Bitcoin For Dummies, 5 Year Olds & Non-Bitcoin Users

Bitcoin For Dummies, 5 Year Olds & Non-Bitcoin Users – Yup Folks – Ever since I started to get inquiries on Personal Branding through Bitcoin Miners & Bitcoin Holders, I started to wonder – what in the world is this Bitcoin Thingy? So given that I have no idea what Bitcoin is – I decided to do some research myself and find out what exactly is a Bitcoin. So here is my research. Let me know if I am right, not right or if I need to change any information.

More about Bitcoins – https://en.wikipedia.org/wiki/Bitcoin

Loy Machedo

Bitcoin was founded by Satoshi Nakamoto in 2008
Bitcoin is otherwise known as Electronic Money or Virtual Currency.
Bitcoin is a Peer-To-Peer payment system
Bitcoin is not a physical currency
Bitcoin offers an alternative to regular payment, banking & financial systems
Exchanges are made through a wallet software.
There exists no central bank or authority to regulate prices i.e. No single entity of Government has control over Bitcoin
Bitcoin started with 3,000 lines of codes, today Bitcoin codes are over 100,000 SLOC
The maximum number of Bitcoins allowed are 21 Million.
All Bitcoin Transaction Data is Transparent and can be seen on Blockchain
There are approximately 3,600 number of Bitcoins mined everyday
Satoshi Nakamoto is a fictitious name. No one knows if he is a he or she. No one knows if it is one person or many.
Bitcoin Transactions are measured in Satoshi/Byte – 1 Satoshi = 0.00000001 Bitcoin
The 1st Bitcoin Transaction was from Satoshi to Hal Finney
The Value of 1 Bitcoin was USD .30 cents. As of 30th November 2017 – it is valued at 10,000 USD
Bitcoin network is more powerful than 500 supercomputers of the world put together
The Number of Bitcoins rewarded for Mining halves every 4 Years.
After 64 halfs, all 21 Million bitcoins will be in circulation
Bitcoins have been known to lose 80% of their value in over a few days
30,000 Computers are working right now to mine Bitcoins
17 Million Bitcoins are expected to be in use in 10 years
A new block of coins is ‘solved’ every 10 minutes
90% of all Bitcoin addresses have less than 0.1 BTC
Ethereum with 29 Billion & Bitcoin Cash with 9 Billion are the big Cryptocurrencies at the moment.
By May 24th 2017, Satoshi Nakamoto was believed to own $4.7 Billion in Bitcoin worth.
The top 1,000 Bitcoin holders control 35% of the total Bitcoin in circulation
One single Bitcoin Transaction consumes 4,000 times more energy than a credit card transaction
On May 22, 2010, two Pizzas cost 10,000 Bitcoins. Today the value of that transaction would be close to USD $110 Million for those two pizzas.
From March 2015 to February 2017, Bitcoin Transaction fees went up by 1300%
Refunds are not possible on Bitcoin. In 2016, a Bitcoiner accidentally sent $137,000 instead of $5. He never got it back.
70% of banks have participated in experimenting with Bitcoins
As of today, Bitcoin market capitalization is 75.88 Billion
65% of the Bitcoins may never be used.
The value of your bitcoin is based on the supply and demand of the existing Bitcoins & its users
Blockchain – a Bitcoin wallet raised $40 Million from Google & Richard Branson
Circle, Blockstream & Digital Asset Holding are the 3 big bitcoin startups
FBI owns 1.5% of all the World’s Bitcoins
Blockchain ledger technology if used by the top 10 investment banks could save anything from $10 Billion to $15 Billion USD
As of 2015 – only 800 citizens filed taxes on Bitcoin income
Mt Gox in 2014 was the largest Bitcoin exchange to get hacked and declare bankruptcy. May 2016, creditors of Mt. Gox had claimed they lost $2.4 trillion
Bithumb in 2017 got hacked of its Bitcoins
In 2013 – SatoshiDice was the 1st Bitcoin acquisition with 126,315 Bitcoins
