Home Finance Five interesting facts you didn’t know about Bitcoin (BTC)

Five interesting facts you didn’t know about Bitcoin (BTC)

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Bitcoin has been a tremendous success as a decentralised currency which is being used by thousands of people around the world who like their privacy. From the beginning when the Bitcoin Price in USD was 0.0001 to its all-time high of USD 19,783, it has seen some intense highs and lows. Here are some interesting facts about this coin you may not have known.

  1. Bitcoin’s creator holds nearly 1 Million coins

Nobody knows who Satoshi Nakamoto, the creator of Bitcoin is. There are speculations however that it could be a group of people or companies who brought forward the idea. But it is known that he was the only miner of Bitcoins for the first ten days after its creation. The original coins that were first mined (often referred to as Satoshi Coins) are still unused. It can be verified ,that there are about a million bitcoins in wallets that are linked to Nakamoto.

  1. Bitcoin’s highest gains were in 2010

Although Bitcoin’s popularity and demand skyrocketed in 2017, its gain that year of 1400% wasn’t the highest. It made it to the headlines mainly due to the sudden spike in popularity and the huge worth in dollars. Going by the percentage basis, Bitcoin did way better earlier. In 2011, Bitcoin went from USD 0.31 to USD 6.18, which is a 1,894% gain. Even the best Bitcoin Price Prediction back in 2013 couldn’t have foreseen a 5,488% gain in its price from USD 13.44 to USD 751. The biggest gain so far was in 2010 when Bitcoin went from USD 0.0015 to USD 0.31 which is an incredible 20,566% increase. As per the latest Bitcoin Price Prediction by CoinSwitch, BTC Price may touch 50K by 2023

  1. Most of the Bitcoins remain unused

A majority of the Bitcoins that have been mined have never been used. Of the over 17 million Bitcoins that have been created, or mined, 64% have never been used. Some of that is likely lost forever as many early miners have either misplaced or lost their keys. Consider the case of James Howells, a miner who lost 7500 bitcoins in 2013. Howells lost his hard disk that contained the private keys to Bitcoins he mined in 2010. Therefore, although there are 21 million coins in total that will be mined eventually; the actual number of coins that will be in circulation will be less in the millions.

  1. The FBI once owned 1.5% of the total Bitcoins

The Federal Bureau of Investigation was the world’s second highest holder of Bitcoins after Satoshi Nakamoto. When the FBI busted the Silk Road drug market in the September of 2013, the agency took hold of all the 30,000 coins that belonged to Silk Road’s admin, Bread Pirate Roberts. FBI then went on to seize another Bitcoin wallet that held 96,000 Bitcoins in a similar bust called ‘Sheep Marketplace’.

  1. Bitcoin’s transaction fees have seen a peak of USD 54 – The next time you Buy Bitcoin with credit card on CoinSwitch or any other leading crypto exchange, consider the fact that the Bitcoin transaction fee was ridiculously high when it was in full boom. At its peak the transaction fees reached USD 54.90 in Dec of 2017. Although the transaction fees have dropped to much lower in the following year, it remains one of the major obstacles to Bitcoin’s adoption.

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