5 Facts You Probably Didn’t Know About Bitcoin

By William Sandin – April 27, 2019

1- In 2015, Satoshi Nakamoto was actually nominated for a nobel prize in economic sciences

Speaking of the mysterious founder of Bitcoin, that a lot of people believe may just be pseudonym did you know that Satoshi Nakamoto was nominated for a Nobel Prize?

He was nominated in 2015 by Bhagwan Chowdhry, a Professor of Finance at UCLA (University of California Los Angeles) The Nobel Memorial Prize in Economic Sciences is an award for outstanding contributions in the field of economics, and it is generally regarded as the most prestigious award in that field.

Chowdhry was invited to nominate someone for the 2016 prize and couldn’t think of anyone better than our boy, Satoshi Nakamoto.

2 – The FBI once made $48M in 2013 by seizing bitcoins and auctioning them off In 2013

the proceeds of 144,336 bitcoins were claimed by the U.S. Justice Department, which, at the time, was valued at around $48M.

These bitcoins were obtained after shutting down the notorious online drug selling market Silk Road. At the time, a single bitcoin was worth around $334, which is why the total is around $48M. It was pretty bad timing for the government because, just that year, the price rose to $1000 and around $20,000 just last year!

Although it may have not been completely legal to HODL at this point, imagine just how much richer they’d be if they did?

3 – Virgin Galactic accepts bitcoin! If you’ve never heard of it

Virgin Galactic is a spaceflights company that aims to develop commercial spacecrafts, they also aim to provide suborbital spaceflights for tourists and suborbital launches for space science missions.

Sounds like it’s straight out of a sci-fi movie, right? Virgin Galactic was founded by Richard Branson back in 2004. Fun fact: Branson has initially hoped to see a maiden flight by the end of 2009 but has been delayed by a number of occasions. How cool would it be to go to space and to pay for it in bitcoins? Forget buying a Lambo! I think space travel is the way to go!

4 – 1,000 People Own 40% of the Market A some of you may know

holders of large amounts of bitcoin are called whales. In the late 2017, someone moved almost 25,000 bitcoins, worth around $160M at the time, to an online exchange.

People noticed and everyone was wondering if the owner was going to sell. Currently, 1,000 people own 40% of the market Just think about how crazy that is! These whales can coordinate their moves together.

Many of the large owners have actually known each for years and have invested in bitcoin back in its early days. They can potentially band together to tank or prop up the market. Let’s see how this all plays out, shall we?

5- Bitcoin is a legal payment method in Japan In April 1, 2017

Japan passed a law that recognizes bitcoin as a legal tender. If you don’t know what a legal tender is, it means that bitcoin MUST be accepted if offered in payment of a debt.

Japan’s Financial Services Agency officially recognized 11 companies as registered cryptocurrency exchange operators. Those said companies were given requirements to build a strong computer system to check the identity of their users to prevent money laundering.

These requirements were intended to prevent investors from fraud while also supporting financial innovation.

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