Top 10 Fascinating Cryptocurrency Facts
With the growing popularity of cryptocurrencies and the mainstream markets slowly accepting them, more people are getting fascinated by this fiasco and have been looking to join this digital asset craze that’s going on around the whole world in all countries. Bitcoin has always had a puzzling start as its rapid rise feels like someone’s rags to riches story, being founded by a mysterious entity Satoshi Nakamoto who has never revealed his true identity to date even though his invention has changed the world completely in different aspects.The rise of cryptocurrencies has given birth to something called digital coins as the world knows them today and these coins are ready to take over different industries already such as gaming, sports, esports, art, gambling, and online casinos. Cryptocurrencies can be used for a lot more essential services too thus making them the perfect currency for the world markets to operate.
However this technology still remains a mystery for the majority of people, people are still learning about this technology whereas some doubt if the speculation about cryptocurrency is true or not. The world of cryptocurrency can be very overwhelming for people to explore at the start due to how new it is.
So to help you get started we have compiled a list of 10 interesting facts that will make learning about them fun and engaging.
1. Fun Fact #1
The creator of bitcoin is unknown and a mystery.
Ever since the launch of the whitepaper in 2009, the creator of bitcoin remains unknown, he has a pseudonym and goes by the name of Satoshi Nakamoto, although there have been many speculations about who it could be or whether it is a group of people that founded this, no one has been able to confirm the real identity of the creator of bitcoin.
Although Bitcoin is the most popular cryptocurrency and has the biggest market cap in the cryptocurrency market, Satoshi still wants to remain anonymous and refuses to reveal his identity even though he formed one of the most groundbreaking pieces of technology in recent times.
As per popular belief, people think that Satoshi Nakamoto is the acronym for the world’s biggest tech giants Samsung, Toshiba, Nakamichi, and Motorola.
Evolution and History of Crypto
2. Cryptocurrency is great for gambling and fantasy sports
One of the best features of bitcoin is that it is extremely versatile apart from being used for trading and being treated just like any other form of commodity or currency, Bitcoin can be even used for online gambling or fantasy sports contests.Gambling is extremely risky and addictive especially when you are from a country that has declared gambling illegal and you stand the risk of getting caught by authorities. This is where cryptocurrencies come in handy, cryptocurrencies have caused a major influx in the gambling industry causing multiple users to register and play casino games online with the help of cryptocurrency.
Due to the privacy and security that cryptocurrencies possess such as bitcoin, litecoin and monero, users can gamble and make transactions without the use of providing any confidential personal information such as name, address, official IDs etc.
Cryptocurrencies enable more secure and faster transactions too for all the users that are actively gambling and playing fantasy sports.
If you want to enjoy new-age fantasy sports with the use of crypto then you should check out fanspel.com, Fanspel is one of the best crypto fantasy sports sites and has its own token too to make it easier for new users and its users to enter fantasy sports contests with the use of cryptocurrency.
3. A man once wanted to dig a landfill to recover his digital wallets.
In the year 2013, a man named James Howell threw out his hard drive, his hard drive contained approximately 7500 Bitcoins which are now worth 100s of millions of dollars. James was an avid miner of cryptocurrency and had been mining it since its early stages for about 4 years, due to the high reward rate during that time he was rewarded handsomely but later threw his hard drive as his Bitcoins did not amount to much, little did he know what was going to happen and soon the crypto boom began.
When the price of Bitcoin shot up and he realized the mistake he had made, without taking any backup of his files on that hard drive, he thought that he could actually dig up a landfill and recover his lost money.
He even offered the city council a whooping sum of 70,000,000 USD, but they, unfortunately, rejected his request as digging up the landfill would cause far worse environmental danger than this money could repair or fix.
4. Dogecoin or popularly known as one of the biggest meme coins
Even if you have been completely aloof about cryptocurrencies, Dogecoin is such a name that has been heard by each and everyone remotely using the internet too, dogecoin became a sensation on social media as well as getting support from the likes of Snoop Dogg, Elon Musk and a few more celebrities it rose sharply and delivered enormous gains to its holders even though it is considered a meme.
It was created by two software engineers in 2013, both from Adobe and IBM named Billy Markus and Jason Palmer respectively, even though it started off as a joke and was dedicated to the Shiba Inu dog breed creating a fun and entertaining experience for cryptocurrencies, it soon rose to popularity.
