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5 Fast Facts About Bitcoin

5 Fast Facts About Bitcoin

We’ll give you 45 minutes starting now. We’re sure you would think you have a good level of financial literacy but do you think you can name all the different cryptocurrencies out in the world today?

You know what? We’re so confident you can’t do it that we’ll give you 72 hours. Come back to this post in 72 hours and leave us a list of all the cryptocurrencies you can think of and we promise we’ll give you one you forgot.

We’re just kidding… please keep reading this post. 

Our point is… none of us will probably ever list all the cryptos out right now but we’re willing to bet that one specific word came to mind when you first saw “cryptocurrencies” in line two of this post… Bitcoin.

Bitcoin is the most globally well-known cryptocurrency available, and it is also worth a SERIOUS amount of money. At the time of writing, one bitcoin is worth approximately $47,709 USD. 

Are you reading this only having ever heard the word bitcoin but still not really understanding what it is?

Read on for five fast facts about Bitcoin. 

1. Bitcoin was launched in 2009 by an anonymous individual/group under the pseudonym “Satoshi Nakamoto”

A mystery to this day, we still don’t know if “Satoshi Nakamoto” is a person or group of people but we know that he/she/they are who is responsible for creating Bitcoin, the first and most valuable cryptocurrency to date.

The next time you consider investing or start thinking about Bitcoin, take a moment to thank (or yell, depending on what side of the fence you’re on) “Satoshi Nakamoto” for either helping you make money or ruining your life.

 2. Bitcoin Pizza Day Actually Exists

In 2010, a man from Florida made the first ever commercial purchase using Bitcoin. Laszlo Hanyecz paid 10,000 Bitcoin – now worth an estimated $477 million – for two Papa John’s pizzas. What’s the most you’ve ever spent on a pizza order… maybe $50 bucks? 

Imagine how you would feel if you were this gentleman. 

On account of this historic transaction, May 22nd is now celebrated as National Bitcoin Pizza Day, although we’re sure no one is going to spend Bitcoin on pizza nowadays. 

Vegetarian pizza in foreground with tomatoes and mushrooms in background

3. One Country Accepts Bitcoin As Legal Tender - El Salvador

El Salvador became the first country to legally begin accepting Bitcoin this past September. Will other countries follow suit? We’ll just have to wait and see.

Reports since the central American’s adoption of the cryptocurrency as legal tender have come out suggesting that the system has not been a success by any means but that could be for a plethora of reasons, which we do not have time to delve into here. 

What is the future of Bitcoin as legal currency? Who really knows…

4. There are 100,000 Bitcoin Millionaires in the world

As many as 100,000 people now have $1 million stashed in Bitcoin, as of September 2021. Bitcoin surged in price and value when Elon Musk’s car company, Tesla, announced it was buying $1.5 billion worth of Bitcoin around February of 2021. 

We’re sure all the early adopters of Bitcoin are now thanking Mr. Musk for the move this company made to help the value of their investment soar but the least they can do is send him a nice fruit basket too… right? 

Person counting money on top of calculator and papers

5. Market Value of All Bitcoin Exceeds 1 Trillion (November 2021)

According to Investopedia, the current value of all existing bitcoin is 1.03 TRILLION dollars. In 2011, a Bitcoin could be purchased for between $1 and $30 dollars, so we hope you were one of the early few to invest in Bitcoin because you would be MEGA RICH right now if you were.

Did this post peak your interest about Bitcoin and leave you wanting to know more about the cryptocurrency that seems to be taking over our lives today? 

Check out Explorer Hop’s Bitcoin program to help you and your child learn more about the basics and nuances of Bitcoin in a fun & easy-to-understand class that we are confident will demystify how Bitcoin works and give you a serious advantage when it comes to picking the right crypto.

Sign up for our Become a Bitcoin Pro class right now to take advantage of this opportunity – whether you are a seasoned investor or new to the game – and get a leg up as you prepare for whenever you are ready to dive headfirst into the real world of Bitcoin and cryptocurrencies!

Happy crypto-learning and good luck!

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