Interesting Cryptocurrency Facts Everyone Should Know
Who on planet Earth hasn’t heard of digital currency? Even if you’re the savviest of savvy Crypto-experts, we’re positive you’ve not given thought to each of the interesting cryptocurrency facts that you’ll find in this article! Let’s dive in…
1. 1,754 Cryptos… and Counting
The official number of cryptocurrencies currently doing the rounds has most probably exceeded the astonishing number of 1,754 – which is where it stood when we started writing this article! There are new altcoins created each day and the sad reality is that many of them won’t make it past a few months.
2. Extreme Volatility
There are many external factors that may have a direct impact on the value of Crypto money. That’s exactly why the prices of cryptocurrencies are known to be extremely volatile. Here’s a perfect example: in 2009, 1 bitcoin was worth $0.003; by the end of 2017, its value was $17,900 and still rising.
The extreme volatility of Cryptos is also one of the reasons why many investors choose to steer away from the Crypto-verse. If the value can swing dramatically, it means that you can potentially make large profits, but also large losses.
3. Who Owns Bitcoin?
We all know that the creation of Bitcoin is credited to Satoshi Nakamoto, although we have no idea whatsoever if there’s a single person or a whole group of people behind the pseudonym. The thing is, the mysterious Satoshi Nakamoto never claimed the ownership of the original code, which means that it belongs to everyone… and no-one.
While we’re on the subject, did you know that Bitcoin’s crypto cap is currently worth staggering $111,956,326,512?
4. Would You Spend Your Bitcoin on Pizza?
This is a popular story often told in the Crypto-context. We think it should start with “Once upon a time”… Long story short, on May 22, 2010, a Bitcoin developer paid 10,000 BTC for two pizzas he ordered from Papa John’s. Last year, at the height of Bitcoin’s bullish run, that amount would have been worth $179m! It’s hard to believe how far Bitcoin and the market in general have actually come.
By the way, May 22 is now celebrated as Bitcoin Pizza Day, so mark your calendar!
5. If You Lose Your Crypto Wallet, You Lose Your Money
One of our previous articles discusses the importance of private keys that keep your crypto money safe. Remember, there’s no way back if you lose your private key. Once lost, your digital funds will disappear into the giant Crypto-void. Unless hacked, which is virtually impossible considering the structure of blockchain technology, your abandoned e-wallet will be lingering out there somewhere.
6. Worst Crypto Wallet Fail… EVER!
Last year, James Howells of Newport, Wales threw away a hard drive containing bitcoins worth a mind-blowing $75m. He has been desperately trying to get it back, and is even planning to dig-up the landfill site that it was supposedly transported to, but no luck so far. Talk about a treasure-hunt! What an epic fail!
7. China is the Largest Miner
Mining Cryptos is not as simple as it was several years ago. To be a successful miner today, you need a lot more time and resources than previously. However, China remains the biggest player when it comes to cryptocurrency mining, maintaining around 75% of the Bitcoin mining network.
8. Countries That Have Banned Cryptos
No matter the worldwide hype, there are six countries that have officially banned the use of blockchain currency. Can you guess which ones?
…Time’s up! The six countries on our banning of digital currency list are:
Unless you really wanted to do Crypto-business in any these countries, you can breathe a sigh of relief, because the rest of the world is a veritable Crypto playground!
9. The Largest ICO in History
Filecoin, a blockchain-based storage network and cryptocurrency, is the largest ICO in the history of FinTech. In 2017, this startup raised – have a seat if you’re standing before you continue reading – an incredible $257m! They collected the first $200m in just 30 minutes, believe it or not. Now, that’s a record that could be hard to beat!
10. Crypto is Even Good for Games
Did you know about Cryptokitties, the first game built using Ethereum technology? In just a week after the launch, the Ethereum blockchain registered a 10% increase in purchases, obviously, related to Cryptokitties. To be fair, who doesn’t want to collect and breed their own army of digital felines?!
11. Just 21 Million Bitcoin and Not a Coin More
It’s not possible to mine bitcoins infinitely as the total supply is already known. The game will be over in 2140, at which point all 21 million units will have finally been mined. 21 million and not a coin more!
12. Anyone Can Create a Crypto
One of the most fascinating and challenging facts on our Crypto list is that any John Doe or Joe Bloggs can create their own coin or token. Of course, there is a difference. A new coin requires a new blockchain to be created, but a new token can be created on an existing blockchain, like Ethereum.
13. Bitcoin is Physically Unbannable
This is the ‘lucky’ fact #13 and definitely something you didn’t know! We all hear news about governments trying to ban Bitcoin. Why so hostile? Bitcoin allows people to send/receive money without any intermediary – i.e., a bank – thus operating independently. That’s not necessarily good news for banks, which can also have an impact on the opinion of governments.
However, Bitcoin is designed in such a way that it can’t really be banned. Regulated, yes, but not physically banned. Realistically, anyone can get a Bitcoin wallet and an Internet connection and embark on their Crypto-journey!
The Crypto-world is amazing and totally worth the hype created around it. Whether you’re a believer or not, you’re living through a period of incredible global change, driven by the need for more and better-access to more advanced, faster, and more secure financial operations. Exciting times!
See you next time,
The CoinMetro Team