Five facts you need to know about Bitcoins, Know it's value, use, first purchase, pizza, owner

January 23, 2018
First Published On: January 23, 2018

A worldwide online payment system, Bitcoin is generating an enormous amount of interest from the people and the main reason for people using this cryptocurrency is its dramatic increase in the price. So as per general interest, we are here to give you five quick facts about the cryptocurrency known as Bitcoins.

We know that the term Bitcoin is quite popular among people. So how much do you know about Bitcoins? It is said that the Bitcoin is the first decentralized digital currency as it works without an administrator or central bank, so do you wanna know in detail about Bitcoins which reportedly has changed many small investor's life? If yes then check out these five interesting facts about Bitcoin that will get you interested in buying them.

Five facts you need to know about Bitcoin

In the year 2002, the domain name- was registered. And in 2009, the bitcoin network came to an existence after Satoshi Nakamoto (the name used by the unknown person who designs bitcoin and creates its reference implementation) mined the first ever block on the chain which is known as the genesis block. The coin-base of this block was embedded in the following text:

The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks

Bitcoin- Have no set value or inherent

Till the date, there is no any other currency or anything from which Bitcoin inherited its worth. And this is the actual way that Bitcoin has it's unique and stable value. 

Youtube: Five facts you should know about Bitcoin;

Though the price for buying a bitcoin keeps varying every day, It has its certain value which depends on what services were provided.

Bitcoin- Investor is still Unknown

We are not telling it's 100% true that the inventor of Bitcoin is still unknown. Since the date of the inception of Bitcoin, there were several speculations regarding- who the father of Bitcoin is?

[ CAPTION: Bitcoins creator is a Mystery ][ SOURCE: Listverse ]

The Bitcoin whitepaper was made open to the mass under the pseudonym of Satoshi Nakamoto and the identity of Satoshi is still an unsolved mystery.

Bitcoin- Is untraceable and Bitcoin is not untraceable

If you wanna make a Bitcoin transaction then your name and identity are not used in any form, only your public address is available.

[ CAPTION: Bitcoin ][ SOURCE: ]

But in the same way, the blockchain is a permanent leader which is always transparent and if in any case, someone knows your Bitcoin public address then they can easily see how much bitcoins you hold and what transaction you made.

Bitcoin- Can't be BANNED

Just because Bitcoin works outside the jurisdiction of the traditional banking system, there is a continuous talk about Banning it. However, Bitcoins' design is such that it cannot be banned, it only can be regulated.

Also read: Five facts you need to know about Anonymous Group, Know all

[ CAPTION: Bitcoins can't be banned ][ SOURCE: Cryptoren ]

Many countries like Bolivia, Bangladesh, Vietnam, and Thailand tied to ban it but there are some countries which have made an official legal tender and are regulating it. The countries are Australia, Japan, Russia, Austria, and Venezuela are regulating the use quite well.

Bitcoin- First Bitcoin purchase was for Pizza

The Bitcoin's first transaction worth of 10.000 coins was made to buy a $25 pizza. Hal Finney and Satoshi made this historical purchase in 2009 and if you have ever noticed then May 22 is celebrated as Bitcoin Pizza Day. But have you ever questioned yourself that why May 22 is celebrated as Bitcoin Pizza Day?

[ CAPTION: Pizza was the first things purchased with Bitcion ][ SOURCE: Cryptoren ]

Well, if you haven't  then let us tell you that many years ago on 22 May, someone brought Piazzas with bitcoins and the purchase really was a big deal, as no retailers were accepting bitcoins at that period for goods and services.

[ CAPTION: Bitcoin's pizza ][ SOURCE: ]

And on May 22, 2010, Papa John's Pizzas were exchanged by Laszlo Hanyecz for 10,000 BTS and this was the 1st official documented purchase goods used by bitcoins.