1. No one knows the originator. An anonymous man named Satoshi Nakamoto began publishing his “white paper” business plans for Bitcoin. He hired computer programmers who were involved with the “cypherpunk” movement to build the technology. After a while, he completely disappeared. While there are theories, no one truly knows who he is beyond the shadow of a doubt.
2. A unit of Bitcoin is called a 'Satoshi byte' - Just as dollars can be divided into cents and pounds into pence, Bitcoins also have their own denominations, but they are much smaller. Named after the mysterious inventor, 1 Satoshi byte is worth 0.00000001 Bitcoin, a tiny amount!
3. You can not ban Cryptocurrencies - No law states that holding or trading Bitcoin is illegal. Many governments have tried to do so and failed. Bolivia, Vietnam, Bangladesh and Thailand, among others, have attempted to prevent cryptocurrency trading, citing threats to their financial systems. However, because of the nature of the system, it is virtually impossible to ban altogether. It must be regulated instead. So, while Bitcoin trading and mining are illegal in several countries, it still occurs almost everywhere worldwide.
4. It is Limited in Supply. Unlike Fiat Currencies - You might have heard about bitcoin mining – the process from which bitcoins are generated digitally. So, does this mean that there is an infinite number of bitcoins? Unfortunately not. The number of bitcoins remains limited due to a pre-defined schedule. As we approach the grand total of 21 million, the mining process is becoming significantly more difficult.
5. Pizza Was The First Thing Purchased Using Bitcoin!!!! - The first bitcoin transaction took place between Satoshi and Hal Finney in 2009, and the first recorded purchase was made for – you guessed it – pizza. Costing a mere $25, 10,000 bitcoins were spent in total for a slice of cheesy heaven.
As of today that is $361,581,000.00.
***Cries in Dominos***
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