untold bitcoin stories
As we all know, Bitcoin is also known as the father of all cryptocurrencies which was created in 2009 by an anonymous person or group of person called “Satoshi Nakamoto”. Since then the price of bitcoin has been a roller coaster with high volatility but reaching new peak on every bull market cycle.  
Although many of us know about Bitcoin’s origin story and how it all started, but there are still some untold stories that you might have missed. So in this article, I’ll list out some of those untold stories about Bitcoin that you didn’t know about. 
Since you are here, I assume you probably knows about Bitcoin. But for the unversed, in simple terms, bitcoin is a digital currency where every transaction is stored in distributed ledger called “blockchain”.
These transactions are then verified by network nodes through cryptography and is recorded in a public distributed ledger called a blockchain. Many bitcoin pro believes that it could replace gold as the safe haven as the total number of bitcoin that can exist is 21 million only, unlike fiat which can be printed as wished and use for it for their own agenda. 
Anyway, this is for another time. Let’s talk about the stories that you all came here for !!

Story 1

Bitcoin was first published in white paper in 2008 by an unknown person (or group of people) under the name Satoshi Nakamoto and was released as open-source software in 2009. 
But the concept of cryptocurrency was first used in the year 1990s by an internet group called “cypherpunk”.
bitcoin untold stories
source- gettyimages
Nope…It’s not that game “Cyber Punk ” I’m talking about.  Though their pronunciation and spelling are quite similar but they are completely different.

Did you know? Satoshi Nakamoto has about 1 million bitcoin which mean he has bitcoin worth more than $3 billion.

Story 2-  The Chinese billionaire

A lot of people started mining after bitcoin gained it’s popularity by making huge Return on Investment. So this story is about a Chinese guy named “Jihan Wu”, who is a Billionaire now.

In 2013, he started a company called “Bitmain” along with his co-founder Micree Zhan. The main objective of the company was to mine bitcoins and nothing else. Fast forward to 2017, the company has registered a profit of $2.5 billion.

Jihan is currently in his mid 30s and he was also listed in Forbes 2020 as one of the richest young person in Asia.

 

bitcoin untold stories
source- gettyimages

Story 3- The Million Dollar pizza

I bet, You must have heard about the infamous “Most Expensive Pizzas ” ever bought.  On 22 May, 2010, a developer named “Laszlo Hanyecz” used his 10000 bitcoins to buy 2 pizzas. Today that bitcoin is worth more than $365 million which makes this the most expensive pizzas ever bought, if not, the most expensive food as ordered. 

 

bitcoin untold stories
source-gettyimages

Apparently, this is what he said about the decision of his purchase. 

“I wanted to do the pizza thing because to me it was free pizza,” he told Bitcoin Magazine in 2019. “I got pizza for contributing to an open-source project. Usually hobbies are a time sink and money sink, and in this case, my hobby bought me dinner.

Did you know?

  • If you had bought $1 of bitcoin in 2009, you would have been a millionaire today.
  • Only one-third of the bitcoin is actually used for transaction to buy things. Most people buy bitcoin as one of their  investment portfolio.

 

Story 4- The Million Dollar Drive that got dumped

In 2013, A man from the city of Newport in southern Wales “James Howells” made one of the biggest blunder in bitcoin history. He didn’t buy anything though. He just threw out a hard drive which was about the size of an iPhone 6, which contained around 8000 bitcoin that had been mined in 2009.

He had two identical laptop hard drives stored away in a drawer. One was hard drive was empty and the other had 8000 bitcoin which is now worth $181 million. 

 

bitcoin untold stories
source-gettyimages

So he mistakenly threw away the drive in the local dump in a garbage bag that contained the 8000 bitcoin which he actually meant to throw the empty one. 

Rumour has it that Howells is still looking for the lost hard drive in the garbage dump site. 

Story 5 – The Prodigal Coin

In 2009, when bitcoin was first launched, a guy bought bitcoin 5000 bitcoin with $27 and totally forgot about it as he didn’t take much serious about it.

So after 4 years, when bitcoin was getting news coverage and it’s price surging up, he realized that he had bought some bitcoin too. So he went back and found that he had around 5000 bitcoin which was worth around $800,000 then. Had he not sold his bitcoin in 2013 then, he would have been a multi-millionaire now.

 

bitcoin untold stories
source- gettyimages

 

3 thoughts on “5 Untold Stories about Bitcoin You didn’t know | Logical Metaverse”
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