Some Interesting Facts About BITCOIN

ChiBitCTy

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Quote from: Blawpaw on October 13, 2021, 01:57:54 PM

You forgot to point out that bitcoin has been proclaimed dead several times but it has survived each and every time to become stronger by each death. You could also point out the millions of satoshi's leftovers in exchanges and forgotten addresses.

Lol this is one of my favorite things when it comes to discussing bitcoins history. I can't count how many times people have declared it ( and other cryptocurrencies for that matter) dead. Each time bitcoin bounces back after someone of "prominence" declares it dead, only goes to show how strong and resilient bitcoin is. So far, they've all been dead wrong and I don't see that changing anytime soon.

Ucy

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Quote from: wtsimis on October 13, 2021, 11:56:12 AM

Bitcoin mining consumes energy that can run a mid-sized country. Currently, Bitcoin mining energy usage is estimated at 73 TWh, which can efficiently run a country.

Wish I knew exactly how much of energy that translate to and whether it's worth it.
This shouldn't be seen as something specific to Proof of Work . I think you could have PoW without consuming too much energy unless the energy consumption is worth it and is safe for the environment/society

o_e_l_e_o

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Quote from: Blawpaw on October 13, 2021, 01:57:54 PM

You could also point out the millions of satoshi's leftovers in exchanges and forgotten addresses.

Any money in dead/abandoned/forgotten about exchange accounts is not lost and will eventually re-enter circulation. The coins deposited to exchange accounts have already been swept in to the exchange's central wallets and are still accessible by the exchange in question. All exchanges will eventually close inactive accounts, whether after 1 year, 5 years, 10 years, whatever, and any balance left over in those accounts will simply be erased, with the exchange claiming any coins for themselves.

Forgotten addresses are another thing, and if the address has never been spent from and the public key is unknown, then these coins are unlikely to ever re-enter circulation. However, it is impossible to ascertain for sure how many coins are actually in forgotten addresses, as even addresses which have been dormant for 10+ years have then woken up and sent coins, and it is impossible to prove an address has been forgotten. Even if the owner claims the private keys are lost forever, there is no way for anyone to verify that claim.

Lucius

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Quote from: wtsimis on October 13, 2021, 11:56:12 AM

Bitcoin mining consumes energy that can run a mid-sized country. Currently, Bitcoin mining energy usage is estimated at 73 TWh, which can efficiently run a country.

This data seemed inaccurate to me, because in all possible calculations, annual consumption is estimated at over 100 TWh, more on this can be seen here. Of course, this is a sufficient amount of energy that a country could use in one year - but let's not forget that huge amounts of energy are wasted in various ways. The data says that only one hydropower plant in China annually loses enough energy to mine Bitcoin throughout the year, so any attempt to say that Bitcoin is taking away someone's energy makes no sense.

passwordnow

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That assumption of total lost bitcoins forever, this is standing firm that bitcoin's economy is very sustainable and no matter what happens, there's a remaining market cap for it because of those lost bitcoins.

Quote from: Blawpaw on October 13, 2021, 01:57:54 PM

You forgot to point out that bitcoin has been proclaimed dead several times but it has survived each and every time to become stronger by each death. You could also point out the millions of satoshi's leftovers in exchanges and forgotten addresses.

True.
Based on https://99bitcoins.com/bitcoin-obituaries/ : BTC has been dead for 432 times. Grin

Imran232

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Quote from: wtsimis on October 13, 2021, 11:56:12 AM

............

Well, you share lots of interesting facts. All are interesting because bitcoin is a subject of interest. Though I also gather all you gather from any website by copying and pasting. If you do this, you should mention the sources. Or if you gather it by researching and from lots of sites, then a huge round of applause for you. And we know that the daily transaction number will increase. If you say this post is for newbies, then I think if you update it regularly with the transaction number, it will be great. And I appreciated your hard work. Thanks for the info.

BlackHatCoiner

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Farewell, Leo

Quote from: kaggie on October 13, 2021, 12:45:25 PM

What about the coin from miners that didn't take the full mining reward? Will that diminish the total supply more? I recall a few of these..

