Few amazing jaw dropping facts about Cryptocurrencies

Are your recent favorite craving falls down to “Cryptocurrency”? Want to hear some awesome facts about it? Let’s get started..

1. The first commercial bitcoin transaction was for pizza

The first commercial bitcoin transaction was done on May 22, 2010; a man in Florida paid 10,000 bitcoins for two pizzas!

2. There are nearly 6000 different cryptocurrencies exist

There are nearly 6000 cryptocurrencies as of October 2021; presently, not all of them hold high potential and not in exchange.

3. Some currencies are more than being just a coin

Few coins like Ethereum are not only used to processing payments and sending currency; it is used to execute smart contracts and can be used for supply chain management.

4. Dogecoin started as a joke

Dogecoin invented the token for a joke, around the image of the surprised-looking Shiba Inu dog. This was a popular meme in 2013.

5. Cryptocurrency can’t be physically banned

As this is a skeptical situation for many countries regarding banning cryptocurrencies; however, it’s physically impossible. Of course, countries can make regulations, but the cryptocurrency market itself cannot be banned.

6. China is the biggest cryptocurrency miner

Mining is an extremely lucrative part of the business, and as of now, China controls around 75% of the mining network. Few other countries are in line to give competition to China.

7. 4 million Bitcoins have been lost

An estimated 4 million Bitcoins are lost due to loosing the keys, damage of the hardware or sent to so-called burn address. Experts opine that over 20% of them cannot be retrieved at all.

8. Crypto wallets doesn’t store the currency

The currency is not stored in crypto wallets. What stored in the wallet is the private and public keys. The funds are recorded on the blockchain and can only be accessed by some one with the correct key.

9. Bitcoin is legal tender in EL Salvador

EL Salvador is the first country to accept Bitcoin as legal tender. Bitcoin joins, but will not replace, the U.S. dollar as a form of payment in the country.

10. The last Bitcoin will be mined in 2140

Only 21 million Bitcoin can ever be produced. Till date, about 18.8 million have been mined in which some of them have already lost.

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