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10 Interesting facts about Cryptocurrencies you should know

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10 Interesting facts about Cryptocurrencies you should know

10 Interesting facts about Cryptocurrencies you should know

Fri Jan 07 2022 06:05:00 GMT+0000 (Coordinated Universal Time)

With cryptocurrencies slowly dominating the mainstream market, more people are getting intrigued and encouraged to join the digital asset craze. From its puzzling start with the mysterious Satoshi Nakamoto to becoming a hot commodity in the financial market, digital assets have made great strides, reaching the industry of gaming, social media and online casinos. With this, the rise of cryptocurrency is brimming with fun stories and interesting affairs that gave birth to digital coins the world knows today.

However, this novel technology remains a mystery to a lot of people. Some are still finding out how digital assets work, while others are still learning if the speculations on crypto are true or not. Since the world of digital currency can feel overwhelming to explore, learning about cryptocurrencies like Bitcoin and Ethereum seems like a lot of work.

So, to help you get started, Bitcasino has compiled a list of fun facts about cryptocurrency! How many of them do you already know? Continue reading below and test your knowledge:

Fun fact # 1: The creator of Bitcoin is still unknown

Ever since the Bitcoin whitepaper was launched in 2009, its creator—the pseudonymous Satoshi Nakamoto—remains anonymous up to this day. Although Bitcoin is now the most popular and has the biggest market capitalization in the crypto sphere, Nakamoto still refuses to reveal their identity and claim their ownership of the code. They abruptly vanished in 2011, two years after Bitcoin was released to the public.

Over the years, several figures have been suspected of being the person behind the invention of Bitcoin. For instance, Dorian Nakamoto was revealed by Newsweek as the real Satoshi Nakamoto in March 2014. They had plenty of similarities, including their Japanese roots and extensive experience in engineering. However, he denied the accusations and claimed that he had nothing to do with the digital currency.

Another popular belief in online forums is that Satoshi Nakamoto is the acronym for the world’s tech giants such as Samsung, Toshiba, Nakamichi and Motorola.

Fun fact # 2: Cryptocurrency is great for gambling

One of the best things about cryptocurrencies is that it’s not only used for trading but can be used to gamble in online casinos as well.

Gambling is risky, especially if you're from a country where it's considered illegal. You can’t enjoy placing bets and winning payouts without getting scared that you might get caught, putting your identity and personal information at risk.

Luckily, gambling with cryptocurrencies like Bitcoin, Monero and Litecoin provides top-notch security and faster transactions. With blockchain payments, you are not obliged to provide information such as your name, birth date or bank account details.

Most importantly, crypto casinos like Bitcasino offer better bonuses and regular promotions that could triple your winnings. For example, you have the chance to be rewarded with 5 BTC as a part of the welcome package to get you on a good start. As of writing, this can be converted to US$49,660!

Fun fact # 3: A man wanted to dig a landfill to recover his digital wallet

In 2013, a man named James Howells threw out his hard drive containing 7,500 bitcoins which is now worth US$381,490,449.62. Howells started to mine Bitcoins for four years when cryptocurrency was still in its early years. They didn’t amount to much, so he decided to just throw away the drive, not knowing that he unsuccessfully backed up important files.

When the price of Bitcoin shot up in years, he realised how much he had lost and wanted to recover the lost bitcoins. He offered the city council a whopping amount of US$70,000,000 to excavate a landfill so he could recover his digital wallet.

Unfortunately, they rejected his offer because the excavation would have a serious impact on the environment. It would cost so much and the possibility of finding the drive again is almost non-existent, according to the Newport City Council spokeswoman.

Fun fact # 4: Dogecoin started as a parody

Even if you don’t actively follow crypto news, it’s hard not to hear about Dogecoin since it’s the cryptocurrency of celebrities. Elon Musk, Kevin Jonas and Snoop Dogg have started investing in this altcoin, establishing its spot as one of the leading digital currencies in the market.

However, you may not know that this token started out as a joke. In 2013, IBM and Adobe software engineers Billy Markus and Jackson Palmer developed Dogecoin to ridicule the growing hype around cryptocurrencies. They built the token around the surprised face of the Shiba Inu dog, creating a fun and friendly internet currency.

Although it all began as a parody, Palmer had a deeper reason why he wanted to release Dogecoin to the market. He aimed to differentiate it from Bitcoin, which became too mysterious that it prompted distrust among the public. With Dogecoin, he wanted to make a digital currency that would be accessible, user-friendly and community-centred.


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Fun fact # 5: The first crypto transaction started with a pizza order

Who would have thought that the first commercial transaction of this novel technology would start with two Papa John’s pizzas? On May 22, 2010, Laszlo Hanyecz traded 10,000 BTC which was worth about US$41 at that time to order some pizza pies. Since Bitcoin was just newly coded and nobody took it seriously, it was hard to imagine that its price would skyrocket to thousands of dollars.

If Hanyecz held on to the 10,000 BTC, he would have more than US$500,000,000 today. When he was interviewed multiple times regarding this matter, he stated that he had no regrets. Besides, he had no way of knowing that Bitcoin would revolutionise the traditional financial systems and the prices would eventually surge.

