Cryptocurrency curiosities
Cryptocurrencies have been around for over a decade, and they continue to fascinate people around the world. Here are some interesting facts about cryptocurrencies that you might not know:The first commercial bitcoin transaction was for pizza. On May 22, 2010, a man in Florida paid 10,000 bitcoins (BTC) for two pizzas. This is generally recognized as the first bitcoin transaction for a commercial purpose 1.
There are more than 12,000 cryptocurrencies in existence. As of September 2022, there are more than 12,000 digital currencies in existence. While you can’t buy them all on an exchange, they are out there, some of them requiring their own wallets. This includes many altcoins such as USD coin (USDC), XRP (XRP), solana (SOL), Binance USD (BUSD), and more. There are so many coins and tokens available because it’s relatively easy to create a new cryptocurrency and put it out there. But, as of September 2022, the top 20 virtual currencies account for about 87% of the crypto market cap 1.
The total amount of bitcoins is limited. When the protocol for the bitcoin network was set up, the limit was set at 21 million coins. As a result, at some point, no more new bitcoins can be created by cryptocurrency miners. As of September 2022, the total number of circulating bitcoin is 19.15 million. This leaves a few million bitcoin yet to be mined, which is part of why mining remains a popular activity 1.
Cryptocurrencies are not legal everywhere. While cryptocurrencies are legal in many countries, they are not legal everywhere. For example, in China, cryptocurrency trading is illegal, and the government has cracked down on cryptocurrency mining as well. In India, the government has proposed a bill that would ban all private cryptocurrencies 2.
Cryptocurrencies can be used for more than just buying things. While cryptocurrencies are often used for buying goods and services, they can also be used for other purposes. For example, some people use cryptocurrencies as a store of value, similar to gold. Others use cryptocurrencies for remittances, as they can be sent quickly and cheaply across borders 3.
Cryptocurrencies can be very volatile. Cryptocurrencies are known for their volatility, and their prices can fluctuate wildly in a short period of time. For example, in December 2017, the price of bitcoin reached an all-time high of nearly $20,000. By December 2018, the price had dropped to around $3,000. This volatility can make cryptocurrencies a risky investment 4.
Cryptocurrencies are not anonymous. While cryptocurrencies are often associated with anonymity, they are not completely anonymous. Every transaction on the blockchain is recorded and can be traced back to its origin. While it is possible to use cryptocurrencies anonymously, it requires a lot of effort and technical know-how 5.
Cryptocurrencies can be lost forever. If you lose your private key or forget your password, you can lose access to your cryptocurrency forever. There have been many cases of people losing their cryptocurrency due to lost passwords or damaged hard drives 6.
The first cryptocurrency was Bitcoin, which was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto 1.
The total market capitalization of all cryptocurrencies was over $2 trillion as of September 2021 2.
The largest cryptocurrency exchange in the world is Binance, which has a daily trading volume of over $30 billion 3.
The smallest unit of a bitcoin is called a satoshi, named after the creator of bitcoin 1.
The first cryptocurrency ATM was installed in Vancouver, Canada in 2013 4.
The Winklevoss twins, who famously sued Mark Zuckerberg over the creation of Facebook, are now billionaires thanks to their investment in Bitcoin .
The first country to issue a national cryptocurrency is the Marshall Islands, which launched the Marshallese sovereign (SOV) in 2018 .
The first-ever Initial Coin Offering (ICO) was held by Mastercoin in 2013, which raised over $5 million .
The first recorded purchase made with bitcoin was for two pizzas, which were bought for 10,000 BTC in 2010 1.
The first cryptocurrency to use a proof-of-stake consensus algorithm instead of proof-of-work was Peercoin, which was launched in 2012 .