on very first conception or 2009 when it was live, it was 2010, so the idea was around for nearly 2 years before we saw that.

The gradual increase of bitcoin price happened quite exponentially, look at 2 years ago when the top was 20k and bottom was 3.4k, and look at now, bottom is 20k and top is 60k, back in those days 2 years didn't mean any improvement like this at all.

Thanks guys!

Based on the feedback, I have updated the list and will be online soon, thanks

Bitcoin is an investment asset for the long term that has never existed, that's what makes it unique, I was very interested when I heard about bitcoin in some media at that time, and tried to apply the usefulness of bitcoin for the future, it made me amazed when I found out that bitcoin could be traded. use it for digital payment methods and long-term investment, and many more maybe if I tell you, maybe that's all I can say...

The second one is the most important one for me. Only 2% has more than 1 bitcoin. Obviously not everyone has the same address for all their money, so that means 2% of people in crypto do not have more than 1, there are way more people, but we gotta remember there are companies with wallets that have much more, meaning the estimated is definitely less than 5% of the people have less for sure.

That means we are in a world where there aren't that many rich people, and there are many people who are at the same level of income and assets. That type of equality is the reason why I am so interested in it, and if a rich person ever wants to own a lot, they help us by increasing the price as well.

Have you done a research before? Bitcoin doesn't consume a lot power supply! actually USA and China did consume many times higher than Bitcoin. I understand both of the countries are very big and there's a lot industry need to consume energy, but if you're talking to reduce pollution and make more friendly environment, you're need to take care on the big factors, not the smaller one.


https://www.statista.com/chart/18632/estimated-annual-electricity-consumption-of-bitcoin/

Bitcoin is not a future global asset... Bitcoin is already that, it is used now as a currency and asset, in the future the network will improve in many parts, but it will stay as what it is now, and what it has been since its creation: decentralized, inflation-resistance, control-resistance, etc. Stable coins have no role to play in bitcoin adoption, and many countries may not adopt bitcoin, but it is still what it is, and people who want freedom will use it.

Bitcoin is a future global digital assets payment, it saved as money, which many countries we adopted by regulate Bitcoin using the local currency Bank transection directly, sooner or later Bitcoin will be fully recognize and approved, which stable coin we come and play a role because of high volatility effect for a better understanding and save way of holding your crypto assets.

If accumulating would help, you'd risk someone else creating the same address.

So can I expect the second version or the next version to be released in the next few years? Why is it called the first version, this really raises the question.

One fact that is not on your list is that bitcoin has never been favored by the government until recently. The decentralization of bitcoin so far has led governments to think that bitcoin is not a suitable currency for adoption as legal tender, but may be good as a regulated trading or investment asset. It was their version, but I never thought so.

Well, I understand and now I will not worry that there will not be enough addresses for everyone and I will stop accumulating them in my reserve.

This can be attributed to interesting facts about bitcoin with the wording: it is possible to create an almost infinite number of addresses on the bitcoin network.

Thanks for the clarification.

2^160=1461501637330902918203684832716283019655932542976

Thought experiment: 10 billion people create 1 address every second and live 100 years. Use WolframAlpha to get the percentage of unused addresses. I'll give you a hint: 99.99999999999999999....%.

Here are some of the facts or advantage on Bitcoin that made many countries to made it legalized for their citizens to enjoy:
(1)Well secured: this is one of the facts or advantage that made many countries to have interest on Bitcoin because is more secure in the wallet for the users to move around with it in the societies.
(2)Eliminate unemployment:  this is another fact  or advantage that made many governments to make Bitcoin legal in their countries because it help the countries that made it legal to their citizens to reduce poverty and give job to those that willing to work online.
(3)Fast : fast is among the fact or advantage that made many people to be part of Bitcoin investment because is very fast in transaction.

If we talk about the advantages of bitcoin, it is definitely too long for us to tell in this forum, I am also very sure that everyone on this forum already knows about the advantages of bitcoin and the disadvantages of bitcoin, the age of crypto currency has now stepped on a decade, but whose name is pros and cons are definitely there and negative views continue to emerge, in my personal opinion there are very many interesting facts about bitcoin, one of the most interesting facts is that because of its very limited availability, bitcoin transactions also do not require intermediaries and do not require a third person,

OP, when you create threads like this, just consider the following....

Webcrawlers will explore the Internet for information like this, so it is VERY important for people to get accurate and factual information when they type "Interesting facts about Bitcoin" into their browsers and they land on your forum thread.

Go through the posts in this threads where people made very good amendments and comments and then edit your original post to make those corrections. Let's share the best possible "facts" to the uninformed people out there. 

I think this should be rephrased as "You can store your bitcoins in wallets or exchanges"

I checked the link on OP and found this statement here.



