The world of bitcoin and cryptocurrencies tends to get a little serious sometimes. Keeping up with the price movements and financial and trading predictions can be taxing. It can even be disheartening when things are not going the way we would like them to go. Sometimes we might even forget why we decided to jump on the bitcoin train in the first place. So today, we have prepared a list of some interesting facts and anecdotes about bitcoin that can remind everyone what fascinating stories this little coin has had in the past 10 years of its existence.
If you’ve been around for a while, you probably already know these, but even then, we hope it will make you remember the first time you’ve heard about bitcoin – the cryptocurrency that definitely changed the lives of so many.
1: The Bitcoin Whitepaper dates back to 2008 but the original idea goes back to the ‘90s
Satoshi Nakamoto only published the now world-famous Bitcoin Whitepaper in 2008, just over a decade ago. But the idea of a peer-to-peer digital currency goes back way further. In the early ‘90s, a group called the cypherpunks also entertained the idea of such system but back then, they lacked the proper technology to really act on their ideas.
2: Peer-to-peer – no more unnecessary banks
The idea of bitcoin places huge emphasis on the system being a peer-to-peer network. After all, if one individual wants to send a certain amount of money to another individual, why do we need any intermediaries to do so? Maybe in the age of pigeon post it was essential to have someone else involved, but today’s technological advancement makes peer-to-peer not just a mere possibility, but a feasible reality.
3: No more waiting time and expensive transaction fees
And with the banks taken out of the equation, the waiting times and also the costly transactions are gone. The banks were able to get away with those because there were no other alternatives. You had to accept those conditions if you wanted to use their services. But it’s not the case anymore, the monopoly of the banks is long gone.
4: No discrimination
While in social issues like employment and equal opportunities, discrimination is slowly disappearing (though even there, we are far from perfect), in financial circles discrimination is still visible and thriving. If you don’t have a certain socio-economic background, banks can easily refuse services to you. But BTC is for everyone. It doesn’t discriminate based on anything.
5: Bitcoin was only 3 cents
Well, okay, so that was a couple years ago, but we really did start out with 1 bitcoin costing only 3 cents. Those days are long gone now (as of writing, 1 BTC is worth over $8500). But just looking back at that initial price makes you wonder just how far the cryptocurrency is able to go.
6: The celebrities are all on board with bitcoin
Whether it’s Ashton Kutcher, Floyd Mayweather or Kim Kardashian, we all probably know a famous person (a singer, an actor, a sportsperson and whatever Kim K is actually famous for) that has a bitcoin or any other types of cryptocurrency. But even if we don’t trust celebrities in these sort of things, we might be interested in something that the Winklevoss brothers advocate for. And they are 100% for bitcoin and cryptocurrencies as they have several crypto projects, including their very own exchange.
7: Bitcoin is not simply for everyone – it’s also mutually beneficial
The more people invest in cryptocurrencies, the more it’s going to be worth. So instead of hiding all your business secrets, it’s actually more beneficial for everyone when we share our information so we can get more people involved. If we really want to go with a cliché here, we might even say: teamwork makes the dream work.
8: We’re going to the moon!
There’s a couple famous catchphrases and slangs in the crypto world, but probably the most famous is the victorious battle cry of ‘To the moon!’. Instead of building spaceships (we’ll leave that to Mr. Musk and maybe NASA), in crypto circles ‘to the moon!’ simply means that we’re hoping that our beloved altcoin is going to very quickly increase its price. And in the end, the price curve is going to go outside the graph and leave for the moon – or something like that.
Oh, the sweet feeling when you mistype something and then your typo is preserved for an eternity… One bitcoin forum user once mistyped ‘I’m holding’ to ‘I’m hodling’ (meaning they are not selling their coins, but holding out for a higher price) and then the whole community leeched onto that one phrase… And the rest is history.
10: One satoshi, two satoshis, three satoshis
A little lesser known fact is that bitcoin is not actually the smallest unit of… well, bitcoin. Even though everyone seems to use fractions of bitcoin when they’re talking about an amount that is smaller than one whole coin, there’s actually a smaller unit, too, called satoshi. One bitcoin is worth 100 million satoshis – named after the original creator of the cryptocurrency, Satoshi Nakamoto.
11: BTC ATMs
ATMs don’t only exist for when you’re trying to get some cash out of your bank account. There are also bitcoin ATMs if you’re in dire need of some crypto, too. If you’re ever in Budapest, you might want to check out the bitcoin ATM in Lurdy House or in Wiener Szalon where you can buy and sell bitcoin and other cryptocurrencies.
12: Bitcoin and economic sanctions
One really cool thing about cryptocurrencies is that they can also be used to avoid economic sanctions. We can see this already happening, for example, in Iran where the US imposed economic sanctions can be avoided by using crypto transactions instead of relying on banks.
13: And finally, who is Satoshi Nakamoto and where on Earth is (s)he?
The biggest question in bitcoin history: who created it? Satoshi Nakamoto was the pen name that was used in the Bitcoin Whitepaper but it is still unknown to the general public who actually is behind the cryptocurrency. Some people claim they do know Satoshi, some even say they are Satoshi – but no one seems to know for certain. But maybe it’s for the best – this way bitcoin really is everyone’s crypto, while simultaneously being no one’s. Maybe that was Satoshi’s wish all along: to remain out of the spotlight to ensure that bitcoin is in no way centralized. One thing is certain: wherever you are, we salute you for everything you did!