Today, this story has become one of the most popular Bitcoin stories. In fact, this event is commemorated every May 22 which is popularly known as Bitcoin Pizza Day.

Fun fact # 6: There are more than 7,000 cryptocurrencies

Since cryptocurrencies are gaining traction over the years, more tokens are popping left and right. As of now, there are more than 7,000 cryptocurrencies in the market that can be traded and mined. They are also known as altcoins which is any type of cryptocurrency aside from Bitcoin.

Because there are lots of cryptocurrencies now and the competition is more cutthroat, developers need to be creative when thinking about names. This is the reason why there are digital assets named Cabbage, Dogecoin, Wrapped Bitcoin, Saitama and The Sandbox, among others.

However, there are almost 2,000 dead altcoins. Meaning, these projects have failed because they were abandoned by their developers, or they were revealed as scams.

Although some altcoins aren’t worth that much when compared to Bitcoin, most of them can be considered as an investment prospect. This includes Ethereum, an open-source blockchain that allows users to interact with decentralised applications (dApps), as well as purchase AI services through its native marketplace.

Fun fact # 7: Cryptocurrencies are banned in some countries

Although cryptocurrencies have better advantages over fiat, some countries consider them illegal. They have completely locked their doors on the possibility of including digital assets in their payment systems and laws. Many still believe that these digital coins and tokens can be used to fund terrorism, money laundering and other related crimes.

Selected national governments have imposed bans and ironclad regulations that would incarcerate anyone proven to own or trade cryptocurrencies. As of writing, these countries had cryptocurrencies banned:

China

China was once the home of Bitcoin miners, claiming the top spot as the largest crypto mining spot in the world. However, on September 24, 2021, the Chinese government declared crypto-related transactions illegal to eliminate fraud and money laundering in the country, as well as reduce greenhouse emissions due to excessive mining.

Russia

Although cryptocurrencies in Russia are not completely banned, there is an ongoing debate about their legal use. Russian President Vladimir Putin has been vocal about his disapproval against it due to its record of being linked to criminal activities. Additionally, its high volatility also makes it unreliable to pay for goods and services, resulting in Russians losing their hard-earned money.

Bangladesh

Trading crypto in Bangladesh is illegal since it goes against the country’s financial laws. Because of its decentralised nature, digital assets are outside the jurisdiction of central authorities, making it a risky prospect for investments. In addition, when you are proven to violate this regulation, you can face years of imprisonment.

However, despite the fact that these countries ban the use of digital currencies, users can still obtain crypto wallets. Through the use of VPN and anti-tracking software, anyone can still join the crypto train regardless of what country they live in.

Fun fact # 8: Bitcoin is limited

If you’re new to the crypto sphere, then it’s possible that you’re considering buying an endless amount of crypto that you can trade. However, this is not entirely possible. Keep in mind that there are cryptocurrencies with a limited supply. One example is Bitcoin.

There are only a total of 21,000,000 bitcoins that can be generated. Once all the coins have been mined, there will be no more coins allowed to enter the circulation. As of the moment, 90% has already been mined, and adding more coins into the system is only possible if its code is changed.

Because of this, Bitcoin is the top prospect of crypto investors. Think of it as a limited resource like gold or oil, the coins gradually gain value over the years until it becomes rare.

It is expected that the last Bitcoin will be mined in 2140. Although there will be no more bitcoins once they are all generated, fees will become the main source of profit and transaction blocks can still be confirmed.

Fun fact # 9: Elon Musk is an influential figure in the crypto world

Known to be the founder and the CEO of Tesla and SpaceX, Elon Musk is one of the most influential figures when it comes to cryptocurrencies. He has made a lot of buzz for contributing to huge swings in crypto prices in the past years, including Bitcoin and Dogecoin.

Every time he tweets about crypto or talks about it in interviews, the crypto environment would be influenced. This is especially true when he announced that Tesla would make Bitcoin an official form of payment when purchasing cars, increasing the price of Bitcoin up to more than US$43,000, recording a 10% surge.


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Fun fact # 10: They can be taxable

If you think cryptocurrencies cannot be taxed due to their decentralised nature, think again. Since they have now entered the mainstream scene, central authorities are finding a way to tax crypto investors around the world. Once you get your profits out of crypto trading, you are expected to pay your due taxes, depending on your country’s laws.

One of the best examples is Coinbase, one of the leading crypto exchange sites. The Internal Revenue Service (IRS) won a court case against the company, obliging them to divulge the information on 14,000 crypto traders who had regular transactions.

So, if you’re interested in crypto investing, always check your country’s financial regulations to avoid potential issues.

Know more about cryptocurrency in Bitcasino

Here at Bitcasino, you’re about to learn more about the ins and outs of the crypto market. From Bitcoin to the lesser-known altcoins, you can instantly start investing and trading cryptocurrencies of your choice.

What’s more, you can even use them to place your bets, win payouts and access the latest promotions of Bitcasino in no time. Sign up now and be a crypto enthusiast!

Words by: Rachelle Bulalacao


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10 Interesting facts about Cryptocurrencies you should know