I don't see anything wrong with the statement because it explained how DEXs' basically work. But the title somehow can misinform people that it is safe to keep bitcoin on exchanges which is very dangerous to do. Similar to a bank, if an exchange goes bankrupt or suddenly shutdown, it's users can't do anything to recover their assets stored there.

1. And will reach another ATH and then another and so on..

2. 2% of active addresses? I was expecting more addressed to have at least 1 BTC. In general I guess more people own at least 1 BTC but holds in different wallets.

7. Didn't know that there were two countries (Central Africa and El Salvador) until you posted. Would be better if you had posted the name so we don't have to google.

9. Didn't India and Nigeria ban bitcoin too?

10. And more and more will be lost everyday.

15. Keep your bitcoins in your own wallet and never in an exchange. Not sure why you are suggesting others to store their coin in an exchange.

Don't forget that Bitcoin investment is different from fiat investment, because if you fail to follow the Bitcoin rules and condition you will definitely lose your bitcoins at the end of the investment. I think you sold your bitcoins when the price is low in the market, which will not allow you to get what you want from the market at the moment. I will advise you not to give up on Bitcoin, because Bitcoin has helped many people to improve in their businesses that made them to have more interest on Bitcoin investment than any other investment in the societies.

I have some questions about your answer. How many total bitcoin addresses can be created? Is it an infinite set or does the number of possible addresses have a finite value? Could there come a moment in the future when all addresses will be used and it will be impossible to create a new one? Sorry for the somewhat naive questions, but I really don't know anything about this. I have some guesses based on your previous answer, but would like to get the correct information. Thx.

My apologies that you lost 20k (in whatever currency it is).

You may believe there is nothing more to interest you about bitcoin, ^{("no more interesting facts")} but people lose their coins in the network all the time, as i type this, someone is making a mistake that will lead them to lose their coins, just as you lost yours.

But you know what makes the bitcoin network great, none of such losses is or was caused by bitcoin in itself, it originates from the mistakes of the person who lost their money, they did things like:

• trusted centralized exchanges with their bitcoin
• trusted someone else with their seed phrase or keys
• they were hacked because they click links without verifying
• Greedy---they sent bitcoin to someone and wanted it back double>triple
• they downloaded wallets from unofficial sources
• etc...

I lost my 20k buck. For me no more Interesting facts

am not sure about the accuracy of these but i know quite alright there are lots of whales around the world


that's the mining aspect of it but researchers are coming up with more advance technology to ease the PoW, also the use of renewable energy source could reduce the high demanding cost for electricity, new developed ant miners and devices used for mining with less noise and energy consumption were also in place.


while Central African Republic is the second country to  make bitcoin a legal tender


El-Savador and Central African Republic


but remember the difficulty involved to achieve that, the requirements for setting up a mining rig and the cost for the electricity just as mentioned above


some of them still accept it as legal for use but their banks are not permitted to use it


of course its a currency and doubles as an asset as well, just in an advanced digital technology fully decentralized.


bitcoin are not stored on wallets but on the blockchain, wallets only has the public keys to decrypt access to the encrypted coins on the blockchain using a private key. use a decentralized exchange preferably.


that's why it's called mining, you work for it to earn it

Yeah probably we can add this to this threads that we already have:

• Fun Facts about Bitcoins
• 40 Interesting Facts About Bitcoin You Don't Know
• Top-40 interesting facts about Bitcoin
• Bitcoin fun facts
• Bitcoin history, a fact for each day!

I can't argue more on what the OP has shared or at least in that article. Some of them are even known, just like crypto basic for being a bitcoiner.

Perhaps it's better to see what Hal Finney said, that's already part of the history.



https://twitter.com/halfin/status/1110302988

Sorry but I think that some of your facts are not really that interesting because some of us know's it already like in your number one. We know that the latest ath of btc occurred last year but it would be better if you will start on the first ath of btc as that seems more historical and I think that many of us didn't know the exact date yet. Your number 2 seems also wrong.

Yes, btc is now more expensive compared on its early days but I think that many people have successfully accumulated 1 btc for their long years of stay here. There's also bear runs which can cause btc value to dip and this makes it easier for the people to buy more bitcoin.

A more accurate statement is "the most recent ATH was on ...".

Your computer consumes a lot of electricity, is another fact.

This is NOT a fact, it is a guess.

China didn't ban bitcoin though, they banned bitcoin mining.

It is more accurate to say there cannot be any more than 21 million bitcoins.

That is comparing apples and oranges.

This is NOT a fact, the second part is a terrible suggestion.

A more accurate statement is that issuance of new coins is under everyone's control.

Are you advertising your own website?