Although it was a joke Palmer’s goal was to make something just like Bitcoin but instead of having unknown founders like Bitcoin it wanted to make it public and create a fun, engaging, and relaxed community that would support the ecosystem of Dogecoin.
5. Man trades 10,000 BTC for Pizza
Although 10,000 BTC may seem expensive at the time when the transaction was made it was worth just 41$, a man named Laszlo Hanyecz traded 10,000 BTC for an order of Papa John’s back in 2010, and this day was soon named Bitcoin Pizza Day due to the fact that this was the first ever real-life transaction that took places with Bitcoins.
Nobody would have thought that this new code piece of technology would skyrocket to thousands of dollars and therefore this is why Haynecz missed out and probably made one of the most foolish deals of his life, if he held on to his BTC he would have had hundreds of millions of dollars and he could probably buy unlimited pizza with that amount of money.
6. There are over 7,000 Cryptocurrencies
There are over 7,000 cryptocurrencies in existence due to the growing popularity of this new age currency, currencies have been popping up left, right, and center and anyone who is savvy with code and is smart enough can launch their own cryptocurrency with a sense of purpose behind it and dive into the world of web3.
Currently, there are over 2,000 altcoins that are considered dead due to them having bad teams or being blatant scams which lead to them being declared dead.
There are currencies named after each and everything that exists in the world such as cabbage coin, Saitama, Dogecoin, and The Sandbox.
Due to the growing popularity and current rate at which this market is expanding there will be much more cryptocurrencies that will be formed and contribute to different real activities for humans hopefully.
7. Cryptocurrencies are banned in some countries but are legal tender in some
Cryptocurrencies have a lot of advantages over fiat currency and that is being recognized slowly by the world thus causing the rapid growth of new cryptocurrencies apart from the initial few such as bitcoin, Litecoin, and Ethereum.
Although there are a lot of advantages still it does not change the fact that people still believe due to the notorious nature of cryptocurrencies they are a threat to their society and as per popular belief cryptocurrency is still used for illegal activities such as for the mafia, money laundering, terrorism, etc.
Selected countries and governments have ended up posing a complete on these currencies such as :
- China, was once the home of bitcoin miners and the largest amount of miners in the world resided in China making it a hub to be adopted as legal sooner or later but the government had other plans.
- Russia is also debating whether to ban cryptocurrencies or not due to them also speculating that it is used for illegal activities and its high volatility nature makes it a perfect candidate for them to reject and ban from its country.
- Although there has been a lot of banning by different countries, there is one such country that has broken the norms. El Salvador uses Bitcoin as legal tender and has purchased a lot of it for its government and treasury this has happened due to its own fiat not being suitable enough for trade as well as having low currency strength and value for them to perform international trade as well as accept payments.
If you are new to the world of crypto you must have thought about buying an endless amount of cryptocurrency and becoming the biggest holder of bitcoin ever but unfortunately, this is not possible.
There are only 21,000,000 that can be generated, once all the bitcoins that exist are mined no new bitcoins will be mined or added to the existing supply, currently, over 90% of the total circulation is already mined and by 2140 the last bitcoin is expected to be mined.
Due to this feature bitcoin or cryptocurrencies that have a fixed supply can be classified as perishable or scarce resources just like oil and gold.
You can expect bitcoin to gain value over the years as and when it becomes scarce.
9. Elon Musk is a big supporter of cryptocurrencies
Elon Musk has been extremely vocal through his tweets and actions that he believes firmly in cryptocurrencies, he openly tweets about his favourite ones.He has even added Bitcoin to the balance sheet of his company Tesla and also enabled crypto payments for people to purchase products and cars via his website.
Due to his influence in space, there have been many huge swings in the price action of cryptos and he has received some slack too from the masses creating a lot of buzz on different social media platforms about Musk’s unethical ways.
10. Cryptocurrency income can be taxed
If you thought that investing in crypto would help you avoid taxes or be avoid the radar of the government relating to your income then you were wrong, even though cryptocurrencies have a decentralised nature due its growing popularity and crypto becoming mainstream, the government will not want to miss out on their share of tax over people’s income.Different countries have imposed different rules for taxation on earnings from cryptocurrency thus giving them legal status in those countries and allowing their citizens to trade crypto freely without worrying about the legality or nature of these new-age digital coins.
India has recently imposed grave taxation laws in respect to cryptocurrency earnings and the day they announced this caused a larger influx of registrations on exchanges than ever.
So if you are an avid crypto trader please do check out your own countries tax regulations before taking out all your earnings from the market.
