5 FactsaboutBitcoin
Bitcoin has become too big to fail. With interest in the digital payment network spanning from
tech enthusiasts to individual retail traders, and now encompassing large institutional investment
firms – most people agree the success of Bitcoin is inevitable. One doesn’t have to look very far
to find massive support and adoption of the cryptocurrency, even on the national government
level. Although, it is still considered a new technology, and is going through its own price
discovery, it reacts strongly to positive catalysts and is relatively resistant to negative chatter.
These absolute facts will show why Bitcoin is digital granite now and will remain for many years
to come.
1.Almost A Billion Transactions Completed
According to data available on Nasdaq.com, since Dec. 2008, when Bitcoin became publicly
available to purchase, to now Oct. 2021, the entire Bitcoin network has processed a whopping
677 million transactions and counting. In January of 2021, the number of daily transactions
peaked at roughly 400,000 verified transactions for a single day. This is not a one-off, the
average number of transactions processed daily on the Bitcoin network alone is 250,000. Many
studies have calculated, this works out to about 7 transactions per second. In 2008, this seemed
unfathomable, in 2021, the success of Bitcoin has become obviously inevitable.
2. Bitcoin Uses Renewable Energy

Although China has recently enforced a massive crackdown on Bitcoin mining and usage, it
remains the world’s undisputed leader in mining power, currently mining around 60% of the
network’s collective hashrate. This is largely due to the cheap electricity pricing in some areas
and the manufacture of the equipment done in the country. However, since the crackdown in
China, the U.S. is surging behind and is now the world’s second largest mining power. Many
large mining farms in Texas, Utah, and Pennsylvania are using the natural resources such as
wind, hydro (water), and solar available to them to mine Bitcoin in a more environmentally
friendly way. With all the focus on global environmental awareness, especially in the U.S.,
searching for new and innovative ways to uphold the Bitcoin network, while being kind to the
Earth and mindful of energy consumption, is sure to progress and is possibly the next big move
for Bitcoin.
3. Big Banks Invest in Bitcoin
As Bitcoin continues to perform, banks across the world have taken notice. Currently, 50 of the
world’s top 100 banks are holding or investing in Bitcoin in some form. Whether they hold it
directly or by backing other crypto-oriented organizations to provide funding, there is bank
interest everywhere. If crypto is going to disrupt the traditional financial system, the banks are
sure to make money along the way. Amongst these large banks are Citigroup, UBS, Morgan
Stanley, and JPMorgan Chase, just to name a few. Each of these banks have trillions of dollars in
assets under management, and now offer the world’s largest crypto-backed funds on the market.
4. Bitcoin’s Creator is Anonymous
One of the most beautiful aspects of Bitcoin is its anonymity of its creator, Satoshi Nakamoto.
Most large companies or technologies that have developed over the years have a clearly defined
figurehead, responsible for creation or bringing the product to market.
While this is nice for fame and recognition to some, it leaves a lot of margin for corruption and
manipulation. If one of these founders were to say, or do, something unpopular to public opinion
the entire organization could be turned upside down and fall from its elite level. Bitcoin, being
able to distance itself from this, survives in an environment that can be globally adopted without
the need for a political influence or affiliation. The true identity of Satoshi is unknown to this
day.
5. Bitcoin is Scarce
If these coins are created from computing power, aren’t there enough computers in the world to
produce infinite Bitcoin forever, much like printing money? In short, No. When the Bitcoin
network was designed and written by Satoshi Nakamoto in 2008, the white paper addresses this
head on. Satoshi clearly illustrates that there will only be 21 million coins mined, with the final
coin being mined somewhere around the year 2140. Because miners are always running to
uphold the network, and in turn earning a BTC reward, he designed the protocol to “Halve” the
mining reward every 4 years, or 210,000 blocks. This ensures the miners wont rush to earn, and
in turn leave the Bitcoin network completely “tapped” with no available coins to issue to miners

or those willing to purchase the coins outright. The reward started very high to incentivize
interested people to use their computing power to set this chain of events in motion. As it grows
in popularity, the reward is halved in time to ensure everyone globally has an opportunity to
participate in Bitcoin. This system is flawlessly executed and creates a supply limitation to battle
potential inflation and create scarcity. Therefore, Bitcoin is a far superior cryptocurrency to
others, as well as the traditional banking system we all use today for the U.S. dollar. This in
combination with the layering, scalability potential Bitcoin has, creates a secure ever-expansive
digital payment network, suitable for global decentralized “banking”.
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Source: https://www.bitcoinofamerica.org/blog/5-facts-about-bitcoin/