It really feels like cryptocurrency has been around for quite some time, with many modern websites being able to accept payments in cryptos and even let you process withdrawals on it. However, the nature of Bitcoins and cryptos has always been a controversial one, and many people still don’t trust them and don’t want to have anything to do with them.
In any case, we know how great cryptos can be and why so many people love to wager on bitcoin casinos. We have, in fact, reviewed some of the best crypto casinos on this site, so you can take a look at them and play the best games with your wallet currency as you like. It’s time for us now to take a look at 10 facts about bitcoins that you don’t know.
Given how popular they are and with so many people using them in wagers, you may want to get to know them better and appreciate them a bit more. Some of these are quite intriguing, and we’d like to share them with you!
Did you know that there is a Bitcoin Pizza Day, much like the regular Father’s Day or Mother’s Day? The first ever purchase that was ever recorded to have been made with bitcoins was from a man (whose name is Laszlo Hanyecz) that used a set of bitcoins that he has mined to make a purchase of pizza for his own. This was a revolutionary day, as this was the first time that a payment was made in cryptos to an official establishment. By then, though, cryptocurrencies weren’t worth as much as they are today – especially the bitcoin itself. In fact, since this was almost 10 years ago, you could purchase bitcoins with less than a dollar.
You could get a handful of them for a few cents! We are sure that the man is regretting it now, but he actually paid 10000 BTC for a single pizza! Little did he know that money would end up being worth millions of dollars today, but hey, it has happened to the best of us. Now, not even the best bitcoin casino will willingly give away over a few BTC in free cash, let alone 10k! As such, the day this man made this purchase is now known as the Bitcoin Pizza Day. It is celebrated on the 22nd of May. Buy a pizza to celebrate!
Have you ever heard of people talking about bitcoins with different terms, such as BTC, mBTC or satoshi? Well, each of these terms holds a particular meaning. In the case of a satoshi, it’s often used to talk about quantities of 0.00000001 BTC. That’s the smallest amount of bitcoin that is able to be processed, and it’s worth much less than one dollar. However, some people to process payments with satoshi and it can be quite useful when speaking in terms that don’t reach the thousand mark, which allows people to talk about bitcoins as if they were any other sort of currency in the world. There are also other terms used to talk about small sums of other cryptos, so this isn’t an exclusive thing to bitcoins themselves.
Many people think that using bitcoins as a form of payment will instantly lead to an untraceable transfer, which has lead people from all over the world to attempt illegal buys and purchases with bitcoins, having many of them being successful in the past. However, even though a bitcoin transfer is much harder to trace, it’s still not impossible to do it with the right tools and access to certain data. Bitcoin purchases don’t require the person to enter their information when doing a transaction, which means that the personal info is never at stake, not are any credit card pieces of info that might be traceable by banks or other state-regulated entities.
However, there are other things that can be quite troublesome and could lead to data being traced back to whoever made the transaction. For example, whenever you log in to make a payment in BTC, you will leave a physical address noted on where the transfer happened. Tracking this address could be done to see where it was made, and therefore link you to the transfer itself.
This needs to be done by some veteran or expert, as it’s not as easy as it sounds, but it’s still possible to do it. Some criminals have been caught using this method! If you don’t want to be traced, you might need to use a VPN when transferring bitcoins. Thankfully, this isn’t an issue if you wager on bitcoin casinos, as the sites that we have reviewed are all but trustworthy and legal. There’s nothing to hide!
The nature of the bitcoin is as unknown as it gets. No one really knows where they come from, who created them, or even how they came to be. What’s true is that there have been countless types of speculation theories that have arisen trying to figure out who made the bitcoins what they are today, but to no avail, as none have come out with the truth.
At least not that we know of. Many people suggest that bitcoins were created by a small group of programmers that simply came up with the idea and created a self-sustainable system that was impossible to illegalize, as it existed within the core roots of the internet. It’s hard to tell if this is true or not, but if it is, those guys are completely rich right now.
