Cryptocurrency is something that always remains in the headlines and has sparked an increase in people’s desire to learn more about it. Some people find the world of cryptocurrencies to be strange, yet they continue to grow more and more interested in trying their luck by making investments in these virtual currencies. It may be as simple as pie for some.
However, there are still some facts that maybe even pros and experts are unaware of. We’re discussing some of the obscure and fascinating cryptocurrency facts that are listed below.
1. First Commercial Bitcoin Transaction
Do you know the first commercial bitcoin transaction was made for pizza? On 22nd May 2021, a man paid around 10,000 bitcoins to order himself two pizzas. This was the first time when the bitcoin was commercially used for the transaction. These 10,000 bitcoins were worth $40 at that time.
2. The Person Who Created Bitcoin is Still Unknown
Cryptocurrencies have been around for years, and people constantly use these digital currencies for transactional purposes. But the organization or the person who created bitcoin is still unknown. No one knows the creator of bitcoin.
3. More Than 10,000 Cryptocurrencies Exist
You might be surprised to know about this cryptocurrency fact, but there are more than 10,000 cryptocurrencies in existence. They exist, some of them requiring their wallets, even though not all of them can be purchased on an exchange. Numerous altcoins are included in this, including XRP (XRP), Solana (SOL), Binance USD (BUSD), USD coin (USDC), and others.
Because it’s quite simple to develop a new cryptocurrency and release it into circulation, there are a large number of coins and tokens available. However, as of September 2022, the top 20 digital currencies represent over 87% of the total market value of all crypto assets.
4. #1 Corporate Holder of Bitcoin
The number one corporate holder of bitcoin is probably MicroStrategy, a US-based software company. In its third quarter 2022 financial results, MicroStrategy said it has acquired around 301 bitcoins which takes its total bitcoin holdings to 130,000 BTC worth around $2.62bn.
5. Dogecoin Was a Joke
Dogecoin (DOGE), one of the most popular cryptocurrencies in 2021, had a rise in market capitalization thanks in part to Elon Musk’s backing. But this cryptocurrency was only a joke at first.
The notion was that there were tons of newly introduced coins out there. Dogecoin was therefore developed by its designers around a picture of a Shiba Inu dog with a shocked expression. When dogecoin first appeared in 2013, this meme was widely spread.
6. Cryptocurrencies Are Banned in Many Countries
Next up on the list of unknown and interesting cryptocurrency facts is the banning of digital currencies. Countries including Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Nepal, Qatar and Tunisia have completely banned cryptocurrencies. And there’s a strong chance that this list could get longer. For instance, Russia has been contemplating banning cryptocurrency payments for some time.
7. Physically Banning Cryptocurrencies is Impossible
It’s physically impossible to outlaw cryptocurrencies, despite the fact that many nations have contemplated doing so. Why? since anyone may obtain a cryptocurrency wallet. Country limitations are possible, but the cryptocurrency market itself cannot be outlawed. Algeria, Cambodia, Bolivia, Educator, Bangladesh, and Nepal are a few nations that have eliminated the restrictions on utilising cryptocurrency.
8. NFTs are not Cryptocurrencies
NFTs aren’t cryptocurrencies, despite the fact that they gained popularity in 2021 and are regarded as digital assets. They are tokens that aren’t used as exchangeable currency. Additionally, NFTs cannot be divided or copied.
NFTs are comparable to art or collectables as alternative investments. In fact, some see them as digital collectables and works of art with potential value growth.
Conclusion
These are some of the unknown and interesting cryptocurrency facts. Although cryptocurrency is a relatively new idea, it has grown rapidly over the past few years to become one of the most popular, lucrative, and risky investments of the 21st century.
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Very informative blog.
Thank you!