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Bitcoin

4 unknown facts about Bitcoin

Almost everyone knows or at least heard about bitcoin, but we still have a lot of misinformation about this currency.

As something that catches the attention of people and institutions, bitcoin is still seen by many as something “from another world“, without even wanting to understand the technology and what is behind the currency. Let’s get to know a little more about this crypto asset and discover some facts that are unknown to many.

A bug of 184 million BTC

Known as the “value overflow incident“On August 15, 2010, a bug in the bitcoin blockchain created over 184 million BTC.

This bug was in block 74,638 of the bitcoin blockchain, where a transaction created 184,467,440,737,095 BTC to three different addresses. In this case, two addresses received 92.2 million BTC each, while the miner of that block was rewarded with 0.01 BTC.

The fact that the code used by the blockchain to verify transactions before including them in a block did not take into account the case of values ​​so large that they exceeded the limit of the number of bitcoins when added together, thus being possible to generate this bug.

Satoshi Nakamoto and another developer in just 5 hours, created a new version that fixed this bug. The blockchain had to be forked to reject the buggy block. Meanwhile, several unpatched nodes kept adding the buggy block, the fixed version only took the place at block 74,691.

Interestingly, from that block onwards, all nodes accepted the patched version of the bitcoin blockchain as the official one for the transaction history. In this way, the block 74,638 no longer exists for users using the longest blockchain as a reference.

The first bitcoin faucet distributed 5 btc per visit

Bitcoin faucets are well known to cryptocurrency investors who want to get small fractions of bitcoin for free. In fact, they are sites that distribute fractions of btc to visitors in a certain time interval.

To have a base, today about 1 satoshi is distributed, almost nothing. But in the case of the first btc faucet created in June 2010 by Gavin Andersen, it distributed 5 btc to each visitor.

With the aim of encouraging the adoption and use of bitcoin. If you had benefited from such an initiative at the time, converted at current prices, you would have more than R$1 million just for visiting the site and solving a captcha.

Satoshi Nakamoto was nominated for the Nobel Prize in Economics

The possibilities that came along with bitcoin are limitless. All this driven by the concept of blockchain. And in front of all this, Satoshi Nakamoto appears.

A mysterious and brilliant computer scientist who played a key role in the world economy, and we will have to hear from him for a long time. For many years, his work has been recognized by everyone. Proof of this recognition is the nomination for the 2016 Nobel Prize in Economics.

Satoshi Nakamoto did not win this award, but some people believe he will still be crowned with this award in the future.

Addresses with less than 0.1 BTC

Within the bitcoin world, there is a big difference in terms of distributed values, for example, 91.7% of the addresses on the bitcoin network have less than 0.1 BTC.

All this shows that the wealth of bitcoin is concentrated in the hands of a few people, or companies. Among the 9.3% of people with more than 0.1 BTC, there is still a smaller community, we call bitcoin whales.

There are different limits to how much btc you need to own to be considered a whale. Without going into too much limit detail, let’s simply give the following numbers: 2155 addresses have 1000 btc or more, and 88 addresses have 10,000 btc or more.

Bitcoin Distribution

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