10 Interesting facts about Blockchain

Jul 1 · 3 min read

Blockchain is a complex and exciting subject and the facts that accompany it are numerous.

Whether you are a novice or an expert in the field, there may be things you may not know about Blockchain. I hope this article will bring you some additional knowledge.

Here you will find 10 interesting facts about Blockchain:

1) Bitcoin was created by Satoshi Nakamoto. Is that a woman, a man, a group? Nobody knows. The 10 years of speculation isn’t just on the price of Bitcoin, but also on the creator’s identity. Over the years, several people (and I have one in particular person in mind when I say this) have tried to pretend to be him. How foolish!

2) Bitcoin was alone at the beginning of the road. That’s why it is the “master”. All other coins are called “altcoins”. The first altcoin was Namecoin, created in April 2011.

3) In October 2011, Litecoin arrived! Litecoin and Namecoin are both alive today, among more than 2000 cryptocurrencies. Bitcoin started the game. Some of the 2000+ cryptocurrencies are a scam, some are serious (as Horizen, who arrived in 2017), some are semi-serious. There is even a cryptocurrency built around… a dog!

4) There is no blockchain without cryptography, but that doesn’t mean that all blockchains are encrypted! Cryptography finds its roots in the Cypherpunk movement, best known from 1990–1992, but born in 1980 (cryptography already existed, the Cypherpunk Movement made it proactive). There is a famous mailing list, the Cypherpunks electronic mailing list. The ideas contained within were used by Satoshi Nakamoto to create Bitcoin. Is Satoshi also cypherpunk?

5) Bitcoin turned 10 years old in 2019. The first Bitcoin transaction was for two pizzas, for 10.000 BTC (now 10.000BTC is worth approximately 102.620.000 dollars. I hope the pizza seller decided to HODL!).

6) Bitcoin isn’t anonymous, this is pseudonymous. Some of Tor’s users were a bit confused and regret some sales and purchasing.

7) Who owns one of the largest Bitcoin wallet after Satoshi Nakamoto? The FBI. After shutting down the Silk Road, the darknet site involving criminal activities in 2013, the US government confiscated a large amount of Bitcoin. The authority decided to sell off some of the BTC through an auction.

8) It’s estimated around 2 million bitcoins are stolen and 4 million bitcoins are lost to date. (according to https://thinkmaverick.com) So keep your private key safe!

9) Bitcoin (and cryptocurrencies in general) is forbidden in some countries: you will find the list here.

10) The world banking sector will save up to $20 billion by 2022 by implementing blockchain, according to a study conducted by Accenture.

11) [ BONUS ] The last anecdote of this article but not the least… Another fool made public a bet on Bitcoin price. He stated that Bitcoin will reach 1 million by the end of 2020. If not, he promised to… Well, decency makes me tell you to look at this tweet on this subject instead.

You can learn more about blockchain and cryptocurrency at the Horizen Academy

And you, which fact do you find interesting and you would like to add to the list? Let me know!