10 Interesting Facts About Cryptocurrency That Everyone Must Know
The cryptocurrency market is barely a decade old yet it has presented one of the most amazing ecosystems to study. The intrigues include an anonymous found and surge in value to several thousand percentages in a single day. Here are exciting facts that will blow your mind about the cryptocurrency market.
1. The Founder Is A Ghost
While the idea of a digital currency was actualized decades ago, cryptocurrency was conceived less than 3 decades ago. However, it was never actualized until 2009 and when the real code was developed. However, the surprising thing is that no one owns the king of cryptocurrencies — the bitcoin. The first interesting fact about cryptocurrency: It is credited to Satoshi Nakamoto but there is not real connection. He has not even claimed ownership of the code. This is an ecosystem that is open for people to mine and get commissions as well as rewards. If you are looking for the owner, you will not get anytime soon.
2. The Currencies Are Extremely Volatile
In 2009, one Bitcoin was worth $0.003 which is another interesting fact about cryptocurrency. People had not taken note of the currency and were not even interested in its value. By 2017 Dec, the value was $17900 and rising. Today, it has fallen to $6,000. This translates to shedding 2/3 of its value in just two months. This is an indication of the volatility of cryptocurrency. In fact, this is one of the reasons many investors are keeping away from the coins. The value can swing dramatically causing both huge gains and losses. The value is pegged on perception and is not controlled by any central bank or monetary regulator.
3. Small Fractions Of Bitcoin Are Called Satoshi
Cyrptocurrencies like bitcoins can be broken down into fractions. This allows buyers to invest in 1/10 of a currency. For instance, if the value of Ethereum is $100, you can buy ½ or ¼. This is an opportunity for many people to invest and gain value over time. It also presents a chance for small scale investors to participate in the cryptocurrency market.
4. Someone Paid For A Pizza Using 10,000 BTC
This is one of the unbelievable facts about cryptocurrency and specifically Bitcoin. A developer used 10,000 bitcoins to pay for 2 pizzas in 2010. That only points at how far the coin and generally the market have come. In December of 2017, that would have translated to $179,000,000. This would have been enough to buy a Picasso painting that cost that amount back in 2015. This points at growing interest in cryptocurrencies and their volatility over the years. This was 20 million dollars more than the brand value of Arsenal football club by 2017. Imagine buying a global soccer concern for only 2 pizzas in 2010.
5. If You Lose Your Wallet, You Have Lost Your Money
The value of your bitcoins or cryptocurrency lies in your wallet. If you lose the wallet or access details to your wallet, you have lost your currency. This is because of the absence of a central point where the codes can be generated. It means that once you lose the current code, you have no place to get another. You should keep your access codes safe and away from unnecessary exposure. You can use an online wallet or a physical one to store your wallets.
6. There Are 1500+ Cryptocurrencies Around The World And Counting
More industries have embraced the idea of cryptocurrencies and are developing them for specific industries. The reason bitcoin is the most popular is because it was the first currency whose use can be traced. This is the reason it currently controls about 54% of the projected market value. The current market value for cyrptocurrencies is estimated to be $589 billion. There are about two dozen other currencies who market cap is more than $1 billion. Even as new currencies emerge, they are adding to the current figure of more than 1300 currencies.
7. The Real Value Of Cryptocurrencies Lies In Their Blockchain
The value of currencies lies in the technology that is used during storage and transactions. This is a digital platform that is also decentralized. The ledger records all transactions and gives a history of all activity on a coin. This technology makes the coins safe and efficient to use. This technology has made investors so excited about the currencies.
8. Decentralization Is The Attractive Element
The main question for most people is why the world needs another currency while digital transaction methods already exist. The answer lies in the decentralization element. The currency is not supported or regulated by any central government. This means that there is no center where information is stored or data can be obtained. This provides an assurance that cyber criminals cannot attack a particular data center and take off with the coins. Investors are interested in such level of safety. This also makes transactions more reliable.
9. They Operate 24/7
Blockchain technology presents more advantages than the fact that it is decentralized. The technology operates 24hrs and 7days in a week. This is unlike traditional banking systems where you have to wait for the next working day to have your transaction approved. This is what has endeared many minors to the technology. The absence of a middleman also reduces transaction costs. Both parties have control over the direction of a transaction. This guarantees safety of investor monies. The future of blockchain technology also lies in the users and not a third party.
10. There Are More Than 6 Million Wallets
Increase in popularity of cryptocurrencies has led to the rise of numerous wallets where people can store their coins. Each wallet offers unique features and is attractive in its own way. These wallets can be linked to major credit cards to make transactions easier. Some even allow you to send the currencies using text message or email. In fact, many of these wallets offer more features than just storage.
We are yet to hear the end of cryptocurrencies as new uses and information emerge. This is a growing ecosystem with unique offerings for investors and the financial market. As new coins are born, the market will get more interesting to watch.
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