As you may know, cryptocurrencies are digital currencies that their owner can use to make payments for goods and services. However, a cryptocurrency makes use of a very secure ledger called the blockchain.
Unlike regular paper money, cryptocurrencies don’t require the owner to visit the bank to have access to their money. No wonder, a lot of people now prefer cryptocurrencies because of the ease it offers in making payments and transactions with others across the globe.
Check out some interesting facts about cryptocurrencies below:
The First commercial Bitcoin Transaction
Interestingly, the first commercial use of Bitcoin was on the 22nd day of May 2010 by a man to pay for pizzas. The transaction happened in Florida and the man paid 10,000 bitcoin for two pizzas. Then 10,000 bitcoin was equivalent to $40. In other words, in 2010 one bitcoin was worth less than half a cent. Fast forward to 2021, 10,000 is currently worth more than $350 million.
The Number of Cryptocurrencies
In February 2021, it was estimated that more than 4,599 cryptocurrencies were circulating globally. However, you may not be able to purchase them all via an exchange because some require their wallet.
The availability of cryptocurrencies nowadays is because of the ease in creating them. However, the most sought-after cryptocurrency coins account for more than 90 percent of the coins in circulation.
Dogecoin started as a Joke
Recently, Dogecoin has become one of the most sought-after cryptocurrencies. Surprisingly, the dogecoin started as a joke. The idea behind Dogecoin was conceived when the meme of the Shiba Inu Do was popular in 2013. At that time, the developer only intended to grab the world’s attention with the meme and created the coin. However, it paid off and dogecoin has become one the most sought-after coins in the world.
Who Created Bitcoin?
Do you know that the creator of Bitcoin remains anonymous to date? No one can confirm the identity of the creator of the coin. Instead, there is various speculation about how the coin was generated.
However, the creator of bitcoin is linked to Satoshi Nakamoto. Nonetheless, no one knows if this is a person or a group of people. Surprisingly, with so much information on the internet, no one has identified who Satoshi Nakamoto is.
Elon Musk and Cryptocurrencies
Although cryptocurrencies were quite popular, the billionaire Elon Musk has made them more famous. As soon as Elon Musk announced that his company Tesla would accept cryptocurrencies, the prices of coins like Bitcoin skyrocketed.
The coins that gained more popularity through Elon Musk’s influence are Bitcoin and Dogecoin. When he pronounced that his company would accept these coins as payment for their services, their prices increased by more than 50 percent.
Although cryptocurrencies are quite popular nowadays, a lot of countries have completely banned their use. China is one of the countries that have banned the use of cryptocurrencies in their financial space. Will cryptocurrencies become accepted by every country soon? Let’s hope so!
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