Top Surprising Facts About Crypto

If you’re on the internet, you might have heard a thing or two about cryptocurrency. Based on blockchain technology, cryptocurrency refers to virtual currencies that aren’t tied to a central bank and operate entirely in the digital realm. Cryptocurrency has been around for a little over a decade now and has become very successful.

Many prominent companies accept crypto as a payment for goods and services, millions of people use crypto around the world, and it is much more well-known. But you might still be surprised by some of the more interesting facts about these unique currencies.

1.  The creator of Bitcoin is Unknown

Bitcoin might be the most famous crypto on the planet but its creator is not famous at all. In fact, we don’t even know who it is. The Bitcoin whitepaper was developed and released by a person or persons who went by the pseudonym Satoshi Nakamoto. Satoshi isn’t involved in the day-to-day running of Bitcoin and hasn’t been active online since May 2011. Several people have claimed to be Satoshi Nakamoto but no one has been able to prove it. Whether or not we’ll ever know Satoshi’s true identity is anyone’s guess.

2.  Meme Tokens are a Thing

Because almost anyone can create a cryptocurrency, we’ve seen tokens being made based on everything, even memes. Over the last few years, several tokens have been released based on memes like the Shiba Inu dog, Pepe the Frog, Kenny from South Park, and many more. And some of these tokens have legitimate use cases behind them and a dedicated community. Needless to say, meme investing has become very profitable over the years.

Dogecoin, which is based on the Shiba Inu dog meme, is even one of the top 20 tokens by market capitalization.

3.  The First Bitcoin Purchase was Pizza

Bitcoin might be used to pay for all sorts of things today, but the first Bitcoin purchase was on May 22, 2010. At the time, a man in Florida paid 10,000 Bitcoin for a pizza from Papa John’s. To give a bit of context, 10,000 Bitcoin is worth millions of dollars today. This shows just how valuable Bitcoin has become since its early days.

4.  Bitcoin Uses More Electricity Than Argentina

Bitcoin uses a protocol called proof-of-work where users need to solve complex mathematical puzzles with their computers to get new tokens. This process is very energy-intensive and according to research, the Bitcoin network alone uses more energy each year than the country of Argentina. This has made Bitcoin quite controversial and there have been calls for the network to reduce its energy use. Some Bitcoin users even have gone to jail for stealing electricity for their mining activities.

5.  There are over 10,000 Cryptos

If you’re looking for cryptos to use, you’re in luck as there are over 10,000 cryptos in existence at any given time. Cryptocurrencies are much easier to create compared to traditional currencies and this has led to thousands of them being made. From commercial tokens to utility tokens to meme tokens to fan tokens, the crypto industry has no shortage of coins to choose from.

Reserach will help you figure out what the right investment moves can be at the current moment. For instance, Australians are know researching the XRP price in AUD so they can buy larger quantities of the coin at potentially lower prices. The crypto market is ever-evolving and constantly changing, and staying up-to-date with the latest trends and developments can help you make more informed decisions when it comes to investing in cryptocurrencies.

6.  Cryptocurrency Can be Lost Forever

If you’re planning to put your crypto in a wallet or send it to another address, you’d better be careful. Any transaction carried out using crypto cannot be reversed. So if you sent it to the wrong address, it’s gone forever. And if you lose your crypto wallet password and recovery phrase, your wallet cannot be opened, even by those who created it. In fact, one crypto exchange lost hundreds of millions of dollars after its CEO died. He was the only person who knew the wallet password and the funds will probably never be recovered.

7.  North Korea is Allegedly Stealing Bitcoin

Sadly, it’s not uncommon for Bitcoin users to find their wallets hacked and drained of their precious tokens. It is shocking, however, that North Korea has been accused of being behind some of these hacks. According to reports, the North Korean government has sponsored a hacking group called the Lazarus Group for years to mastermind some of the biggest crypto hacks and heists over the years. Allegedly, the funds stolen are used to power the country’s nuclear weapons program and probably won’t be stopping anytime soon.

Conclusion

Cryptocurrency is successful partially because it is so disruptive to the usual financial system. Virtually anyone can create a crypto based on anything and consumers have few restrictions on how they can use the tokens. This, of course, has led to a very unique industry with lots of interesting facts behind it.

From anonymous creators to the sheer cost of running a blockchain network, these facts show the level of creativity and eccentricity behind the crypto space. And as crypto continues to be successful and visible within the financial sector, we’ll have even more surprising facts come to light.