Top 9 Interesting Facts on Mining Cryptocurrencies

Are you into cryptocurrencies or Bitcoin in particular? Maybe you are slowly getting into this world? It doesn’t really matter if you are a pro or a beginner, this article is for everyone! In fact, right here we will discuss and explain some interesting and unique facts that you probably didn’t know of. Keep on reading and find out a bit more and enjoy these 9 facts regarding mining cryptocurrencies!

1. The ”real” father and founder of cryptocurrencies

Bitcoin is known as the very first cryptocurrency, and it is the most talked-about cryptocurrency in the world, wouldn’t you agree? However, the history of money based on cryptography goes back to times way before Bitcoin! In fact, DigiCash is the ancestor of Bitcoin, although without blockchain.

Because of that, it didn’t jump to mainstream use and it wasn’t as talked about, ever. Its creation dates back to the early 90s. It was founded by a young American crypto enthusiast David Chaum. He wanted the transactions to be anonymous, and it wasn’t controlled by any government financial bodies.

2. The first-ever Bitcoin transaction was for pizzas

Are you a pizza lover? If so, you will find this fact super funny! The first-ever transaction was for two pizzas that were bought for 10 000 BTC. This happened in 2010, and once converted to real money, this was around 25 USD back in that time. Currently, Bitcoin is worth 6 500 USD, which means that these two slices would have been 65 million USD! Laszlo (the pizza lover), has significantly overpaid his two slices. It is one of the most talked-about topics online, on some forums, as well as among Bitcoin & cryptocurrency fanatics!

3. The first-ever BTC faucet gave away 5 BTC per one user

This may sound a bit shocking, but this has happened in 2010. The creator of the website called Gavin Andersen allowed each user to receive 5 Bitcoins as creating the account. This way the creator was promoting his site, his game, as well as the crypto value itself. Nowadays there is a huge gap and everything is different with faucets. For instance, a site called Bonus Bitcoin allows you to claim 5000 Satoshis every 15 minutes. Once converted to dollars, this is about 0,3$, depending on the current Bitcoin price. You will get around 5-10 Satoshis for free on most sites, which is quite little nowadays.

4. There are other even smaller units

Most people worldwide believe and feel as if Satoshi is the smallest unit since it is considered as almost nothing. Bitcoin is divided into 8 zeros after the decimal point, as you probably know it by now? However, this doesn’t mean that you can’t divide Satoshi as well. Once you do the math and the equation, you will get a unit called Millisatoshi, which equals one-thousandth of Satoshi.

5. The bitcoin wallet

Did you know that there are Bitcoin wallet private keys? Well, they are integers from 1 to 10 to the power of 77. If you were to guess a private key of a BTC wallet, you would have to spend years exploring it. You would have to have a lot of computing power. These mathematical equations are something that others haven’t witnessed just yet. If you are a crypto user and you want a crypto wallet, just know that it is a bulletproof solution, literally!

6. At one point, there have been 184 billions of BTC

You are well-aware of the Bitcoin blocks, right? Well, a block number 74 638 has had a unique error a few years back. This led to the creation of a huge number of new BTC coins, over 180 billion of them! However and in only 5 hours, experts were able to create a new version of Bitcoin called 0.3.10. Because of this glitch, a huge amount of Bitcoin was ignored, but people have accepted the change.

7. No one knows about the real and true inventor of Bitcoin

The most popular cryptocurrency in the world doesn’t have its rightful owner written next to its name! Was it one person, persons, or an entire organization? We still don’t know, even to this day! Thus far a lot of people have stepped up and have tried to claim Bitcoin. However, none of them were credible and you couldn’t believe their statements. People believe that a creator of bitcoin is Satoshi Nakamoto, hence the name Satoshi’s (read the fun fact number four). However, another popular belief is that it is an acronym for some larger names & tech giants, such as Samsung- Toshiba-Nakamichi-Motorola.

8. Bitcoin has been banned, is your country still on the list?

Did you know that some countries can ban cryptocurrencies completely? Although this can be quite hard to do & determine whether if it is the right move to do, the following countries have made the call:

  • Algeria
  • Bolivia
  • Ecuador
  • Nepal
  • Bangladesh
  • Cambodia

9. Cryptocurrencies will do more good than harm

Think about eCommerce, and embrace cryptocurrencies! Internet connectivity is available in third world countries, which is great. On the other hand, opening a bank account over there can get difficult. Bitcoin and similar currencies will help eCommerce reach a lot of people in the world. Cryptocurrencies are great as a payment tool, and they can come in handy – no matter where you are in the world (as long as if it is not one of the previously mentioned six countries).

Want to give it a try?

So, what do you think of these top 9 facts? Did you know some of them already? Or maybe you know something that we don’t, so care to share in the comments down below?! Either way it is, everyone can fall in love with Bitcoin and the world of cryptocurrencies. If you want to know a bit more about them as well as the trading check, give a click! They have answers to some of your most-asked questions.