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Bitcoin facts that you didn’t know about

Bitcoin is the most famous and widely used cryptocurrency, and it is becoming increasingly popular in light of the massive adoption of crypto in many countries around the world. Yet there are some facts about Bitcoin that can surprise even a crypto enthusiast. Let’s find out more about the first crypto. 

Bitcoin facts

A lot changed since the Bitcoin launch in 2009: cryptocurrency is now being on its way towards global acceptance and worldwide use. Exeno, the first online store with direct crypto payments in BTC, ETH, BTCV and USDT, is a prime example of how cryptocurrency has evolved and how its role has changed: from something unknown or purely speculative to a medium of payment. 

The cryptocurrency was not born popular. Some time ago, it needed promotion, and here is a way the crypto community chose to handle that. 

‘The Bitcoin Faucet’ and the  5 BTC per user giveaway 

As unbelievable as it may sound today, Bitcoin back in 2010 appeared to be such a nameless and strange invention that it was shared out free of charge for popularization. On a website called ‘The Bitcoin Faucet’ established by Gavin Andersen, every user could get 5 Bitcoins for free. All they had to do was to complete a captcha and get/obtain now precious but then not so valuable BTC. 

The main idea behind the website was to turn Bitcoin from a small concept popular within a small community of crypto enthusiasts to a global phenomenon, a worldwide borderless currency. And, as you can already notice, it has worked out. Until the website closure in 2012, 19,700 BTC had been distributed among the early crypto users and Bitcoin has started to gain in popularity.  

That campaign had paved the way for other Bitcoin faucets such as FreeBitco.in, Cointiply, and Faucethub. These sites have played a huge role in the popularization of cryptocurrency. 

Satoshi, a Bitcoin subunit

A Bitcoin subunit estimated at approx. 0.00000001 BTC is named after the Bitcoin creator – Satoshi Nakamoto (pseudonym of a person or a group of people), a satoshi. On the 12th of October, one satoshi was priced at $0.0005716, which is a tiny fraction of both BTC and the US dollar.

However, a satoshi is not the smallest subunit of Bitcoin: a satoshi itself can also be split into subunits called Millisatoshi or MSAT. In terms of conversion, 1 Millisatoshi is 1/1000 (part) of a satoshi.

By the way, in the background picture of this article, there is a statue of Satoshi Nakamoto in Budapest, Hungary. It’s the first monument dedicated to the anonymous creator of Bitcoin.

Physical BTC coins 

A tangible form of BTC is called Casascius: it is usually a gold-coloured token marked with a Bitcoin logo, now mostly owned by niche collectors. 

Casascius was invented in 2011 by Mike Caldwell and came in different forms: in coins and bars. The production of Casascius continued till 2013 and during that time, a total of 27,938 Casascius coins and bars with an estimated value of 91,262.8 BTC were minted.

Not all Casascius coins are tied to actual Bitcoin. Some of them come with a private BTC key, some don’t but either way, their value as a collectable is undeniable. As the quantity of such bars and coins is limited, Casascius is currently being considered to be an attractive investment opportunity.

Bitcoin is a fascinating phenomenon as a currency beyond borders and without third-party restrictions. On Exeno.com, you can shop by means of Bitcoin together with ETH, BTCV and USDT. Read more about the shopping process at Exeno here.

External sources: 

https://freebitco.in/site/faucet/

https://coinmarketcap.com/alexandria/glossary/casascius-coin

https://bestchange.medium.com/top-5-rare-facts-about-bitcoin-cryptocurrency-8a430abdc973

https://www.simplilearn.com/things-you-didnt-know-about-bitcoin-article

https://coinmarketcap.com/currencies/satoshi/

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