4 Things You Don't Know About Bitcoin

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As bitcoin crosses $50,000 for the first time, you might be surprised to know that the most popular cryptocurrency wasn't even worth a dollar when it first came to the scene. 

Who invented it?

Well, a guy named Satoshi Nakamoto, whose identity is still unknown, invented it in 2008. There has been several attempts to uncover Nakamoto but to no avail. 

Tesla  (TSLA) - Get Report founder Elon Musk was once thought to be Nakamoto. A former SpaceX intern Sahil Gupta wrote a blog in 2017 making the claim.

"It was 2008 (Great Recession), and he (Musk) may have been motivated to solve the lack of trust in banks by creating a currency that doesn’t need them," Gupta said.

However, Musk denied his claim saying "Not true."

Another interesting thing about this cryptocurrency is the celebration of Bitcoin Pizza Day on May 22. The day marks the first known bitcoin transaction. 

On May 22, 2010, Florida native Laszlo Hanyecz paid 10,000 bitcoin, which was equivalent to around $41 at that time, to buy two large Papa Johns’ pizzas.

Lately, we have seen many stories of people who cannot get hold of their bitcoin because they don't know the password. You know why we are hearing these kind of stories. It's because bitcoin can never be restored if you lose the device it’s stored in or if you forget your private key.

Wondering why the price of bitcoin is surging?

Well, besides the crypto craze, it also follows the supply and demand principle. Bitcoin is finite in number, meaning only 21 million bitcoin could be mined.

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