Bitcoin is one of the popular cryptocurrencies available in the market. Many organisations and even countries are looking forward to using Bitcoin as a legal tender in the upcoming years. However, people still don’t have a basic idea about Bitcoin despite so much popularity. Hence, it will be a great benefit to have proper knowledge about Bitcoin and other cryptocurrencies. Check out bitcoin and other cryptocurrencies if you want to start trading bitcoin. It’s a lot easier than you think.
So, read below to know about some interesting facts and figures of Bitcoin and cryptocurrency.
- Do you know that Bitcoins are limited?
Firstly, Bitcoin mining is limited to only 21 million. It means that it cannot be mined after a specific time. Cryptocurrencies are just like limited resources such as oil or gold. This is the reason why the value of Bitcoin will increase with the limited supply. As per March 2022, around 19 million Bitcoins were circulated, which is why several million Bitcoins are still not released yet.
- The creator of Bitcoin is still unknown
Secondly, it is said that a person named Satoshi Nakamoto developed Bitcoin. But, the person is still unknown. On the other hand, it is believed that a group of people or an organisation has developed the digital currency. But, no one knows whose idea it was to develop cryptocurrency.
- China is considered to be the biggest miner of cryptocurrency
Mining is an integral part of verifying transactions in cryptocurrency. It is one of the highly profitable segments of any business. As of now, China has up to 75% control over the cryptocurrency mining. In 2021, China had put restrictions on several companies from using their equipment for cryptocurrency mining. This further led to the decline of its hash rate globally.
- There are more than 95000 cryptocurrencies
By March 2022, it is estimated that there were around 95000 cryptocurrencies present. However, it is not possible to buy all of them for an exchange. Cryptocurrencies are easy to create, and that’s why they are available in enormous numbers. It is said that the around 20 top coins hold 87% of the share in the cryptocurrency market. Therefore, people can select from a plethora of cryptocurrencies for future investments.
- Ethereum has several various uses other than a coin
Subsequently, another major cryptocurrency called Ethereum can be used for several purposes. The Ethereum blockchain isn’t just for the smooth exchange of money. You can use them to execute smart contracts and manage the supply chain as well. Apart from that, several other cryptocurrencies use the Ethereum blockchain for creating coins. Therefore, it is different from Bitcoin. You can add such contracts in your portfolio to diversify your investment profile.
- The first transaction for Bitcoin was done for pizza
Yes, the first Bitcoin transaction dates back to the year 2010. A person in Florida paid around 10000 Bitcoins for buying two pizzas during that time. Thus, during that time, the value of Bitcoin was just $40. So, one Bitcoin was worth even less than a cent. But, now, 10,000 Bitcoins worth is even more than $350 million.
- The popular cryptocurrency called “Dogecoin” was developed as a joke
One of the recent topics in cryptocurrencies is Dogecoin. It is an astonishing fact that the idea of Dogecoin emerged from a joke. This was actually taken from a popular meme of 2013 with the image of a dog known as Shiba Inu. Now, it is one of the popular cryptocurrencies across the world, but still, its price is volatile.
- CryptoKitiies is considered to be the first game in blockchain
Blockchain has also started its journey in the gaming field. Thus, cryptocurrencies are known as one of the famous and first blockchain games. They are segmented as the Non-Fungible Token or NFT. Every kitty has a unique value, and you can’t replicate them. Furthermore, in 2018, some bought cryptokitty for 600 ETH. Thus, 600ETH had a value even higher than $1.5 million during that time.
Conclusion
In conclusion, since the evolution of cryptocurrencies, they have gone through many changes. These interesting facts can help understand the possibility of growth in the crypto market.