The creators kept a portion of the bitcoins that are to be released to the world, which means that they have what it takes to live the rest of their lives quite comfortably. Some others suggest that bitcoins were created by mega corporations, so a conglomerate of worldwide industries actually owns the traffic of bitcoins and can control it. This is highly unlikely, but people think that it can be true. If so, it would be one of the most brilliant corporate moves in history, but it would make the whole bitcoin issue a sort of pyramid scheme.
The number of bitcoin owners keeps growing by the day, and as of 2020, there are over six million people using bitcoin wallets! Shamefully, there are many of them that aren’t in use, which means that many bitcoins are actually out of circulation and, presumably, forever lost. It is in fact estimated that over 25% of the total amount of bitcoins is lost forever!
We don’t know exactly how many people use bitcoins, as it’s quite difficult to tell an exact number, but you can have a good idea of how many bitcoin wallets there are in the world and how many people operate them. Many share their wallets with others, so even if there are over 6 million wallets in the world, it’s highly likely that the number of users is much, much bigger.
In any case, this massive growth has also allowed new companies to flourish by accepting payments in bitcoins, which is why online casinos have become so popular. The fact that the money is hard to trace makes it better for these online casinos to offer their services on places where it’s not legal to wager online, as players are highly unlikely going to get in trouble if they do.
Did you know? The Federal Bureau of Investigation is the owner of one of the biggest bitcoin wallets in the world! The FBI has a bitcoin wallet worth more than $120 million, making it one of the biggest stashes of virtual currency in the world. They use the wallet to store confiscated funds and keep money safe from attacks, and the money is unused most often than not. It does help to fund FBI activities, though, so the use often goes undisclosed.
There aren’t as many bitcoins as you can imagine. Part of why the system works so well is that the number of bitcoins that exist and will exist is limited, and people knew this from the start, which is why the money thrived and kept on existing and growing in price. There will only be 21 million bitcoins in existence, which are expected to be in the market in the year 2140. Yes, you read that right. There are still many more years to come before bitcoins are not created any more, which means that mining will be a thing for years to come.
As the currency has become more and more popular, paying with it has stopped being seen as a cliché by modern enterprises. Some people don’t like the volatility of it, but some companies do take the risk and allow people to pay in bitcoins if they feel like their products are worth being sold on them.
You won’t find transactions as huge as the 10k bitcoin purchase of pizza made many a year ago, but you will be able to use mBTC to pay for some products in some online establishments. There are also physical establishments that are accepting bitcoins as a form of payment, with some of them even having wallet access points throughout the stores.
This growth is expected to continue in years to come as long as the value of bitcoins remains at least a bit stable. If the BTC keeps fluctuating too much and drops down in value as it did in 2018, things can get a bit trickier for the industry. However, as regulations seem to not be going bitcoins much damage, it’s likely that the value will keep on rising as demand increases.
Losing your bitcoin key is the worst thing that can happen. You will never be able to retrieve it. In fact, there have been cases where people have lost bitcoin keys that would give them access to over 5000 BTC, which is, well, quite an enormous sum of cash. Part of the magic of bitcoins is that they can’t be stolen, but you do need a wallet key to be able to access them.
If you lose it, then that’s that. You’re done. Your money is gone. Be sure to keep it safe at all times and share it with no one – you’ll need it whenever you intend to access your digital currency! The most famous case of losing a crypto wallet was when a man had thrown away his old computer and a few other things way before bitcoins where a huge thing, and then remembering what he had a few years down the line. The man had thrown away over 50 million dollars worth of bitcoins, which are lost to never be recovered again.
It’s not really possible to ban bitcoins, even though regulations can be put in place to control the use of them in the outside world. Governments might impose regulations on the use of currency and sanctions to those who use it, but in reality, given how difficult it is to trace, it’s not possible to ban it altogether. That’s why the bitcoin price dropped when the US government imposed some regulations on it a few years ago, but it came straight back up again. It’s not possible to ban the use of cryptos or limit its existence. Bitcoins show just how well the economy can work with no banks to support it, and that’s why so many people love to wager with it!
The Casino Wizard got you covered. Check our list with the best Bitcoin casinos to suit your needs here. Just be sure that you know all about bitcoin gambling before you begin - we have a full guide for you.
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