The Cryptocurrency market is not even a decade old but still, it is a trendsetter which took the concept of digital medium for exchanges to a completely next level. Bitcoin is the Cryptocurrency which came into light in the year 2009 and during this tenure, some really insane facts about cryptocurrency came into light. Here are these exciting facts that might leave you dumbstruck.
- The mystery of the founder
It was in the year 2009 when the real code of cryptocurrencies was developed. But the founder of the most famous kind of cryptocurrency- the bitcoin, is still unknown. Though Satoshi Nakamoto owns this credit, there is no real connection found. He even did not claim the ownership of the bitcoin code.
- May 22: Bitcoin Pizza Day
On May 22, 2010, a person used 10,000 bitcoins to make a payment of two pizzas at Papa John, which was around $25 at that time. What he didn’t know was that the 10,000 bitcoins which he spent in 2010, became worth $179,000,000 in 2017. Since then, this day is celebrated as Bitcoin Pizza Day to recall the most expensive pizza in the history.
- Cryptocurrencies are highly volatile
Bitcoin came into the market in 2009, when its value was $0.003. At this cost, people barely gave any attention to it and just ignored this negligible value. To the surprise of all those people, the value of bitcoin reached $17900 by December 2017. But then in 2018, the value falls to $6,000. Within just two months, bitcoin shed 2/3 of its value. Being highly volatile, bitcoin is termed as an asset which can bring surprising profits or losses.
- Losing your bitcoin private key is merely losing all your bitcoin
In November 2013, a guy lost his 7,500 bitcoins as he innocently threw this hard disk while cleaning his desk, which even had the private keys of bitcoins. When the news of bitcoin going high spread out, he tried searching for its hark disk but never found it. Later then in 2017, to his surprise, the 7,500 BTC which he lost was worth $19.4 million.
- It cannot be banned
Bitcoin works in a pattern which is entirely outside the jurisdiction of the banking system traditionally used, the fundamental design on which it works given the bitcoins the ability with which it cannot be banned but it can only be regulated. People can engage in bitcoin for any time they want, all they need is the internet connection and a bitcoin wallet.
The market of cryptocurrency has become a matter of interest since last few years. Because of its volatile nature, there is always some unexpected outcome of these bitcoins. Even though bitcoin is now facing downfall, but still the people who invested in it are still waiting for the golden time, just like it struck in 2017.