Unknown facts about Cryptocurrencies

1. Bitcoin’s creator is still unknown!

Satoshi Nakamoto started working on bitcoin in 2008 and in 2009 they made it open source. No one is even sure about what pronoun to use for them whether he is a single person or a group of individuals. It is believed that they have around 1million bitcoins which is currently worth $2.4 billion.

Their anonymity led to many theories. One most popular is that the words Satoshi Nakamoto comes from a group of companies like

Samsung + Toshiba = Satoshi

Nakamichi + Motorola = Nakamoto

However it’s just an assumption and there’s no strong proof for it.

2. Legal Currency of El Salvador is bitcoin.

At the Bitcoin 2021 Miami conference president Nayib Bukele announced plans to make bitcoin as legal currency. El Salvador adopted Bitcoin because its citizens send money home from abroad and that amounts upto fifth of the country’s GDP and they have to pay higher transaction costs. The country now holds 2301 Bitcoins which is estimated currently at $66 million. As Bitcoin has lost more than 50% of its value the country lost more than $40 million.

3. Cayman Islands is a crypto tax Haven

There are no taxes on all types of crypto activity in the Cayman Islands hence its a crypto tax haven.

4. Changpeng Zhao is the wealthiest person in crypto.

Changpeng Zhao also known as CZ is a Chinese-Canadian entrepreneur and business executive. He is the world’s wealthiest person in Crypto and is also the founder of the world’s largest crypto exchange. He was also the CTO of OKCoin. His net worth is around $15 billion.

5. Over 18,000 cryptocurrencies exist.

As of June 2022 there are Over 18,000 cryptocurrencies in existence. As of now Top 5 Coins by market cap are:

6. A man spent 10,000 Bitcoins for 2 Papa John’s pizzas.

At that time bitcoin was valued at 40$ and Laszlo Hanyecz spent 10,000 Bitcoins (which are now valued at approximately $400 million) for 2 Papa John’s pizzas. This transaction is known as the first commercial transaction of bitcoin.

7. China Is The Biggest Miner Of Cryptocurrency.

Around 75% of total mining of Cryptocurrency is done in china! The largest farm to mine bitcoin is also in China which has a monthly energy cost of around $1.1 million.

8. Squid coin that wiped off investors money.

A Cryptocurrency that was formed based on the famous South Korean Netflix series Squid Game. In Nov 2021 Squid coin became the most hyped coin when its valuation reached up to $2800 per coin. After that it went to $0 completely wiping off around $3 million of investors money.

9. Cryptocurrencies are banned in some countries.

While it’s practically impossible to ban cryptocurrencies, countries like Turkey didn’t allow cryptocurrency payments, Nigeria banned cryptocurrency exchanges. While other countries like India imposed heavy tax of 30% on cryptocurrencies related profits.

10. Cryptocurrencies prices are very volatile in nature.

In Dec 2021 bitcoin price reached a lifetime high of $65,000 but currently it is at nearly $24,000. That’s a fall of about 64% from the top in just 7 months. Similarly there are lots of pump and dump going on in smaller coins.

Some other facts and statistics:

• $300 million worth of cryptocurrency was stolen in a 2020 hack.

• Bitcoin price has increased by 540,000% in the past 10 years.

• Largest corporate holder of cryptocurrency is MicroStrategy, a software making company.

• Coinbase is the largest crypto exchange based on the number of users.

• India has the largest number of cryptocurrency holders. More than 100 million people hold cryptocurrency.

• As of now global crypto market cap is at $1 Trillion out of which Bitcoin has $465 Billion alone in market cap.

• If you lose your crypto wallet private key then the chance of recovering that money inside the crypto wallet is next to impossible.

• The total number of Bitcoins is limited.

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