Bodog’s 13 Crazy Crypto Facts
15 years ago, someone under the pen name Satoshi Nakamoto published a paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”. The paper described a digital cash system based on a peer-to-peer network where people could make transactions amongst themselves without needing a financial institution or government to be involved. Shortly after the publication, Bitcoin became available, and the rest is history.
Bitcoin has since experienced many spikes and dips over the years as it marches forward, increasing in value exponentially since inception. We’ll talk about some of those spikes and dips below, as we fill you in on 13 fascinating crypto facts that you may not be aware of.
Bitcoin Created as a Move to Decentralization
When the very first Bitcoin called the “Genesis Bitcoin Block” (Block 0) began on January 3, 2009, there was a cryptic note embedded in the form of a timestamp that said: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” It refers to an article published in the London Times about Chancellor Alistair Darling strongly considering bailing out the banks for a second time as lending dried up. The appeal of a decentralized currency was paramount.
True Identity of Bitcoin Creator Remains Unknown
The name Satoshi Nakamoto is an assumed pseudonym for the founder(s) of Bitcoin. The author has never revealed any personal information, and many theories exist based on computer science and cryptography experts.
Statue of “Satoshi Nakamoto” Unveiled in Hungary
To build on the last point, a statue of the anonymous Bitcoin creator Satoshi Nakamoto was placed in a business park in Budapest, Hungary in 2021. The bronze statue has minimal facial features and is wearing a hoodie with the Bitcoin symbol on the chest.
First Retail Bitcoin Transaction: Pizza Delivery
The first “retail transaction” involving Bitcoin happened in May 2010—roughly one year after Bitcoin hit the market. 10,000 mined Bitcoin were exchanged for two Papa John’s pizzas, including delivery. However, the pizza place did not accept Bitcoin as a payment option at that time. In order to circumvent this, the person ordering the pizza (Laszlo Hanyecz) posted the deal on a crypto forum, offering 10,000 BTC to anyone who would purchase and deliver the pizzas to his doorstep. Enterprising 19-year-old Jeremy Sturdivant took the deal and the 10,000 BTC (equivalent of roughly $41 back then). Now, May 22 is known as Bitcoin Pizza Day in the cryptocurrency community. How about that for a crazy crypto fact?
Engineer Loses Millions in Bitcoin to Dump
James Howells is often cited as the person who suffered the most for losing his private key. His hard drive was unintentionally disposed of at his local dump, and on it was the key for accessing Bitcoin he mined in the early days. He accumulated roughly 8,000 Bitcoin, which was worth $1.4 million when he realized he no longer had his hard drive. He has since petitioned to his local city government to let him excavate the dump in search of the lost fortune.
Bitcoin’s Biggest Crash: June 2011
After increasing in value to $32, Bitcoin underwent its biggest historical drop when the largest exchange platform in the world (MT Gox) revealed that criminals had hacked hundreds of accounts. Bitcoin’s value immediately dropped down to $0.01. It wouldn’t stay at the rock bottom for very long though.
$22 Investment Balloons to $850,000 Windfall
A 29-year-old man in Norway by the name of Kristoffer Koch became involved with Bitcoin in the early days when he was researching encryption in 2009. He built up a stash of 5,000 coins back then, which cost about $22 at the time. After forgetting about it for many years, he saw headlines about Bitcoin’s value ballooning and remembered his long forgotten stash; it took him some time to recall his password for his private key, but he did and was able to buy an apartment in Oslo for a fifth of his investment.
Ethereum Enters Crypto Market
Since launching in 2015, Ethereum has grown in popularity and is now the second-biggest cryptocurrency according to market cap. Non-Fungible Tokens (NFTs), which are digital assets, are available only through the Ethereum network.
Bitcoin Reaches All-Time High in 2021
The highest peak for Bitcoin happened in October 2021 when it reached a value of over $66,000 USD (roughly $90,000 CAD).
Bitcoin Limit Set at 21 Million
When Bitcoin was created, a limit of 21 million was imposed on it through encryption. The scarcity leads to higher demand and value over time. Since January 2023, a total of 19.3 million Bitcoin have been mined. Once the cap is reached, miners will no longer be paid with Bitcoin—they will have to be paid strictly from fees instead.
Dogecoin Created as a Joke
In response to tens of thousands of cryptocurrencies entering the market since Bitcoin paved the way, software engineers Jackson Palmer and Billy Markus created Dogecoin as a joke currency in 2013. The cryptocurrency’s logo is the Shuba Inu dog from the popular doge meme and it has since developed a market value of $85 billion. Elon Musk has helped move things along with his public support of the currency.
First Bitcoin ATM Placed in Vancouver
A Waves Coffee House in downtown, Vancouver, British Columbia became the first establishment to hold a Bitcoin ATM machine in 2013. Using the machine, you can convert Canadian dollars to Bitcoin, and Bitcoin to Canadian dollars. The coffee shop accepts Bitcoin as tender, too.
El Salvador Adopts Bitcoin as Legal Tender
In September 2021, El Salvador president Nayib Bukele made international headlines when he made Bitcoin legal tender in the country. The change meant that businesses would be forced to accept Bitcoin as payment for any goods or services—a change that has not been embraced by the people who had already experienced a nation-wide currency change 20 years prior.