Bitcoin is a technological marvel and while its inner workings are difficult for the crypto newbie to explain (or even understand) there are some amazing bitcoin facts that everyone should know.
We’ve rounded up some of the best facts about Bitcoin so read on.
1. Satoshi Nakamoto is super-rich
Although the identity of Bitcoin‘s inventor, or inventors, remains a mystery, we do know they are very wealthy.
It’s estimated that Satoshi Nakamoto, the pseudonym used by Bitcoin‘s creator, has mined and owns over 900,000 BTC, which is a vast amount of dollars at the current price of bitcoin.
2. No private key, no Bitcoin
If you were to forget about your credit card pin, you can contact your bank and get it reset. Simple!
When it comes to Bitcoin, it’s not so easy. If you misplace your private keys, you’ll lose all your coins.
In fact, back in 2013, IT worker James Howells lost 7,500 BTC which, at the time, were worth approximately $127 million. He claimed that he accidentally threw away a hard disk, which contained the Bitcoin private keys he had mined over the past three years.
And it can even happen to the best of us:
3. The US government owns LOTS of bitcoin
Cryptocurrencies such as Bitcoin may have been created to circumvent governments and their reach, but the truth is that at one given time, the FBI had the second-largest Bitcoin wallet after Satoshi Nakamoto.
In late 2013, the FBI shut down Silk Road, an online drug marketplace, and began seizing bitcoins belonging to Ross Ulbricht (also known as Dread Pirate Roberts), the operator of the illicit website.
At the time, the seizure resulted in a lot of discussion about the cryptocurrency‘s future and saw the FBI control more than 144,000 BTC.
4. Bitcoin supply is limited
Bitcoin’s supply is limited to 21 million units by its built-in algorithm, no more than that amount can ever exist.
This is different from fiat currencies which use an inflationary model. Inflation is a model where central banks can print extra units of currency at will.
The supply will end when the last Bitcoin is mined in the year 2140.
5. No, Bitcoin can’t be banned
It doesn’t take much to see why governments don’t like Bitcoin, but the reality is that the cryptocurrency can’t be banned, only regulated.
The network is designed in such a way that as long as you have an internet connection and a Bitcoin wallet, you can buy and exchange the cryptocurrency.
This is recognised by nation-states also. The senior United States Senator from Idaho, Michael Dean Crapo, has stated the US can’t ban bitcoin due to its global nature.
“If the United States were to decide we don’t want cryptocurrency to happen in the United States and tried to ban it, I’m pretty confident we couldn’t succeed in doing that because this is a global innovation.”
5 Amazing Bitcoin Facts – wrapped up
And that’s it, folks. If you’re ever stuck for a bitcoin fact hopefully one of these may stick for you to use. If you’ve got any cool and maybe lesser know bitcoin facts, feel free to drop them in the comments below.