“Bitcoin Pizza Day” is here! 14 years ago on May 22nd, an engineer named Laszlo Hanyecz spent 10,000 bitcoins to purchase two pizzas, which is widely considered to be the first-ever bitcoin transaction. As a result, May 22nd is now known as “Bitcoin Pizza Day.”
To celebrate this significant day, “Web3+” has created a series of articles about Bitcoin, the world’s first and largest cryptocurrency.
The Birth of Bitcoin: 15 Years Ago!
In 2008, Satoshi Nakamoto, known as the “father of Bitcoin,” published a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” also known as the “Bitcoin Whitepaper.” This introduced the concept of blockchain technology and Bitcoin to the public.
Based on this concept, Nakamoto created the Bitcoin network system, which has matured over the past 15 years. Bitcoin has become the unrivaled pioneer in the world of cryptocurrencies.
On May 22nd, 2010, Laszlo Hanyecz, an engineer, famously spent 10,000 bitcoins to buy two pizzas, marking the first real-world transaction with Bitcoin. Since then, May 22nd has been known as “Bitcoin Pizza Day,” and this event has become a classic story associated with Bitcoin.
In addition to Bitcoin Pizza Day, there are other interesting Bitcoin stories that “Web3+” will share with you!
1. The Mystery of Satoshi Nakamoto
Despite being called the “father of Bitcoin,” Satoshi Nakamoto’s true identity remains unknown. Their gender, nationality, and age are still a mystery. It is also unclear whether Nakamoto is an individual or a team.
Over the years, there have been many rumors about Nakamoto’s identity. In 2014, journalist Leah McGrath Goodman published an article suggesting that Dorian Nakamoto, an engineer, could be Satoshi Nakamoto. Goodman pointed out that Dorian Nakamoto’s engineering background and skills matched those of Satoshi Nakamoto. However, Dorian Nakamoto later denied these claims and stated that he had no connection to Bitcoin.
Other individuals such as computer scientist Craig Wright, cryptocurrency expert Nick Szabo, and computer engineer Hal Finney, who passed away from ALS, have also been speculated to be Satoshi Nakamoto. It is reported that Finney was the first person to receive a Bitcoin transaction from Nakamoto in 2009.
Despite the various rumors surrounding Nakamoto’s identity, their true background remains a mystery.
2. Approximately 7.8 Million Bitcoins Lost
Every year, numerous bitcoins are lost due to holders forgetting their private keys or passing away without transferring their keys. It is estimated that over 7.8 million bitcoins are currently lost and unable to circulate in the market, and this number is expected to continue increasing.
Timothy Peterson, the head of investment advisory firm Cane Island Alternative Advisors, explained in a March 2023 tweet that out of the approximately 19.3 million bitcoins that have been minted, only around 13.3 million bitcoins are in circulation in the market. This means that around 31% of bitcoins are lost.
Peterson further predicted that another 1 million bitcoins would be lost by the time the remaining 1.7 million bitcoins are minted, and this process would take over 100 years. Therefore, the current circulating supply of over 13 million bitcoins may be the only bitcoins accessible to us in our lifetime.
With the limited supply of 21 million bitcoins and millions of bitcoins lost, if Peterson’s prediction is correct, the value of bitcoin may exceed expectations.
3. British Man Digs in a Landfill to Find Lost Bitcoins
As of now, the value of bitcoin is approximately $70,766 according to OKX exchange data. Losing bitcoins would undoubtedly be heartbreaking for the holders.
In 2022, a British man named James Howells appealed to the local government to allow him to excavate a landfill as he had mistakenly discarded a hard drive containing 7,500 bitcoins ten years ago.
The local government did not accept Howells’ request due to the high cost and potential environmental damage caused by extensive excavation. However, Howells, who used to work in IT, believes that it is still possible to find the lost hard drive using technology such as robotic dogs and artificial intelligence.
Howells even assembled a team of eight experts, including those in AI-driven classification, landfill excavation, waste management, and data collection. If the lost bitcoins are successfully recovered, these experts will receive a portion of the assets as a reward.
Many people doubt whether the government will approve the excavation project, especially since the hard drive has been missing for ten years. However, according to news reports in March 2024, a group of hedge fund investors is providing funding for Howells’ lawsuit. If the lost bitcoins are successfully recovered, the investors will receive a portion of the assets.
To protect your virtual assets, the best practice is still to be cautious, keep track of your private keys, and securely store your hardware wallet.
4. El Salvador Becomes the First Country to Adopt Bitcoin as Legal Tender
In June 2021, President Nayib Bukele of El Salvador announced that he would submit a bill to the parliament to make bitcoin the country’s second legal currency. This news immediately sparked discussions among cryptocurrency users. If the bill is passed, bitcoin will become closely intertwined with the daily lives of the people, and related infrastructure will be established.
Just three days later, El Salvador passed the bill, becoming the world’s first country to adopt bitcoin as legal tender. Currently, both bitcoin and the US dollar are legal currencies in El Salvador.
However, El Salvador faces challenges such as inadequate infrastructure, debt issues, and the acceptance of bitcoin by the people. Additionally, the value of the bitcoins invested by the country faced losses when bitcoin experienced a bear market last year.
The outcome of this “Bitcoin experiment” and what comes next will continue to attract international attention.
5. Taiwanese Homeowners Sell Houses for Bitcoin
In early 2023, a homeowner named Mr. Lu listed a house near Ming Chuan University’s Taoyuan campus for sale on the 591 website. The asking price was NT$12.5 million, and the interesting part was the inclusion of “18 bitcoins with change” in the title, indicating that only cryptocurrency transactions would be accepted, allowing for negotiation.
If purchased with virtual currency, the homeowner would accept 17.5 bitcoins, 400,000 Tether coins, or 263 Ether coins.
In May 2023, the same homeowner, Mr. Lu, listed a small apartment in Taoyuan for sale on the 591 website, with an asking price of 4.8 bitcoins. In the remarks, he emphasized, “If possible, I hope to continue using bitcoin for transactions to show that bitcoin transactions are feasible to the government.”
Bitcoin is often referred to as “digital gold” due to its limited supply and the decreasing number of bitcoins in circulation due to loss and other factors. The active use of bitcoin for transactions by this Taiwanese homeowner further demonstrates the optimism of many cryptocurrency believers regarding the value of bitcoin.
6. Over 1 Million Wallet Addresses Hold at Least 1 Bitcoin
More and more people are investing in cryptocurrencies, but not everyone can truly hold “one” bitcoin. As of now, according to data from OKX, one bitcoin is approximately $70,766, which is quite expensive. The average bitcoin holding for global bitcoin traders is around 0.01 bitcoins.
However, according to data platform Glassnode, the number of wallet addresses holding at least one bitcoin has surpassed one million. It is important to note that the breakthrough of one million “one bitcoin wallet addresses” does not mean there are one million bitcoin millionaires. Many investors can register multiple wallet addresses, and cryptocurrency exchanges and investment companies also hold a significant amount of bitcoins.
If you were in this position, would you consider holding “one bitcoin” as a personal achievement?
Source:
Cointelegraph, Newsbtc, Business Insider, Yahoo Finance
Proofread by: Karen Tseng
