Some Facts You Should Know About Cryptocurrency

Photo by Kanchanara on Unsplash

People are becoming increasingly interested in cryptocurrencies these days and want to buy the ones they think will be the most profitable in the coming time. Moreover, investors want to learn more about digital assets and how they work. With cryptocurrency, you have to face the real facts and make sure you have an ample amount of information that gets you forward in the market.

We can predict some outcomes about cryptocurrencies in the future. However, we can never be completely sure of where cryptos will lead us to. In such a scenario, you can enjoy reading some crazy facts about digital assets and cryptocurrencies to gain more knowledge.

1. The First-ever Commercial Bitcoin Transaction Took Place For Pizza

It’s about the year 2010. On May 22, someone in Florida purchased two pizzas for 10,000 bitcoins. This is known as the first-ever commercial bitcoin transaction that took place in the world.

Back then, the total worth of 10,000 bitcoins was about $40. So it means that one bitcoin was worth about 1/5 cent. Now, if you had those 10,000 bitcoins today, it would be more valuable with a worth of over $350 million.

2. There Exists Above 7,300 Cryptocurrencies

Yes, that’s right. A record in the year 2021, November, showed that there were above 7,300 cryptocurrencies that you can’t purchase in one go on an exchange. Since we are sure that they exist, some of them even require wallets of their own. For that, you should check the 4 best crypto exchanges in the market today.

Also, many coins are available in the crypto world because it’s so much more convenient to create coins and put them on the market. However, looking back at November 2021, there were 20 coins accounting for almost 86% of the crypto market.

3. Bitcoins Have A Limited Total Amount

Photo by Jeremy Bezanger on Unsplash

The day bitcoin’s protocol was established, the limit was at 21 million. Due to this, more bitcoins could not be mined to some extent. Also, whenever you help in the completion of transactions on the blockchain technology of bitcoins, it automatically means that you are mining.

You can also receive rewards in bitcoins and every reward halves about 210,000 blocks. This process was followed for about four years.

4. Cryptos like ETH (Ethereum) Are More Useful Than Coins

Where you may think that all cryptocurrencies have some uses and purpose, you may be wrong. There are cryptocurrencies that have more uses than just being coins. The ETH (Ethereum) blockchain is also used beyond the processing of payment and sending currencies.

Furthermore, Ethereum is used to successfully execute smart contracts. Another main use of ETH is supply chain management. The Ethereum network is also used to create coins for other cryptocurrencies.

5. Ethereum Fees Is Called Gas

This may sound a bit strange, but when you complete transactions with the help of the Ethereum blockchain, you have to pay a certain fee (or gas). On the ETH network, gas is the representation of the computational effort with which your transaction is always completed.

You can use this network for transactions and apps; whether you use it to convert a coin into the ether, it means you have to pay a certain amount for gas. Also, gas fees can be a bit high in some scenarios; all of it completely depends on the traffic and transactions taking place on the blockchain.

6. CryptoKitties Is The First Blockchain Game

CryptoKitties is among the other blockchain games that were launched right after the creation of cryptos and when people started to be more aware of this area. As the name suggests, the game offers digital cats. CryptoKitties are a part of the NFT world and not a digital currency. Also, NFT is short of non-fungible tokens.

7. Cryptocurrency Adoption

Even though the cryptocurrency market has a lot of risks associated with it, the blockchain industry is still growing rapidly and strongly.

The financial infrastructure that was much-awaited and also much-needed is now being established. Individual and professional investors are now also receiving whatever tools they need to safeguard and manage their crypto assets. Investors are now easily accessing institutional-grade custody services.

Bottom Line

The future markets for cryptos are now being built and a lot of companies have been directly exposed to this sector. There are financial giants that make it easier to trade cryptocurrencies on their famous platforms; these giants are PayPal and Square.