In 2013 – Nakowa won 11,000 BTC on a gambling site. Today that is worth 113 Million Dollars
Chinese Mining pools control 81% of all the Bitcoin networks
Between 2016 to 2017 – A chinese company mined 20% of all the bitcoins in that year.
As of November, Bitcoin on GITHUB has 17,000 Stargazers & over 10,000 Forks
If you lose your wallet, you lose your Bitcoin forever. James Howell lost 7,500 Bitcoins because he destroyed his Hard Disk. that is around USD $77 Million USD in today’s money
SHA256 – A cryptographic hash function is used in bitcoin address creation
The 4000th Bitcoin was donated to Wikileaks
Alphabay Phispher and Phishkingz made $1,000,000 by stealing Bitcoins
Life on Bitcoin was a documentary where Austin Craig & Beccy Bingham lived on Bitcoin for 90 days.
The University of Nicosia, Cyprus was the 1st university to accept Bitcoins as its Tuition Fees
OkCupid is a dating site that accepts Bitcoins
In 2013, More than 200 Businesses held a Bitcoin “Black Friday” sale event
In 2013, A man in New York put up his house for sale for Bitcoins
Virgin Galactic accepts Bitcoins for its proposed space travel
Microsoft, Dell, Expedia, Paypal, Network, Dish Network, Overstock, accept Bitcoin payments
Pizza can be purchased in Netherlands using Bitcoin
Limousines can be rented in the US using Bitcoins
Mel B became the 1st artist to accept Bitcoins for her music
200,000 is the lowest amount of Bitcoin Transaction which have been used per day
On 1st April 2017, Japan officially recognized Bitcoins
Japan has over 300,000 stores that accept Bitcoin.
The Bitcoin millionaires are – 1) Roger Ver with 52 Million 2) Charlie Shrem with 45 Million and Dave Carlson with 35 Million
As of 2014, FPS, Switzerland, Belgium & CBT Findland exempts Bitcoin transactions from VAT
As of November 2017 – The Bitcoin Market Cap is 15 Billion
As of November 2017 – CryptoCompare Yen accounts for 45% of Bitcoin Buying
Kreuzberg – a part of Berlin accepts Bitcoins in all shopping areas
Falcon a Swiss Private Bank is the 1st bank to sell Bitcoins to its clients
Lamborghini is the 1st Car Company to accept Bitcoins in exchange for Cars
In 2013, Thailand banned Bitcoin
In 2013, China banned banks from trading in Bitcoins
In 2016, Bank of Thailand suggested it is not illegal
As of 2017, there are 1,450 Bitcoin ATM’s in 55 countries
From 2018, Chiasso, Switzerland will accept taxes in Bitcoins
Bitcoin is illegal in Saudi, Bolivia, Kyrgyzstan, Ecuador & Bangladesh
Genesis Coin with 48.5% and General bytes with 19.74% are the biggest Bitcoin ATM producers
North America has 75% of the World’s Bitcoin ATM’s
Argentina saw a surge in Bitcoins when its own currency saw massive inflation
Liberland – a Micronation accepts Bitcoin as a Reserve Currency
Once all the Bitcoins are mined – transaction fees will drive miners to work to earn their fees.
Litecoins is a competitor to Bitcoin which uses a different technology for mining
In 2011, A Physical Bitcoin began begin marketed by a company in the USA. However, it got shut down after the US Treasury got news of it.
Alderney is the 1st jurisdiction to announce plans to mint physical Bitcoins
Ross Ulbricht was arrested on charges of running Silk Road
80% of all the Bitcoins mined by Dread Pirate Robert have never been sized.
Dread Pirate Roberts was the Pseudonym of the operator of the Silk Road Website who took 7% of all the Bitcoin sales
Exchange Rates – BTC/USD, BTC/EUR, BTC/RMB are some of the leading exchange websites that list Bitcoin alongside other currencies
In 2013 – A journalist from Bloomberg was given a Bitcoin on live TV by one viewer and it was promptly stolen by another viewer.
Jet Li was the 1st actor to receive Bitcoin donations that brought about attention to the Chinese Authorities