1/9 - In the early days of Bitcoin, it was traded in deals between individual people meeting each other online, with no regular trading activity. What was the BTC/USD exchange rate when it first started trading on an online exchange?
Bitcoin began trading at this mark in March 2010, when the first-ever exchange – the now-defunct BitcoinMarket.com – went live.
2/9 - Currencies are usually divisible into smaller units for ease of use. Everyone knows the smallest monetary unit of the U.S. is a cent. What is the smallest unit of Bitcoin called?
Satoshi – named after the creator of Bitcoin and its White Paper – is the cryptocurrency’s smallest unit, amounting to one-hundred-millionth, or 0.00000001 of a coin.
3/9 - Cryptocurrencies are famous for their volatility, and the largest one is no exception. But which year was the LEAST volatile period in Bitcoin’s history so far?
While Bitcoin is actually experiencing one of its least volatile periods right now, in October 2018, the lowest volatility level the cryptocurrency has seen so far took place from September–October 2016, when the average 30-day price change amounted to a tiny 0.81%.
4/9 - One of Bitcoin’s defining features is the limit on the total amount of coins in circulation. But how high exactly is the limit? What is the largest amount of bitcoins to ever be produced? (Hint: it’s a trick question)
In an obscure event that took place in August 2010 and is known as the “value overflow incident,” a code vulnerability allowed someone to send a transaction that created 184 billion bitcoins – 184,467,440,737.09551616 coins, to be exact – out of thin air. The mistake was quickly fixed and the network returned to its normal limit of 21 million coins.
5/9 - Moving on to the darker pages of Bitcoin’s history, its ecosystem has suffered many losses due to security breaches over the years. Which of these constituted the largest loss so far?
The collapse of the Mt. Gox exchange, which took place throughout 2014, was the single biggest loss of Bitcoin so far. 850,000 coins were stolen, the equivalent of $473 million at the time.
6/9 - There were several early attempts at creating a peer-to-peer internet currency before Bitcoin. Which of the following projects has NOT been tried?
We made that up. Bit Gold and B-money however, are real projects that were both proposed in 1998, and are considered precursors to Bitcoin.
7/9 - Bitcoin has received many endorsements from celebrities such as Ashton Kutcher, Jamie Foxx, and even DJ Khaled. But which performer was the first to start accepting the digital currency for their records?
Rapper Curtis James Jackson, known professionally as 50 Cent, was the first performer to begin accepting Bitcoin for his music, namely his Animal Ambition album, released in 2014. This decision has reportedly resulted in $7 million of additional profits for the artist.
8/9 - Bitcoin is not as simple as some might think, as it supports a pretty advanced feature. Which of these things is actually present in Bitcoin?
Smart contracts are self-executing programs which ensure that an agreement between several parties is concluded in an automatic manner, eliminating the possibility of a breach of contract. Although never intended to be an efficient platform for smart contracts – unlike Ethereum – Bitcoin can still run them, albeit in a significantly limited form.
9/9 - The cryptocurrency world even has its own holidays – Bitcoin pizza day, celebrated each year on May 22, being the most famous example. What important event took place on May 22, 2010?
A Floridian programmer Laszlo Hanyecz conducted the first ever documented purchase of goods with BTC by buying two pizzas for 10,000 coins on May 22, 2010 – a day celebrated by the Bitcoin community ever since.
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