Cryptocurrencies have taken the world by the storm – and there are some facts about cryptocurrencies which are even more fun to know. Here’s a list of some exciting cryptocurrency facts which will make you go, ‘Ohh, didn’t know that one!” – read on!
The first bitcoin was for Pizza:
Which also justifies why May 22 is celebrated as Bitcoin Pizza Day! This happened way back in 2010 when bitcoins cost just a few cents. No one had even seen a bitcoin transaction before, which made this exchange of 10,000 bitcoins for two Papa John’s Pizzas a huge thing! And guess what 10,000 bitcoins amounted to back then – $41 only!
No one knows who created Bitcoin:
The bitcoin was publicised under the pseudonym Satoshi Nakamoto – no one has really been able to trace who the actual credit for inventing this revolutionary technology should go to. And this has left open the doors for any random people to claim that they are inventors of bitcoins, but they turn out to be scammers in the end!
Lose the key and lose it all:
If you, even by mistake, lose the Bitcoin Private Key, it means you’ve lost out on all your bitcoins. Nothing, other than your Private Key is the key to preserve your bitcoin fortune. A couple of years ago, James Howell lost 7500 bitcoins just because he lost the Private Key. And guess what those fortunes would have amounted to today? $19.4 million! And yes, if you lose the key, no one can ever access those funds again! Secure your keys, people.
More than 9,500 cryptocurrencies are available
When cryptocurrencies were first presented to the world, there were only a few of them. However, it was recorded in March 2022 that more than 9,500 cryptocurrencies are available to the public. However, you should be aware that not all of them are available for purchase in an exchange.
Many demand you to register an account with them exclusively and use their wallets, which are pretty simple to create and use. It has also been observed that the top 20 cryptos in the market contribute to more than 80% of the market benefit, demonstrating how cryptos have genuinely matured.
Bitcoins are limited
Did you know? When the bitcoin technology was created, the rule was put in place at 21 million. So, once the bitcoins mined hit a certain threshold, people may mine no more bitcoins.
But how do you go about mining bitcoins? Bitcoins can be mined by assisting in completing operations on the Bitcoin network. This is when you will be mining bitcoin and will be rewarded in bitcoins. The payout for mining bitcoins is cut in half every 210,000 transactions, or per 4 years.
In March 2022, it was anticipated that the overall number of trading Bitcoin would reach around 19 million. Some of these Bitcoins are still undisclosed, which is one of the reasons why mining seems to be a lucrative hobby and why people mine bitcoins today.