The cryptocurrency domain is dynamic and fairly new, which is why not a lot of information regarding it is known to people. This is why many have been misled about how things work in the crypto space. This is why we thought of bringing you some interesting and exciting crypto facts that are essential to know. We have touched on some important topics like ‘can cryptocurrency be banned’ and ‘how many cryptocurrency options are present’ in the world.
Amazing Crypto Facts To Enlighten You
Here are some facts about cryptocurrencies that you should definitely know about. There are high chances that you would learn something new while going through the list mentioned below. So, read the details carefully and make note of anything new that you learn if you think is significant enough.
Crypto Has Its Roots Back Into The 1980s
One of the essential cryptocurrency facts is that crypto has its roots back in the 1980s when no one could even think of such a technology. Well, the story goes like David Chaum, who is an American IT professional, caught hold of the idea of developing peer-to-peer digital money that would not be monitored. This idea struck him in 1983, years before the first and largest cryptocurrency, Bitcoin (BTC) was born. The hypothesis he made about encrypted digital cash was published in a scholarly journal that year itself. Later, he founded a firm known as Digicash in 1989.
HODL Strategy Resulted From A Mistake
The HODL strategy is one of the most famous tricks and strategies that are used in the crypto domain, especially with regard to Bitcoin. However, not many know how this concept came into existence, which is one of the fun cryptocurrency facts. It was merely a misspelling that gave rise to an entire trading style or technique. It came into existence when a Bitcoin enthusiast messaged on the forum saying “I AM HODLING” in response to experts in the sector who were mocking the fan for not selling his BTC coins. This obvious spelling mistake became popular quickly and is now a prevalent method of trading in the domain.
Over 2,000 Cryptocurrencies Are Dead
Before knowing about how many cryptocurrency options are there in the world let’s talk about one of the lesser-known facts about cryptocurrencies that concern dead coins. You will be shocked to know that over 2,400 cryptos have died, according to the data by Coinopsy. If you are wondering what does the term ‘dead cryptocurrency’ means then here is an easy explanation. These coins are the ones whose roadmap has come to a standstill and there is no nodal development for them. Also, they are forgotten by the public in general. It is one of the little-known crypto facts which we thought to bring to you.
The First-Ever Commercial Transaction Using BTC Was For Pizza
Well, we have not talked much about buying food with crypto. However, the first-ever commercial transaction for Bitcoin was made to order a pizza. A Florida man paid 10,000 BTC coins to order two pizzas on May 22, 2010. This instance has been recorded as the first-ever instance of using BTC for commercial transactions. At that time, 10,000 BTC coins were worth close to $40, which makes one such coin to be valued at less than half a cent. However, one of the crypto facts noted here is that if someone holds that number of Bitcoins now, they would be a millionaire with $190 million worth of BTC.
How Many Cryptocurrency Options Are There? Ans. Over 12,000
So, time and again people have asked how many cryptocurrency coins there are in the world. The answer for some people would be in a few hundred due to the fact that not every crypto exchange list thousands of cryptos. However, one of the most interesting facts about cryptocurrencies is that there are over 12,000 such coins existing today. Though they are not tradable on every exchange they do exist. These include some of the altcoins such as Binance Coin, Quant, XRP, Solana, and Cardano. But there are many unknown crypto coins that should be brought into the limelight soon.
Bitcoin Supply Is Limited
Bitcoin cannot be supplied endlessly just because it is being mined frequently. The fact that the supply of Bitcoin is indeed limited should therefore be known to everyone. Therefore, it is one of the important crypto facts to note. When the protocol for this crypto was set up, the supply limit was pinned at 21 million coins. At the time of writing, we noted that 19,188,925 coins were already in supply according to data from the leading crypto price-tracking site, CoinMarketCap. This might even affect the BTC price movements as the demand might increase in the future while the supply would stay intact.
A Man Wants To Excavate A Landfill For His Lost Drive
One of the fun facts about cryptocurrencies is that a man is trying to dig up a landfill to get back the digital drive that he once ‘threw’ in there. A resident of Wales, U.K., James Howells, had thrown a hard drive that contained 7,500 BTC coins in it. After realizing that the value of BTC had really skyrocketed since then, he decided to retrieve it. For this, he is trying to convince the local city council to permit him to excavate the landfill to find his lost drive. He has even promised them a share of the rewards that he would have acquired during these years.
NFTs Are Not Currencies In Any Way
Non-fungible tokens (NFTs) are called as ‘tokens’ but they have no connection with the word ‘currency’. These have gotten immense recognition lately and are one of the digital assets that people consider owning nowadays, however, they are not digital currencies. This is because these tokens are not used as a medium of exchange. In addition, they can’t be replicated or divided. However, they can be potential investments for those who like to invest in artwork and collectibles. It is one of the crypto facts that should be kept in mind when dealing with NFTs the next time.
Dogecoin Was Literally A Joke
Dogecoin (DOGE), the King of meme coins, is the first and largest meme-frenzy crypto and as its identification states, it is indeed a result of a joke at that time. The creators of this crypto considered the image of a Shiba Inu who was looking surprised and incorporated the idea to make DOGE. In 2013, that image was actually used as a popular meme. Therefore, it is one of the fun crypto facts to know. This crypto got massive popularity after Elon Musk extended support to it in 2021. Moreover, similar cryptocurrencies including Shiba Inu (SHIB), Floki Inu (FLOKI), and BabyDoge (BABYDOGE) were developed after DOGE became popular.
Bitcoin Creators Are Still Under The Scarf!
Bitcoin, the first and largest cryptocurrency, still is the forerunner of the crypto space and therefore, is the most preferred one out of the lot. However, one of the crypto facts states that the actual creators or team of developers of this digital currency are still not known to anyone. All we know is that ‘Satoshi Nakamoto’ is behind the development of this currency whether it is an individual or a team even that is not known. Moreover, in recent times, many have claimed that they had a major role to play in the formation of this virtual currency but none of these claims has been proven to date.
[Bonus: Time and again people have been asking can cryptocurrency be banned. Well, the answer to the query of ‘can cryptocurrency be banned’ is a big YES. the global ban would need international cooperation, but countries can take their own decision like China already banned crypto.]
A Factual Closure!
Crypto facts that have been discussed here are all worthy enough to note. Some of them were informational while others were fun loaded. However, we do expect that you learnt something new in the transit. We would like to learn about other cryptocurrency facts that you know. So, do share them in the comment section. In addition, do mention the facts that you already knew from the above-mentioned list. We hope to bring more such information to you both educational and funny.