5 INTERESTING FACTS ABOUT BITCOIN WALLETS

A cryptocurrency wallet is a device that stores public/private keys for safe crypto transactions. On top of storing keys, a digital bitcoin wallet also offers the functionality of encrypting and signing information. The world of Bitcoin is filled with amazing anecdotes! Here are 5 interesting facts about online wallets:

1)Almost 20% of Bitcoin has been lost forever

According to a crypto data firm called Chainalysis, almost 20% of Bitcoin has been lost or is stuck in online wallets that can’t be accessed. Today the value is equal to 3.76 million BTC (worth about $190 billion).

There are a few possible explanations for the same. Firstly, almost 1.1 million BTC is held by an anonymous creator, Satoshi Nakamoto. The consensus is that Nakamoto won’t ever touch those coins.

Sadly, some people pass away without sharing their Bitcoin private keys, which is accountable. Lastly, there is no “forgot password” option available for security reasons and fairness in the game. 

2) The last Bitcoin will be mined in 2140

Only 21 million Bitcoins can be produced. Forget the standard demand and supply in this case. It is about the coin’s DNA. Bitcoin mining occurs systematically. The total number of Bitcoins that can be mined gets halved every 4 years. This means that about 90% of the total possible Bitcoins are already in circulation. It will take another 120 years to produce the remaining 2.2 million coins. Currently, almost 18.8 million Bitcoins have been mined. Although, as mentioned above, some online wallets are inaccessible due to various reasons.

3) Pizza wins the first Bitcoin transaction!

Laszlo Hanyecz paid 10,000 BTC in May of 2010 for two Papa John’s pizzas ($41 at the time). This was the first commercial Bitcoin transaction. It is now celebrated through Bitcoin Pizza day every year. At today’s rates, that 10,000 BTC would be worth over $500 million! Now that’s something huge for two pizzas!

4) We live amongst 100,000 Bitcoin millionaires

Since online Bitcoin wallets are anonymous, it is difficult to know how many of them millionaires or billionaires are. The fluctuation in Bitcoin can be wild too. However, according to a source, there are currently over 98,00 addresses with BTC worth $1 million or more. Forbes included 12 cryptocurrency billionaires on its 2021 Billionaires List, including the Winklevoss twins and FTX’s Sam Bankman-Fried.

5) Buy and Sell Bitcoins at Bitcoin ATMs

A Bitcoin ATM accepts cash and converts it to Bitcoin and other cryptocurrencies for your online Bitcoin wallet. Some Bitcoin ATMs also allow you to sell Bitcoin while withdrawing cash. Over 5,000 Bitcoin ATMs have already been installed around the world, with the United States having more ATMs than the rest of the world combined. In the United States alone, there are about 2,000 Bitcoin ATMs. The first Bitcoin ATM was installed in Canada. Robocoin, the first Bitcoin ATM, was installed at a coffee shop in Canada in 2013.