Amazing True Facts About Cryptocurrencies

Submitted by on Jan 29, 2023

Cryptocurrencies have only technically been around since 2008. But, in that short time, the revolutionary form of currency has achieved some incredible milestones. Let’s take a closer look at cryptos, turn over some rocks, and see what fascinating facts can be uncovered.

Here are some noteworthy facts about cryptocurrencies. Although seeming incredible, this information is all completely true.

First Crypto Transaction Was 10,000 BTC

A single bitcoin (BTC) today is exceptionally valuable. But back in 2010, the currency had yet to reach its full potential. As such, the first ever recorded crypto transaction, May 22nd, 2010, was 10,000 BTC for pizza. To be more precise, the transaction at the time was worth around $40.

If 10,000 BTC were paid for pizza today the transaction would amount to around $190 million. It just goes to show how much value a crypto can gain in a very short period of time.

Over 18,000 Cryptocurrencies Exist

How many cryptos are there? A few hundred, perhaps? Wrong. There are over 18,000 cryptocurrencies as of October 2022. Of course, the majority of these coins aren’t particularly valuable, and most traders don’t even know they exist. In fact, the top 20 cryptos hold roughly 87% of all value in the market.

Why are there so many cryptos? Because it is very easy to create and start distributing a new currency. But just because crypto exists, it doesn’t mean anyone is paying attention to it.

Bitcoins Are A Limited Commodity

Check out a few crypto exchange reviews and be amazed at just how much trade is happening on a daily basis. It almost seems like there is an unlimited amount of cryptocurrency. But there isn’t, at least not as far as cryptos like Bitcoin are concerned. There are, in fact, only ever going to be 21 million BTC. Bitcoin is a limited commodity, which is what gives it its value.

As it stands 19.15 million BTC is in circulation. This means that just under 2 million BTC still needs to be mined. There is no telling when the full 21 million will be in circulation, but it will likely be some time still.

Nigeria Is All In On Crypto

The local currency of Nigeria, the Naira, tends to depreciate in value fairly frequently. That’s why most locals tend to prefer crypto. It has been reported that around 50% of Nigerian locals prefer to store their money as crypto, rather than as fiat currency.

If the rate of adoption increases Nigeria might soon be the crypto capital of the world.

Dogecoin Started As A Joke

Dogecoin is now rated as the 6th largest crypto in the world. But, as confirmed by the creators, the coin started out as a joke. The popular Shiba Inu meme was used to represent the crypto, with assumptions being that the coin would be lost amongst the thousands of other currencies.

But then Elon Musk came along, supported Dogecoin, and the rest is history. As long as Musk supports it, Dogecoin may well soon be a global phenomenon.