Correct. What I meant is that from the very first day, there'd be 20,999,999.9769 BTC maximum and not 21,000,000. Any provably coin burning is excluded from this presumption.

Quote from: Blawpaw on October 13, 2021, 01:57:54 PM

You could also point out the millions of satoshi's leftovers in exchanges and forgotten addresses.

The millions of Satoshi's left overs? What? Satoshi's coins (which is a non-verified fact if they're owned by them) aren't left in exchanges. The guy mined blocks and left the rewards as they were.

Blawpaw

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You forgot to point out that bitcoin has been proclaimed dead several times but it has survived each and every time to become stronger by each death. You could also point out the millions of satoshi's leftovers in exchanges and forgotten addresses.

kaggie

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Also, the first known USD to BTC transaction was on 2009-10-12, for 5,050 BTC, costing $5.02.

https://twitter.com/marttimalmi/status/423455561703624704?lang=en

Quote from: BlackHatCoiner on October 13, 2021, 12:03:59 PM

Quote from: wtsimis on October 13, 2021, 11:56:12 AM

it around 20999987, almost 21 million

Precisely, it's 20,999,999.9769.

What about the coin from miners that didn't take the full mining reward? Will that diminish the total supply more? I recall a few of these..

BlackHatCoiner

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Farewell, Leo

Quote from: wtsimis on October 13, 2021, 11:56:12 AM

20% of Bitcoin has been lost forever

Besides the provably lost coins you can't know exactly or even approximately the percentage of lost coins.

Quote from: wtsimis on October 13, 2021, 11:56:12 AM

that equals $190 billion.

IF they somehow re-entered the circulation they'd have a much less valuation due to the increased supply. So no. They don't equal with $190B. The fact that they DO NOT EXIST is what gives the current 20% of circulating coins the valuation of $190B.

Quote from: wtsimis on October 13, 2021, 11:56:12 AM

it around 20999987, almost 21 million

Precisely, it's 20,999,999.9769.

Quote from: wtsimis on October 13, 2021, 11:56:12 AM

So, bitcoin codes are expected to be a new altered unit.

What's “bitcoin codes”?

wtsimis

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Nowadays, Bitcoin's craze is everywhere. Bitcoin is an astonishing phenomenon in itself. If proofs that any digital currency can take over the banks and governments.
I'll tell some interesting facts about Bitcoin (World's first digital currency)

20% of Bitcoin has been lost forever
As many of us know, 20% of whole Bitcoin has been lost that can't be obtained that equals $190 billion.
668 million Bitcoin transactions
According to the analyst, the total transaction since its creation is 668 million, and it is increasing every day. Now a daily average of 265,714 transactions took place.
The last Bitcoin will be mined in 2140Only 21 million Bitcoin, not exact 21 million, it around 20999987, almost 21 million. The last bitcoin will be mined in around 2140.
The smaller unit of satoshi is already in use. Bitcoin valuation and market cap are increasing day by day, so 1 satoshi has become valuable in small transections in this scenario. So, bitcoin codes are expected to be a new altered unit. The name millisatoshi, shortened as msat, is worth one-thousandth of one satoshi.
First commercial Bitcoin transaction, Laszlo Hanyecz, an early Bitcoin adopter, paid 10000 BTC for two pizzas, worth around $41 at that time. That was the first commercial use of Bitcoin. It is now celebrated Bitcoin Pizza day every year.
The first Bitcoin faucet allocated 5 free bitcoins per day to any users.
Bitcoin mining consumes energy that can run a mid-sized country. Currently, Bitcoin mining energy usage is estimated at 73 TWh, which can efficiently run a country.

Maybe, many of us knew these facts, but some newbies will love to know these facts. Cheesy

Resources: https://www.coinmama.com/blog/40-surprising-facts-about-bitcoin/
https://www.fool.com/the-ascent/cryptocurrency/articles/7-facts-about-bitcoin-that-will-surprise-you/

Topic: Some Interesting Facts About BITCOIN (Read 212 times)