Here are some cool facts about crypto and blockchain you probably didn't know.
The idea for a blockchain predates even Bitcoin
Many people think that Bitcoin was the first attempt at making a digital currency, Well, it’s not exactly. The idea for a blockchain is older than Bitcoin. It was first described in 1991 by two cryptographers Stuart Haber and W. Scott Stornetta, who were looking for a way to create unchangeable timestamps for documents. Also, Wei Dai’s B-Money, Nick Szabo’s Bit Gold, Adam Back’s Hashcash and David Chaum’s DigiCash were the precursors to Bitcoin. Unfortunately, each of those currencies failed to gain traction because of their proposed centralised systems.
Bitcoin has really made thousands millionaires
It is estimated that between 20,000 and 200,000 people have made over a million dollars in bitcoin profits. The kinda statistic I wanna be 🙌💎
Tons of money has also been lost
Around 3.79 million of the total bitcoin in circulation has been lost forever because people don't know how to handle their digital assets. This amounts to approximately 23% of the total bitcoin in circulation and is worth around a whopping 252 million USD. This massive loss occurs from the mishandling of private and public keys, and losses of digital assets. Today that is worth well over 217 billion dollars. Ouch!
Blockchain nodes operating from space!
Some blockchain nodes are stored in the space. The largest organization doing this is the Singaporean cryptocurrency Qtum, having 72 nodes located in satellites.
Even while still in it's early days I'm 2013, Forbes named bitcoin the best investment of the year. Meanwhile in 2014, Bloomberg named bitcoin one of its worst investments of the year. But guess how Bitcoin responded In 2015? It topped Bloomberg's very owncurrency tables!
Cryptocurrencies have proved several critics wrong again and again.
•Howard Marks of Oaktree Capital Management stated in 2017 that digital currencies were "nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it". Guess how that played out?
Bitcoin and other cryptocurrencies have also been identified as speculative bubbles by several laureates of the Nobel Memorial Prize in Economic Sciences, central bankers, and investors. Real proof that smart in one area does not always mean universally smart!
Bitcoin surged above the $40,000 mark for the first time on 7 January. On 11 January, the UK Financial Conduct Authority warned investors against lending or investments in cryptoassets, that they should be prepared "to lose all their money". Guess what happened just a few months later? On 16 February, Bitcoin reached $50,000 for the first time. On 13 March, Bitcoin surpassed $61,000 for the first time.
There's an academic journal for cryptocurrencies
In September 2015, the establishment of the peer-reviewed academic journal, Ledger was announced. It covers studies of cryptocurrencies and related technologies, and is published by the University of Pittsburgh. The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers.
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What are other cool facts you think other crypto enthusiasts; especially newbies should know?