16 Interesting Cryptocurrency Fun Facts You Should Know

Introduction

Cryptocurrency FactsYou must have probably heard about cryptocurrency which is hailed as the “Digital Cash” of the modern world or “Money of the Future”. It has completely revolutionised the gambling market and is one of the most preferred deposits and withdrawal methods at online casinos.

Here, we will talk about the 16 exciting and fun facts about cryptocurrency we bet you did not know about it.

You must check out the post below if you have been using this digital currency while playing your favourite games at the online casino site. Before you think about diving in the cryptocurrency craziness, these are some facts you should know about.

Bitcoin Founder is a Ghost

The mysterious person or a group of people hiding behind the pseudonym Satoshi Nakamoto is known for creating Bitcoin. However there is no real connection, and he has not claimed ownership for the code. It is the world first cryptocurrency and one of the widely used digital currencies in today’s time.

The fun part is that Nakamoto himself had no plans for inventing this cryptocurrency in the first place. He wanted to develop a decentralised cash system for people. It is said that the founder owns a whopping 1 million Bitcoin units.

You Can’t Afford to Lose Your Crypto Wallet

All the cryptocurrencies are stored in a digital address which is called a crypto wallet. There is a unique private key to unlock and use the cryptocurrencies. At any point in time if you happen to lose the private key, then you can say a final goodbye to your crypto wealth. It is crucial that you make a proper copy for the crypto address and preserve it in a safe place before playing games at online casino sites.

Crypto Wallets Exceed 6 Million in Numbers

Nobody knows for sure the total number of crypto wallets available in this hyperspace. According to some experts and cryptocurrency analysts, it is speculated there are 6-12 million active wallets available storing all the crypto wealth. More than 50% of the cryptocurrency wallets offer storage for more than one type of cryptocurrency.

Only 21 Million Bitcoins Units & Not More

Whether you agree or not, it is true. If you are thinking there is going to be an infinite supply of Bitcoin, then you are wrong. The creator of this digital currency says only 21 million units of Bitcoin will be available till 2140. After this, no new Bitcoin units will be made available to people.

Bitcoin Smaller Parts are Called Satoshi

Most people don't know that there are smaller Bitcoin amounts which are used as alternative units. These small parts are known as “Millibitcoin” or “Satoshi”. Satoshi is regarded as the smallest amount of Bitcoin which is equivalent to 0.00000001 Bitcoin or one hundred millionth of a Bitcoin.

Most Expensive Pizzas of the World were Paid 10,000 BTC

A Hungarian programmer by the name Laszlo Hanyecz made the first transaction of Bitcoin on May 22, 2010. He purchased two Papa John Pizzas by paying precisely 10,000 BTC. If the programmer preserved those Bitcoins, its value in today’s time would be around $180 million. He could have been a multi-millionaire by now had he not spend his Bitcoins in buying those two pizzas.

Cryptocurrencies are Volatile

The first thing you will notice after owning a cryptocurrency is that they are extremely volatile in nature. It is because the virtual currency trade takes place on several cryptocurrency exchanges instead of central exchange which contributes to its volatility. So, you should know this digital currency is not for the faint-hearted people.

Cryptocurrency Don’t Have Fundamental Backing

This digital cash does not have any fundamental physical factor to derive an appropriate evaluation. The cryptocurrency does not have direct primary ties which make its valuation difficult if not impossible in the traditional sense. It is an important factor you should consider before owning any cryptocurrency.

More than 1300 Cryptocurrencies Available

Interestingly there are more than 1300 other virtual currencies that you can buy. However, only a dozen of them has the market cap more than $1 billion. If you have been following virtual currencies, you must have heard about Bitcoin. It is the kind of all cryptocurrencies making up 54% of approximately $589 billion market cap.

Real Value Lies in Blockchain

In spite of the emphasis on trading in virtual currency, what lies beneath the cryptocurrency which is far more valuable. The infrastructure of this digital cash including Bitcoin is founded on Blockchain Technology. It is a decentralised and digital ledger that keeps a record of all payments and transfer transactions in a secure and safe environment without any 3rd party access.

Decentralization is the Key

What makes the blockchain technology interesting is the fact it is entirely decentralised. There is no central hub for storing the information. With no significant data centres, cybercriminals are unable to hack it and get access to the digital currency. In other words, your cryptocurrency is entirely safe from any unauthorised access.

FBI Appreciates Bitcoin

Once upon a time, the FBI was dubious about this cryptocurrency. They used to suspect people who were dealing in this digital currency for their online transactions. However, the time has changed entirely over the years. At present, it is said that FBI is one of the most prominent owners of Bitcoin wallets where the present value is estimated at around $120 million.

Not Everyone Believes in Cryptocurrencies

The investor mogul Warren Buffet in an interview once said that Bitcoin is a mirage and cannot be trusted. Similarly, JP Morgan Chase CEO Jamie Dimon has referred cryptocurrency to be “fraud” and “worse than the tulip bulbs”. In spite of this, the craze for the virtual currencies especially Bitcoin is on the rise, and people are using it extensively for investing and payment method at online casinos.

Cryptocurrency is banned in Many Countries

Cryptocurrency Fun FactsIn spite of being the hottest thing since the sliced bread, cryptocurrencies are not accepted everywhere. The decentralised and unregulated nature of the digital cash has made many countries to ban it.

Cryptocurrency trade, making payments in digital currency or buying services in the virtual currency is illegal in more than ten countries including India.

There is also a general possibility that the list of nations prohibiting cryptocurrency trade may increase in due course of time. Like for instance, Russia is thinking about banning cryptocurrency payment shortly.

Most People Have Limited Knowledge of Cryptocurrency

Majority of people don’t have the slightest clue what makes this digital currency tick. LendEDU conducted a poll, a student loan refinancing market, only 79% people were aware of Bitcoin and 32% people were mindful of Ethereum which is the second largest cryptocurrency by market cap. Apart from that, 75% of people are not cognizant of initial coin offerings.

Perhaps even scarier thing, LendEDU asked people if owing Bitcoin was illegal in the United States. 41.6% of people answered it correctly that is legal to own it while 10.7% believed it was where 47.7% people were not sure about it. It shows that people lack a common understanding of cryptocurrencies.

Pay Tax on your Cryptocurrency Profit

Just because cryptocurrencies are not regulated, it does not mean you get a free ride on profits you pocket. IRS or the International Revenue Service wants people to pay tax on profits incurred on cryptocurrency trade and investment. If you have been making profits of more than $20,000 in cryptocurrency trade, it is time to pay your taxes. You never know when IRS knocks on your door and asks you to pay the taxes including fine.

Conclusion

The cryptocurrency market is just a decade old but presents one of the most impressive and alluring ecosystems to study. We are sure you had a great time checking out these weird and fun cryptocurrency facts. In the meantime, you can read some other interesting and valuable posts and other updates in our Blog section.


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