TOP BITCOIN FACTS YOU SHOULD KNOW AS A BEGINNER

Bitcoin use, perception, and acceptance have grown dramatically in the second decade since its invention by an anonymous person or group of persons by the name of Satoshi Nakamoto. Bitcoin has transitioned from being the “internet money” used by computer geeks or by those who thrive in the dark world of illicit activities, to being a currency that is being adopted officially by some countries (Bitcoin is a national currency in El Salvador and the Central African Republic).

There is much to Bitcoins that will certainly beat your imagination and put you in awe as to why such an obscure, insignificant, geeky Bitcoin White Paper, published by Satoshi in 2008 could be this impactful.

Here are 10 other facts about Bitcoins you may not be familiar with;

1. The Creator of Bitcoin – Satoshi Nakamoto Might Still Be Alive

The identity of the Creator(s) of Bitcoin – Satoshi – has remained elusive for over a decade and not a word has since been heard from him, leading many to speculate that he is probably dead. At least, that is the consensus. However, there is not enough evidence to suggest that to be true. He may have simply remained silent and for good enough reasons.

Satoshi’s date of birth is April 1975 (48 years) – young enough to be alive. Some of his last correspondence was released in April 2011 where Satoshi said

Satoshi’s final correspondence,;” I’ve moved on to other thin

If Satoshi is alive, he will technically be among the richest persons on earth with over 1.1 million Bitcoins in his wallet.

2. 20 Percent of Bitcoin’s Total Supply Are Considered Lost Forever

According to Chainalysis, about 4.000,000 Bitcoins, representing 20 percent of the total Bitcoin supply, are considered lost forever (over $100 Billion at the time of writing this). This value includes about 1.1 million coins in wallets believed to belong to Satoshi Nakamoto which has never been moved, wallets belonging to persons who have lost their private keys forever, stolen funds, or deceased individuals. It is still relatively common these days for people to lose their wallet keys forever due to ignorance or negligence.

Source: New York Times

Other notable “lost Bitcoin” wallets include one unknown MtGox wallet containing 80,000 Bitcoins, Stephan Thomas’s wallet containing 7002 Bitcoins, James Howells’s -8000 Bitcoins, etc.

3. The Last Bitcoin To Be Mined Will Out-Live All Us Alive Today – The Year 2140

Although over 92 percent of all Bitcoins that ever will exist have already been mined, the last Bitcoin to be mined is expected to be around 2140. The Bitcoin White Paper specifies a total of 21 million, from which over 19.2 million were mined in 14 years. The current block reward is 6.25 Bitcoins -emitted every 10 minutes.

What then happens after the last Bitcoin is mined? Well, miners will no longer receive block rewards for mining activities. They will only receive transaction fees for verifying transactions. It will be interesting to see the economic dynamics that will play out by then, with all the mining farms relying solely on transaction fees.

Photo credit: https://unsplash.com/photos/9kY3ubf9BrI

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