As of writing the US dollar value of Bitcoin is close to $3,800, but it wasn’t always like that. Back in the beginning one BTC wasn’t even worth a dollar, meaning those that got in on the ground floor are now multi-millionaires, if not billionaires!
Let’s take a look at 10 insane examples of Bitcoin’s rise in value, drawn from Bitcoin Play’s 58 Insane Facts Sheet:
Bitcoin Founder a Billionaire?
Even though his true identity is not even known, Bitcoin’s founder Satoshi Nakamoto is believed to own around $4.7 billion worth of BTC, riding the wave of value from its inception.
$75.8 Billion Market Cap
As of the end of August 2017, Bitcoin’s total market cap was $75.8 billion, within touching distance of major stocks like Netflix.
Nakowa Beats the House
In 2013 an online gambler called Nakowa won 11,000 BTC in one weekend from Bitcoin’s then most popular and profitable casino, Just Dice. Back then it was worth a staggering $1.3 million, but today the same winnings would be worth over $40 million!
In BTC circles May 22 is fondly known as Bitcoin Pizza Day, as in 2010 two pizzas became the first ever purchase using the cryptocurrency. They cost 10,000 BTC, which today is over $38 million!
Whoever sold those pizzas better have held on to those coins!
James Howell’s Hard Drive
Bitcoin was initially setup with a user’s wallet linked to their hard drive. Without it there was no way of recovering the balance. There have been many horror stories of people throwing away old computers, forgetting they once played around with BTC.
The most notable is James Howells, who chucked his drive with 7,500 BTC he’d acquired very early on in 2009 and desperately went searching in landfills to find it. Unfortunately he never did and now misses out on over $28.3 million!
Unless you’re paying for goods from an open retailer, there is no inherent method for obtaining BTC refunds. Once it’s sent it’s sent. In 2016 one bitcoiner accidentally typed and sent $137,000 worth of BTC instead of $5!
Mining $8 Million a Month
One of the very first Bitcoin miners was Dave Carlson. His industrial scale operation now turns over as much as $8 million a month!
Bitcoin started with just 3,000 lines of code, now it’s counting over 100,000 source lines.
The IRS is Mad
You know Bitcoin has value when the IRS wants in on the action. In 2015 only 802 citizens filed taxes related to BTC. At the moment virtual currency is treated as property for U.S. federal tax purposes, meaning you only have to file on income generated by BTC, not the BTC itself.
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