Cryptocurrencies have been in limelight for the last 2-3 years. Because of this, people who were not interested in cryptocurrency earlier, have suddenly started taking interest in knowing about cryptocurrency.
Now the point is, Despite knowing everything about what is a cryptocurrency, how it works, what is blockchain, how to create a well-balanced crypto portfolio, etc, do you know the surprising facts about cryptocurrency?
In this article, we are discussing the top 7 surprising cryptocurrency facts that you must know before investing in the crypto industry.
The first commercial bitcoin transaction was for pizza
A guy in Florida spent 10,000 bitcoins (BTC) for two pizzas on May 22, 2010. This is widely acknowledged as the first commercial bitcoin transaction.
At the time, 10,000 bitcoins were valued around $40, making one bitcoin worth a little under half a penny. You’d be a bitcoin millionaire if you owned that many bitcoins in September 2022. 10,000 bitcoins are worth more than $190 million in the market.
More than 12,000 different cryptocurrencies are available.
More than 12,000 different digital currencies will be in use as of September 2022. While not all of them are available on exchanges, they are available, with some needing their own wallets. This contains a variety of cryptocurrencies are included USD coin (USDC), XRP (XRP), Solana (SOL), Binance USD (BUSD), and others.
There are so many coins and tokens accessible because it is quite simple to generate and distribute a new cryptocurrency. However, as of September 2022, the top 20 virtual currencies account for around 87% of the cryptocurrency market valuation.
The Total Amount of Bitcoins is limited
A fascinating fact about bitcoin is that the protocol for the network was created with a 21 million coin cap in mind. Cryptocurrency miners will soon be unable to produce any new bitcoins as a result.
As per sources, There are still 2.3 million Bitcoins to be mined. Surprisingly, even though 18.6 million Bitcoin were mined in little over ten years, the remaining 2.3 million will take another 120 years to mine. Maybe this is due to the halving of Bitcoin.
Some Cryptocurrencies have more uses than as a coin
Some cryptocurrencies have been used other than coins. The Ethereum blockchain technology may be utilized for more than simply payment processing and cash transfer.
While ether, the native token of Ethereum, may be used for transactions, the underlying technology is more than just a means of exchange. Ethereum is also used to execute smart contracts and can be used to control supply chains. Other cryptocurrencies produce their coins on the Ethereum network as well.
NFTs are the most important opportunity to become an affluent person
NFTs, which are a digital representation of rare items, have made it possible for collectors and artists to earn a living by selling, purchasing, or even trading for gains similar to cryptocurrency investment.
The world of NFts has become such a door for people from where all the artists or investors can improve their financial condition very well.
Countries That Banned Cryptocurrencies
Using cryptocurrency is not legal in some countries. While some countries, such as Nigeria, ban cryptocurrency exchanges, others, such as Turkey, ban cryptocurrency payments. One of the most severe sanctions, however, is China’s ban against financial institutions offering services related to cryptocurrency transactions in 2021.
It’s pretty impossible to actually ban the use of cryptocurrencies, while nations can control access to service providers and shut down exchanges, However, with one of the world’s greatest economies opposing cryptocurrencies, it’s difficult to predict how things will alter in the future.
CryptoKitties was one of the earliest blockchain games.
CryptoKitties is an Ethereum blockchain game created by Canadian firm Dapper Labs, a spin-off from Axiom Zen, that allows users to buy, collect, breed, and trade virtual cats. Cryptocurrencies are not cryptocurrencies, rather they are a type of non-fungible token (NFT).
Each kitten in this game is one of a kind and cannot be duplicated. Like artwork, each one has a different value. CryptoKitties is another example of a project developed on the Ethereum network.
There is no doubt that cryptocurrencies offer many attractive investment options as well as future prospects. Now it is up to you how careful you are while investing in a new asset class. Before proceeding, carefully evaluate your risk tolerance and see whether investing in digital assets is a good fit for your investment strategy.