7 fun facts about BITCOIN

in bitcoin •  last year

Fun facts about BITCOIN!

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  • Bitcoin.. for pizza?

The first official Bitcoin purchase was for Papa John's Pizza in 2010. Laszlo Hanyecz paid 10,000 Bitcoin for two pizzas, worth $41 at the time.

Poor guy couldn't have thought it would be worth $40+ Million now

High School Kid Made $1 Million on Bitcoin

  • Erik Finman, a high school drop out decided to start investing in Bitcoin when it was worth $12. He now owns 403 Bitcoin, worth around $1.09 Million.

Formal education may make you a living but self-education might just make you a fortune

  • Bitcoin is Projected to Reach One Million Dollars in 10 Years

Experts say Bitcoin may be worth $500k - $1M within 10 - 15 years

If this is the case we're going up - way up

  • Bitcoin Mining is Profitable Only With a Supercomputer

All you need for the process is a computer but the problem is the power.

To attain Bitcoin, miners use special software to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine. Easy right?

But this takes A LOT of power. For small time players, it is simply not profitable enough. The cost of the power consumption makes it a difficult business to be in. Not to mention that the difficulty of mining Bitcoin is increasing constantly!

  • Power Struggles

Speaking of electricity... As of July 2017, Bitcoin mining ranked 71st in the highest power usage worldwide. That's more than all of Iceland.

  • 21 Million Bitcoin to be mined

It was predicted in February 2017 that in 2018 80% of all Bitcoin will have been mined.

What happens when all 21 Million Bitcoin have been mined? Unless we see major changes to the original Bitcoin protocol then Bitcoin becomes even more valuable.

  • Could Satoshi be Hiding in Wait?

Wallets linked to the original coins, mined in the first days of it's existence, are all linked to the anonymous person, or group, called Satoshi Nakamoto.

These wallets hold roughly 1 Million Bitcoin.

***THAT'S OVER $4 BILLION! ***

There is a theory that these wallets, which hold 4.8% of all Bitcoin, could come back into circulation when there is no more to mine.

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Thanks for the post,
@originalworks
I think the original coins are held as a means to put faith in the coin.
If they stopped being anonymous or sold, it would be a signal to holders that the bubble is popping.

Having the mystery puts faith that the coin has a grander

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Epic breakdown!

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Dam, I hope that pizza tasted good! Good for Erik Finman, sometimes school just isn't for everyone but you can still be a great success story!

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School may not be necessary, but education is. He can easily waste that money if he doesn't know how to spend it

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So true! Knowledge is power, empower yourself! We believe in the importance of open source education platforms

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That would be the idea. Internet is the centenial scientific revolution. Last one was steam power, now we see steem power XD

Interesting fun facts! For me, that electricity usage is scary.

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Most certainly