Cryptocurrencies have taken the world by storm in recent years, with the digital money finally breaking through to the mainstream. From Bitcoin to Dogecoin, these cryptocurrencies have captured the imagination of people all over the world. Despite all of the attention and media coverage, there are still some wild facts about crypto that you probably never knew. With that in mind, here are ten of the most mind-blowing facts about cryptocurrency.
#1 – The First-Ever Bitcoin Transaction Was for Pizza
Believe it or not, the very first commercial Bitcoin transaction was for pizza. It was back in 2010, when a man from Florida spent 10,000 Bitcoin for two Papa John’s pizzas. At the time, 1 Bitcoin was worth around $0.003, which means the pizzas were purchased for about $25. Today, one Bitcoin is worth tens of thousands of dollars, so those two pizzas ultimately cost him millions.
#2 – The Creator of Bitcoin Remains a Mystery
Despite Bitcoin’s massive popularity, its creator is still a complete mystery. It all began back in 2008, when a whitepaper was published anonymously under the pseudonym Satoshi Nakamoto. Titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, this original document became the foundation of the blockchain economy we see today. Some think the whitepaper was published by a group of people, while others believe this was the work of a single person. To this day, the true identity of Satoshi Nakamoto has never been revealed.
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#3 – The Total Amount of Bitcoin is Finite
As a result of Bitcoin’s halving mechanism, the total supply of Bitcoins is limited to 21 million. Bitcoin halving is a pre-programmed event that occurs approximately every four years, reducing the reward given to miners for validating transactions and adding new blocks to the blockchain network. Specifically, the mining reward is cut in half, which reduces the number of new Bitcoins entering circulation. This mechanism is built into the Bitcoin protocol to control inflation. The first Bitcoin halving occurred in 2012, and the most recent one took place in May 2020.
#4 – There Are Over 9,000 Active Cryptocurrencies
Over the past decade, the rise of cryptocurrencies has been nothing short of remarkable. Since Bitcoin, thousands of other cryptocurrencies have emerged, each with its own unique features and capabilities. These new cryptocurrencies are built on different blockchain technologies, offering different levels of security, privacy, and scalability. With so many cryptocurrencies available, investors and traders have a wide range of options to choose from. However, the abundance of cryptocurrencies can also create confusion, making it challenging to determine which ones are worth investing in. As the cryptocurrency market continues to evolve, it’s likely that even more new cryptocurrencies will emerge in the future.
#5 – Dogecoin Began as a Joke
Dogecoin started as a joke when it was founded back in December 2013. It was created by software engineers Billy Markus and Jackson Palmer as a fun alternative to Bitcoin, which was gaining popularity at the time. The name “Dogecoin” comes from the popular internet meme of a Shiba Inu dog, which became the currency’s mascot. The coin was initially intended to be used for online tipping, but it quickly gained a following on social media platforms, especially Reddit. Despite its origins as a joke, Dogecoin has become a serious player in the cryptocurrency world, with a sizeable market cap and a devoted community of users and investors.
#6 – Bitcoin is Considered Legal Tender in El Salvador
As of September 2021, Bitcoin has been adopted as legal tender in El Salvador. This move makes the small Central American country the first to accept Bitcoin as an official currency. The law, which was proposed by the country’s President, Nayib Bukele, was quickly approved by the Legislative Assembly. As a result, businesses in El Salvador must now accept Bitcoin as a form of payment, alongside the US dollar, which has been the country’s official currency for the past two decades. This decision has sparked discussions around the world, with many suggesting that it could pave the way for other countries to follow suit.
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#7 – Some Companies Pay Employees in Bitcoin
In recent years, some companies have started paying their employees in Bitcoin. For employees who are already invested in Bitcoin, receiving payment in the cryptocurrency can be a convenient way to accumulate more. Companies that pay in Bitcoin often have to follow certain tax regulations, and employees may need to report their Bitcoin income to the government. While Bitcoin payments may not be suitable for every employee, they can be an innovative way for companies to offer alternative payment options and stay up-to-date with the latest financial technology trends.
#8 – You Can Buy a House with Bitcoin
Believe it or not, you can buy a house with Bitcoin. In fact, there have been many high-end real estate transactions completed using Bitcoin. The most expensive house ever sold for Bitcoin was a $22.5 million mansion in California. Some sellers may prefer to take advantage of the flexibility and convenience that Bitcoin offers by using it as a means of payment for their property. While this is still a relatively new trend, it is gaining traction, especially among tech-savvy individuals and investors who are interested in the potential benefits of Bitcoin as an investment.
#9 – The First Bitcoin ATM Was Installed in Canada
The first Bitcoin ATM was installed in Vancouver, Canada, in October 2013. The machine was developed by Robocoin, a Las Vegas-based company that aimed to make buying and selling Bitcoin more accessible. The machine allowed users to buy and sell Bitcoin using cash or a Bitcoin wallet on their mobile phone. The first day it was installed, the machine processed over $10,000 in Bitcoin transactions. Since then, Bitcoin ATMs have popped up all over the world, and there are now over 38,000 of them in more than 75 countries.
#10 – Crypto Deposits Get You Bigger Bonuses at Bovada Casino
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