To be frankly speaking, threads like this have been posted numerous times on the forum, and these are actually not new facts to many of us who have been here for quite along time. But moreover, thanks for sharing this article and putting the link to the source you copied the thread from which is one mistake must Newbies do which leads to banning of there accounts, but here are few of my observations..

You just told us Bitcoin reached its All Time High on 11 Nov 2021 without mentioning the actual value the ATH was because there are people who will love to know, of which I guess was around $68k

And you just told us that Satoshi Nakamoti hodls the maximum Bitcoins without telling us the exact number it is, of which I think he hodls around 1million Bitcoin

And Satoshi is also the name of the inventor of Bitcoin (Satoshi Nakamoto)

While the name of the person who spent the 10000 Bitcoin on two pizzas is called Laszlo Hanyecz

If 0.1% of the total energy produced on a global level is a lot, then what about some other consumers who spend much more and do immeasurable damage to the environment? Bitcoin is very insignificant in this regard, regardless of the fact that the mainstream media persistently pushes that story.


An assumption, not a fact. It has never been proven how many Bitcoins Satoshi mined, so although it is assumed that it is a larger amount, all the numbers that appear in the public are just speculations.


True, but in order to earn Bitcoin through mining, you need a lot of money to set up a mining farm, and to pay all the costs that arise from such an operation. The days of Bitcoin mining with personal computers are a thing of the past.


Technically, we keep our private keys, and Bitcoin is always on the blockchain. Using crypto exchanges as storage is stupid and irresponsible, that's at least something everyone should know.

the article topic creator posted was about active funded addresses(~43m)...
...not all possible addresses that could ever exist now or in the future(the 160b hash converted to address)

EG only 5 addresses contain more than 100kbtc out of the 43million addresses that have funds associated with addresses

Wrong. 99.999999999999999999999999999% of all Bitcoin addresses are empty (and I probably missed a few nines).

i know newies get excited and want to share something they just learned with other newbies. but just blanket copy/pasting a website they just read is repetitive. most people on this forum are not new to bitcoin, they dont need the entry level adverts to entice them into looking into bitcoin. because being on this forum shows they already are enticed

they found this forum after learning about bitcoin. thus dont need the usual entry level sales pitch to get them into bitcoin because they are already involved

EG you dont need to advertise that someone should GO TO walmart.. via leaflets found INSIDE walmart.. as they are already there already

try pasting your stuff you learned outside the forum where you will find more people that dont yet know about bitcoin to show them things they may not know. thus get them to want to learn more by then coming here.

anyway to add to the list

People can not manage well for investment and trading. They use same wallet, same account on exchange for trading and for investment. Perfect is use non custodial wallet for your investment and exchange account, custodial wallet for your trading.

With trading, afford your lose from trading and your lose by any accident from exchanges.

Verify wallet is important to avoid fake wallet and lose money to scammers.

Exchanges are not alternatives for keeping your bitcoins, you exchange your bitcoins there for cash or altcoins.
Wallets that let you own your private keys are the best storage options, such as Electrum^[1] or hardware wallets^[2].

[1]How to Safely Download and Verify Electrum
[2]Open Source Hardware Wallets

Hi guys! These are some interesting facts about bitcoin and i thought i'll share it with the community


1. Bitcoin reached its All Time High on 11 Nov 2021

2. Only 2% of addresses have 1 or more Bitcoins

3. Bitcoin network consumes lot of electricity

4. Satoshi Nakamoti hodls the maximum Bitcoins

5. 1 Bitcoin = 100 millon Satoshis

6. El Salvador is the first country to adopt Bitcoin as a legal tender

7. As of 2022, two countries have Bitcoin as legal tender

8. You can earn Bitcoin through Mining

9. 9 countries have banned Bitcoin (algeria, bangladesh, china, egypt, iraq, morocco, nepal, qatar, tunisia)

10. Only 21 Million Bitcoin would ever be there

11. Bitcoin network has more computational power than the best supercomputer (80 mil vs 122.3 petaflops - Summit)

12. Satoshis are smaller units of Bitcoin

13. You can buy things with Bitcoin

14. 10,000 Bitcoins were spent to buy pizza in 2010

15. Keep your bitcoins in wallets or exchanges

16. First version of Bitcoin was released in 2009 - Cryptography Mailing List, and on Jan. 9, 2009, Block 1 was mined, and Bitcoin mining commenced in earnest

17. Issuance of new bitcoin is under no one’s control

19. No government controls Bitcoin

20. Bitcoin.org domain was registered on 18 August, 2008

21. Bitcoin is open source

22. First transaction was received by Hal Finney - 12 January 2009 of 10 BTC

Source- https://blog.everycoinprice.com/100-facts-bitcoin/

There are 100 more facts on Bitcoin here. So those interested, could check them out