Cryptocurrency is a type of digital asset exchange medium that is established and managed through cryptography. It involves the process of changing comprehensible info into uncrackable code for use in tracking transfers and purchases. Cryptocurrency is still anonymous to many, but it is becoming more mainstream each day. Some people know how to invest in cryptocurrency but there are some extra unknown information.The cryptocurrency story is full of fun facts from its anarchic early days to its incarnation as a high-value commodity in the global financial markets. This article goes through some of the interesting facts about cryptocurrency.
Interesting Facts about Cryptocurrency
There are more than 5000 cryptocurrencies
If you are new to the crypto space, you may only know about a couple of them like Ethereum, Bitcoin, etc. However, there are about 5361 cryptocurrencies currently. It listed on CoinMarketCap. But this doesn’t mean you can invest in any of them because only a few hundred are worth investing.
Countries that have banned crypto
Regardless of the worldwide cryptocurrency hype, some countries have banned the use of blockchain currency. The six countries that banned this digital currency include; Ecuador, Bolivia, Algeria, Nepal, Bangladesh, and Cambodia.
China is the most prominent crypto miner
You require more resources and time for the booming mining of cryptocurrency than you needed several years ago. However, China remains the largest player in crypto mining, with about 75% of the Bitcoin mining network. More interesting facts about cryptocurrency you can find in this video:
Bitcoin Fun Facts you couldn’t even imagine
Bitcoin was the first crypto created in 2009 and received mainstream attention in 2012. Since then, there has been a constant propagation of cryptocurrencies. Some of the Bitcoin fun facts include:
Bitcoin was worth about $0.0008
Currently, Bitcoin is worth more than $7000, so it can be hard for you to believe that it was once worth less than a dollar. The value first rose in July 2010 when it increased to $0.08. Bitcoin had the highest value in December 2017. Its value was $ 17,900.
The creator of Bitcoin is unknown
Another interesting fact about Bitcoin is that nobody knows about Satoshi Nakamoto or has seen him. The real developer behind this revolutionary technology never came forward. Satoshi Nakamoto is just a pseudonym that is designed to address the anonymous person behind Bitcoin.
Satoshi is not the smallest Bitcoin Unit
Most people believe that Satoshi is the smallest unit of the Bitcoin system. However, a Bitcoin is divided into eight zeros after the decimal point, but this does not mean Satoshi cannot be divided. A Millisatoshi is the smallest unit, which equals a thousandth of Satoshi.
The first Bitcoin transaction was a purchase of two pizzas
In 2010, a Bitcoin developer paid 10.000 bitcoins for two pizzas at Papa John’s. Such amount of BTC was worth about $25. Currently, when one BTC is worth about $6500, that amount would have been worth $65 million. But how would he know that in a few years, Bitcoin would multiply its value?
Ethereum Facts you may need to know
Like bitcoin, you have probably heard about Ethereum, but you wonder what it is all about. Here are some of the Ethereum facts that you might not know:
Ethereum was funded via crowdfunding
Vitalc Buttern, a battler programmer and crypto-lite researcher, had an idea about Ethereum in 2013 but lacked enough funds to make the vision a reality. This turned to group funding to get the required capital to develop and launch the program. Ethereum was successful in online public sale in July 2014.
Large tech companies support Ethereum
Some of the major corporations worldwide joined Ethereum and supported its further advancements. Some of these famous companies include; Deloitte, Intel, Microsoft, Banco Santander, Toyota Research Institute, Samsung SDS, BNY Mellon, Banks of Canada, Consensys, and DTCC.
There is no real cap for Ether
Once you mine 21 million Bitcoin, there is no more bitcoin. But for Ethereum, there is no such cap. The only limitation for Ethereum is that you can only mine about 18 million Ether every year. This makes it a better option than bitcoin for those who want to continue making a steady earning.
Proven facts about Ripple
Ripple was among the top-performing cryptocurrencies in 2017. People still don’t know much about Ripple because it’s reasonably new player in the cryptocurrency space. Fascinating facts about ripple below:
Ripple is not the official name
One of the facts about Ripple is that its official name is XRP rather than Ripple. Ripple Labs Company created the XRP token, and to be fair, Ripple is much easier to remember, so many people opt to use it.
You cannot mine, Ripple
Bitcoin mining gradually increases the circulating supply, whereby users coordinate their computing power to synthesize transactions in exchange for the minted new ‘blocks’ of tokens. Lots of other major cryptocurrencies also increase their supply through mining. Nevertheless, Ripple is different. In crypto world exists all 100 billion XRP ant that’s interesting. Although not all are in circulation yet. Currently, only forty percent of XPR tokens are in circulation.
Ripple network is faster than bitcoin or Ethereum
The average bitcoin transaction is typically in the range of 10 to 30 minutes. Ripple is a quick form of money transfer boosting transaction times of about four seconds. Additionally, Ripple’s network can handle about 1500 transactions per second, with the company claiming it can be scaled to handle 50000 per second.
Ripple’s transaction cost is minute
Transaction cost is one of the significant obstacles facing most cryptocurrencies. This refers to the miners’ fees as incentives for using their computing power to process transactions. Meanwhile, Ripple has the least transaction fee of $0.03.
Revolution of cryptocurrency
There are more interesting facts about cryptocurrency. But on of the most important – that the revolution of cryptocurrency is already happening. It is more reliable than the conventional currency as transactions cannot be reversed, faked, and low fees. Though investing a little crypto can earn you a substantial amount instantaneous, you should be aware of the risks and volatility involved with the investment. You can choose to stand beside and observe or get in and become a part of the making’s great history.