7 Bitcoin Facts You Didn't Know About

. 3 min read

There is a ton of content about bitcoin out there! Most of it is either  written too technical or so vague that does not offer any real value for you. In this list of interesting facts about bitcoin we aim to offer you the basics about Bitcoin’s history, how it works, special features, and more in simple but valuable words. Let’s dive into some Bitcoin interesting facts!

N°1 The creator of the bitcoin protocol

Known by the pseudonym Satoshi Nakamoto. Until today it is not known if it is a person, group of people, government organization, company, etc. Many people have claimed to be Satoshi Nakamoto, but none have yet provided any conclusive evidence.

Why is this important? While you, and many others may be curious about the founders of world changing technologies, in the particular case of Bitcoin, the individual/s who created it becomes irrelevant. Keep reading to understand why!

N°2 Capital letters do matter!

Bitcoin with a capital “B” refers to the bitcoin protocol/system. While bitcoin with a lowercase "b" refers to the token or cryptocurrency used for value transactions.

Why is it important? In the world of cryptocurrencies there is a lot of discussion about both technical and economic issues in which it is of utmost importance to differentiate between protocol and token.

N°3 "Bitcoins" does not exist!

The word bitcoin is used both for singular: "I have a bitcoin" and plural: "I have three bitcoin". In Spanish it is pronounced, without getting exquisite, as it is written.

Why is it important? As in everything, to keep a standard when talking about Bitcoin.

N°4 Physical bitcoin?

Bitcoin only exists digitally. It does not exist as a physical currency. As a general rule, anyone that wants to sell you bitcoin as a physical currency is a scammer. However, there are coins that have the 01 bitcoin private key engraved and protected by a sticker, but again, bitcoin is not a physical currency.

Why is it important? Understanding that bitcoin has no representation as a metal or physical currency is essential. Also this helps you not to be deceived by people who take advantage of the ignorance of others.

N°5 "Jan 03, 2009” a special date for the Bitcoin community

Have you ever seen on social networks people who have “Jan 03, 2009” on their handle or biography? That's because that day the first Bitcoin block (Genesis Block) was mined and with this, Bitcoin's life began! This is why people in the Bitcoin community commemorate that date.

Why is it important? Knowing the origin and timescale of the Bitcoin blockchain, and identifying some signs of the people who support bitcoin can be very interesting.

N°6 Paying for the pizza with bitcoin

Laszlo Hanyecz convinced a friend to pay 02 pizzas with a credit card in exchange for giving him 10k bitcoin, that is, $ 72,179,800 at the time of writing this article! Can you imagine how it must feel today? Unlike what many think, he did not convince Domino’s Pizza to accept the payment.

Why is it important? It is one of the first recorded times that someone agreed to pay for a real word product with bitcoin. This milestone was the first step of bitcoin as a currency.

N°7 Bitcoins do not fall from the treetops

Bitcoin are cryptocurrencies/tokens issued as a reward in the proof-of-work mining process. In simple words, bitcoin is the reward to people or companies that validate information into the bitcoin blockchain.

Why is it important? Knowing this, fraudsters will not convince you that you can earn “BitcoinSsSs” for free just by “investing” a few dollars. In addition, it is an important concept to understand how the Bitcoin protocol can self-manage and does not need a central authority.

Final words about bitcoin facts

We hope you enjoy these facts about bitcoin! There are more interesting facts about Bitcoin the protocol and bitcoin the token that we will be releasing in the next publications. We would like to mention that all these facts are inspired by Andreas Antoponopoulos who is one of the most renowned people in the bitcoin ecosystem and whose educational content has helped millions of people to understand more about bitcoin in a friendly manner.

One thing I’ve learned about bitcoin is that it is a whole new thing and for that reason it could be complicated to understand at first. A decentralized protocol that does not need an intermediary in order to work synchronized? Only that fact is a mind-breaker for most of us! So one tip about this world is that be patient, educate yourself, and “Don’t trust, verify”.

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Until the next article!