Although the entire crypto industry has had a great year, the new hype around Bitcoin seems particularly justified. BTC has set an all-time high of $111,999 in May. Since the April 2024 halving event, most experts believe the ATH could be surpassed again soon.
If you plan to buy BTC, use the Bitcoin calculator to learn about its current value and how much you can get for your investment. In the meantime, read these fascinating facts about Bitcoin to learn more about the currency.
1. Creation of 184 Billion BTC in 2010
From the start, the plan was to have no more than 21 million bitcoins in circulation. The mining process has already made over 93% of that number available. That scarcity is partially the reason for BTC’s current value since it increases demand.
Bitcoin developers take security seriously, but mistakes can still occur. In 2010, an unknown user identified a flaw in the source code. They used it to make 184 billion BTC coins with a single block. The mistake was quickly noticed in the community, and the developers corrected the bug by releasing a soft fork in less than six hours. The patch restored the blockchain to its state before the creation of those coins, with code that would reject potential overflow transactions that could cause this type of mistake.
It’s worth noting that the problem happened in 2010. Bitcoin was only worth $0.3 and wasn’t a huge hit like it is today. The network has undergone numerous updates since then, which have collectively contributed to enhanced security. The developers continue to implement changes and discuss updates, such as the one where Bitcoin transitions to proof of stake at some point. This means that such a significant exploit, like the 2010 bug, is unlikely to occur again.
2. The First Recorded Bitcoin Transaction
An important day in the history of BTC was May 22, 2010. According to reports, that’s when the first Bitcoin transaction ever occurred. Laszlo Hanyecz bought two pizzas with bitcoins, and the entire transaction took place on the Bitcoin Talk forum.
The transaction wasn’t direct, but Laszlo posted that he’d like to buy two pizzas and is ready to pay 10,000 BTC. Another user took up the offer and paid for the food delivery to Laszlo. The pizzas were estimated to be worth around $25, while the Bitcoins the user received were valued at $41. Today, 10,000 BTCs are worth over $200 million!
3. Possible Candidates for Satoshi
Although Bitcoin is the leading crypto, we have no idea who created it. The developer only revealed his pseudonym as Satoshi Nakamoto.
Speculations are always interesting, and these are our best guesses on who could be Satoshi:
- Hal Finney. Finney was a respected community member and a pioneer in Bitcoin software. As an encryption expert, he could have been the creator of BTC. Finney passed away in 2014 due to ALS, a degenerative disease.
- Nick Szabo. Szabo suggested the smart contract concept as far back as 1994. He even designed Bit Gold, which many consider a precursor to Bitcoin and the first digital currency.
- Wei Dai. The pattern is evident — cryptographers are the top guesses for BTC creators. Dai created B-Money in 1998, and many of its ideas later became part of the BTC’s white paper.
- Adam Back. Back’s Hashcash project utilized the proof-of-work concept, which Bitcoin later adopted in its mining mechanism.
4. Bitcoin’s Market Capitalization Exceeds PayPal’s
PayPal is the leading global electronic payment network, with over 432 million active users in 200+ different markets. The estimation is that PayPal’s market cap is around $71.4 billion.
What if we tell you that Bitcoin’s market capitalization will exceed $2 trillion in 2025? It significantly exceeds PayPal, and it’s obvious why more people are attracted to it. Transactions are more anonymous, and it’s easier to send money, especially if you transfer it overseas.
5. Liberland’s Adoption of Bitcoin
Vit Jedlička is a Czech politician who strongly believes in libertarianism. In 2015, he founded the Free Republic of Liberland. Jedlička found a small, unclaimed piece of land between Serbia and Croatia and decided that it would be the territory of an independent country.
Liberland doesn’t have official recognition from any country. The interesting thing about this micronation is that it bases its economy on cryptocurrency — having adopted Bitcoin. The idea is for financial transactions to occur on the blockchain while also being recorded in the country’s systems.
6. Some Countries Banned Bitcoin
Liberland is a positive example, but many countries also ban the use of Bitcoin. China is the most significant example. Although it was once a major market component, China limited crypto activity in 2017. It banned trading platforms and mining a few years later. The government stated that money laundering and financial stability were the reasons for the ban. As an alternative, it offered the digital yuan (e-CNY), a central bank digital currency (CBDC) controlled by the authorities.
Potential criminal activities were the reason for the crypto ban throughout Africa. That included Algeria, Morocco, Ghana, Libya, and Egypt. Bolivian authorities in South America had also banned crypto trading, but the Central Bank lifted the blanket ban in 2024; regulation is still evolving in 2025.
7. Bitcoin Black Market
Bitcoin and other cryptos aren’t centralized and offer a high degree of privacy, which makes them suitable for illegal activities. In 2011, Ross William Ulbricht created a darknet market called Silk Road. Its goal was to provide a marketplace for illicit transactions using Bitcoin.
The transactions on Silk Road typically involved hacked passwords, illicit drugs, and stolen private data. The FBI uncovered the operation in 2013 and shut it down. They seized over 144,336 BTC. Ulbricht was sentenced to life without parole.
8. Bitcoin Has Been Sent into Outer Space
Genesis Mining brought an interesting idea to life in 2013. They created a weather balloon and inserted a Bitcoin paper wallet into it. The balloon was sent into the Earth’s stratosphere and reached an altitude of over 20 kilometers.
That’s where the first space transaction occurred. Genesis managed to transfer a couple of Bitcoins to and from the wallet in the balloon. They even made another flight later to increase the altitude to 34km!
Conclusion
Bitcoin has had an exciting journey, and the odds are that the future will be equally fun. The currency has a strong potential, especially since everyone agrees it’s the crypto market leader. If you are a crypto enthusiast, BTC could be a wise investment. Always keep it on your shortlist and consider the right moment to add it to your portfolio!
Image by Pete Linforth & Jaydeep Joshi; Pixabay
