Bitcoin turned heads when it hit an all-time high price of $20,000 in December 2017. Folks who were already invested in it since the genesis became overnight millionaires and billionaires. Lots became self-proclaimed bitcoin traders and investors. Even then, quite a lot have remained ignorant about a few facts.
For newcomers to Bitcoin and ‘veteran Bitcoiners’ alike, these 5 points are worth knowing:
A Hacker Generated 184 Billion Bitcoins In 2010
On August 15th, 2010, in something known as the “value overflow incident”, an unknown hacker attacked the bitcoin blockchain creating 184,467,440,737.09551616 BTC out of thin air! This took place at block height 74638.
Bitcoin creator Satoshi Nakamoto quickly got to work. Version 0.3.1 was released within 5 hours of the incident, which prevented future printing of Bitcoins via this exploit. The 184 billion bitcoins were erased.
The chain generated from BTC version 0.3.1 became the dominant blockchain everyone uses today.
Bitcoin Is Father To 430 Altcoins
As of date, 2651 cryptocurrencies have found their way in the market. But, what’s interesting is that 436 of these have come from Bitcoin via direct or indirect forks.
The exact name of the altcoins, along with their source/root have been beautifully mapped out by Map of Coins. Bitcoin’s forks have always tried to notch up and match BTC but have ostensibly failed. Bitcoin Cash is the most prominent example.
First Bitcoin Faucet Distributed 5 BTC Per Visitor
A bitcoin faucet is a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth BTC, for visitors to claim in exchange for completing a captcha or task as described by the website.