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Lesser-Known Facts About Bitcoin

Most of us are already familiar with Bitcoin. After all, due to the fact that this cryptocurrency has been shattering records left and right, it has become a trending topic and we’ve read pretty much all of the general things that we need to know about it.

But, in this article, we wanted to focus on some of the lesser-known things about it. We are going to explain some interesting facts that slip under the radar of many people but are still worth knowing. Without any further ado, let’s dive into the details.

The First Official Transaction

All of us know that Bitcoin was created in 2008. Additionally, it is a well-known fact that the creator that goes by the pseudonym Satoshi Nakamoto remains a mysterious person. We don’t know his true identity. But, do you know what was purchased with the first Bitcoins? The answer might surprise you.

In 2010, the first official transaction made with this cryptocurrency was for pizza. Yes, that’s right. Laszlo Hanyecz purchased pizza at Papa John’s in Jacksonville, Florida. As for the total price that he paid, it was 10,000 Bitcoins. If you are wondering how much are 10,000 Bitcoins worth today, the amount will blow your mind – it is around $396,842,000.

Battling Bitcoin’s Volatility Rate

Next up, one of the most recognizable characteristics that Bitcoin has is its high volatility rate. That is why its value is subject to daily changes. It can literally rise or fall in the thousands of dollars with each passing day. Take the recent Tesla investment into Bitcoin as an example. After the car manufacturer invested $1.5 billion in Bitcoin, the price of this cryptocurrency surged over $4,000 in less than a week.

The volatility rate is the greatest ‘enemy’ of traders as they are having a hard time deciding when is the best time to sell their Bitcoins and maximize their profits. But, reputable trading sites such as British Bitcoin Profit  use advanced automated softwares that collect data about Bitcoin from the market and use it to make accurate predictions on its future fluctuations.

The results are shared with traders and they possess the most powerful tool in battling Bitcoin’s volatility. These advanced services are the reason why trading has never been more efficient and effective.

The Cause of The Massive Price Surges

We’ve all seen how Bitcoin has the power to spike in value in just a day. But, what is the main cause of such drastic surges? Of course, one of the main factors that influence is supply and demand, which is the same as any other product.

But, one factor that is often overlooked is halving. Bitcoin halving is an event that takes place every 4 years. Its purpose is to cut the circulation of Bitcoins into the network and make them hard to earn. Logically, the harder it is to earn Bitcoins, the more expensive they are. History showed us that Bitcoin always spikes a year and a half after these events end. Considering the fact that the last halving event was in May 2020, experts believe that Bitcoin will peak in the fourth quarter of 2021 and possibly reach a price of around $100,000.

Celebrities and Companies That Are Linked With Bitcoin

Research has shown that there are around 5 million people that have invested in Bitcoin. More so, trading has turned around 100,000 of them into millionaires. But, did you know that this cryptocurrency is supported by the likes of 50 Cent, Gwyneth Paltrow, Serena Williams, Paris Hilton, Logic, Russ, and Snoop Dogg? All of these celebrities have invested in Bitcoin at some point.

Additionally, Bitcoin is an accepted payment method at global brands such as Starbucks, Wikipedia, Overstock, Whole Foods, Home Depot, Shopify, and Expedia.

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