Crypto Facts you ought not miss

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By Degen Lipsa

The world of cryptocurrencies is mysterious to many people. More and more people are showing an interest in it over time and trying their luck with investments in virtual currencies. But there are some aspects about the realm of digital currencies that you probably didn’t realise. We’ll take you on a walk through those facts which are not only interesting but also that you can never miss out.

Cryptocurrencies facts
Crypto Fun facts you shouldn’t miss

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The face behind Crypto is Anonymous.

No one really knows the identity behind the pseudonym Satoshi Nakamoto who is credited with creating Bitcoin, the first cryptocurrency in the world.The whitepaper for the virtual currency was released by Nakamoto, who also mined the first Bitcoin blockchain. There have been several claims over the years about the identity of Satoshi Nakamoto, but none of them have been definitively proven. Some people believe that the name is a pseudonym for a single individual, while others think it could be a group of people. The mystery surrounding the true identity of Satoshi Nakamoto has only added to the intrigue and mystique surrounding Bitcoin and the cryptocurrency world.

The amount of Bitcoin is limited

If you really think that you can get end number of bitcoins and can be a Multi-billionaire, then let me burst that bubble for you. Yes, the total number of bitcoins that will ever exist is capped at 21 million. This limit was built into the Bitcoin network when it was created and is one of the key features of the cryptocurrency. The idea behind the fixed supply of bitcoins is to mimic the scarcity of a physical commodity, such as gold, which has a finite supply.

The rate at which new bitcoins are added to the network is designed to slow down over time, and the final bitcoin is not expected to be mined until around the year 2140. Currently, there are more than 18.6 million bitcoins in circulation. The remaining 2.4 million are expected to be mined in the coming years. However, it’s important to note that not all of the 21 million bitcoins will be in circulation at the same time. Some may remain unclaimed or lost.

China is a major player in the crypto industry

Who would have thought that the country who became the sole reason for the pandemic could be the biggest mining country. The country has a number of advantages when it comes to cryptocurrency mining. it includes a large supply of cheap electricity and a favorable regulatory environment. As a result, many cryptocurrency mining operations have been set up in China. Particularly in the southwestern province of Sichuan, which is known for its abundance of hydroelectric power.

Crypto cannot be physically outlawed.

It is true that bitcoin and other cryptocurrencies cannot be physically outlawed. It’s in the same way that physical objects can be banned or made illegal. Bitcoin is a decentralized digital currency that exists on the internet and is not controlled by any government or financial institution. It relies on a network of computers and servers around the world to validate and record transactions. However, governments and regulatory authorities can still exert significant influence over its use and acceptance.

They’re taxable.

Of course, it depends on the nation in which you reside. Now that cryptocurrencies are available in mainstream markets, tax authorities throughout the world are vying for a piece of the virtual pie. Many nations demand that you pay taxes on your cryptocurrency earnings.

You can withdraw the earnings.

Yes, you heard that right. You can withdraw the earning you made through the transaction through Crypto ATM’s present in the world. There are more than 39000 ATM’s present allover the world. The only catch is getting them converted to local currencies. Another Fun fact is there are many places where you can directly use Crypto for a trade in the market. infact, the first Bitcoin Transaction that was made was for a Pizza. On May 22, 2010, a man in Florida paid 10,000 bitcoins (BTC) for two pizzas. At that time, 10,000 bitcoins were worth about $40, making one bitcoin worth a little less than half a cent.

Crypto is Decentralised.

Decentralised mean having no third party between the transactions. Crypto runs on Blockchains, which is a digital ledger that is used to record transactions across many computers, so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. Blockchains are secure by design, and are an example of a distributed computing system with high Byzantine fault tolerance.

In a blockchain, each block contains a number of transactions. And each block is linked to the previous block, forming a chain of blocks. This means that once a block is added to the blockchain, it cannot be altered or removed. This creates a permanent, tamper-evident record of all the transactions on the blockchain. The decentralized nature of blockchains means that they are not controlled by any single entity. They are instead maintained by a network of computers that work together to validate and secure the transactions on the blockchain.

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