In this article, we will discuss the unique facts of Bitcoin. There are 7 unique facts that you don’t know.
You know that Bitcoin is “The King of Crypto”. Because it is not only the most popular, Bitcoin is also considered to have the most utility and the best fundamentals.
Perhaps, the facts about Bitcoin were discovered by Satoshi Nakamoto and only have a maximum supply of 21 million we will not discuss in this article. Because this article will discuss unique facts that you don’t know yet.
So this article is not only for beginner traders, but also suitable for traders who are already pro or for researchers such as students who are studying at university.
Let’s learn about 7 Unique Facts You Didn’t Know About Bitcoin:
So far, you know that the maximum supply of Bitcoin is only 21 million BTC. When in fact the maximum total supply of Bitcoin is 20,999,987,4679 BTC.
So, why has it been called 21 million? There is no definite reason why people actually fulfill it to 21 million BTC. It could be so that the pronunciation is simpler.
However, this is good news for all of us. Because if the supply or supply of Bitcoin is getting less, then the price can increase. Because one of the factors that most influences Bitcoin price movements is supply and demand.
The second unique fact is that it is still unclear and it is still not revealed who the real Satoshi Nakamoto is. Is this person a person or an institution?
Because Satoshi Nakamoto has been recognized as an anonymous name. Because people hide who the real Bitcoin founder is.
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But do you know, the literal meaning of the name Satoshi Nakamoto? The name comes from Japanese where ‘Satoshi’ means a wise person.
Then, ‘Naka’ means inside or inside. Meanwhile, ‘Moto’ means ‘relationship’ or relationship.
The name Satoshi is actually quite attached to us. Because this name is the name of the main character in the Pokemon Anime Movie and also the name of the filmmaker, Satoshi Tajiri.
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The next unique fact about Bitcoin is that if the unit of Bitcoin is BTC, so is the unit of Ethereum, namely ETH. For example, suppose we want to buy Bitcoin with the amount of 1 BTC.
However, did you know, the smallest unit of Bitcoin is the Satoshi. 0.0000001 BTC is equal to 1 Satoshi. There is also the smallest fraction again, 0.00000000000001 BTC equal to 1 Milisatoshi.
This fraction was used because BTC was already expensive and difficult to obtain in the mining world. So, people exchange or transact using BTC for a very small amount.
This is also the reason why Bitcoin can be purchased on Indodax starting from only IDR 10,000. This also means that 1 Bitcoin can be owned by billions of people. So, even if the supply is small or only 21 million pieces, you don’t need to run out of bitcoins.
The next unique fact about Bitcoin is that Satoshi Nakamoto is believed to have mined 700,000 to 1.1 million BTC using a single Windows computer from 2009 to 2010.
The Bitcoin community believes that none of the results from BTC mined by Satoshi are circulating.
It can be concluded that there are about 1.1 million BTC stored and not circulated. So, the bitcoin supply is getting less, which could be the reason for the price increase.
5. Bitcoin is not the first cryptocurrency
Next, the unique fact of Bitcoin is that Bitcoin is not the first cryptocurrency to be invented. In fact in 1989, David Chaum created Digicash.
However, Satoshi Nakamoto’s Bitcoin was the first decentralized asset created by a human.
6. FBI Confiscates 1.5 Percent of Bitcoin from Black Market Silk Road Website
The next unique fact about bitcoin is the moment about The Silk Road Website. The FBI has successfully confiscated 1.5 percent of the total Bitcoin in existence from the black market site The SIlk Road.
The FBI eventually seized the site and added new security features to prevent the Bitcoin black market from running again.
7. Accepted as Payment of Tuition Fees
The last unique fact about Bitcoin is that Bitcoin is also accepted as a tuition payment at one of the Universities. In the previous article, Indodax.academy has written a unique payment for the athlete’s salary and buying a supercar using Bitcoin. But,
Nicosia Cyprus university is the first university to accept Bitcoin for tuition payments. Naturally, because Cyprus has also legalized Bitcoin transactions.