It seems as if cryptocurrency is all anyone can talk about these days. It is being touted as the future form of currency and has even become more and more popular over the last few years. Not to mention, it seems to always be in the news no matter where you look.
Despite this, there may still be some things about cryptocurrency that you may not know. Whether you are a cryptocurrency expert or just someone who only knows how to buy Bitcoin, here are some little known facts about cryptocurrency.
1. No One Knows Who Invented Bitcoin
When you buy Bitcoin, you may have wondered to yourself how it came to be. Bitcoin became one of the first and most common forms of cryptocurrency to exist. However, no one quite knows who the inventor of Bitcoin is.
Although Bitcoin was created under the name Satoshi Nakamoto, no one has ever been able to figure out the identity of this person, or even if they are a group. Over the years, many people have claimed to be the inventor of Bitcoin, but no proof has ever been found to support these claims.
2. It Can’t Be Banned
Because of the fact that cryptocurrency doesn’t work like a traditional banking system does, many authorities and governments are threatened by it. However, cryptocurrency can’t be banned, it can only be regulated. This has not stopped countries from trying it though.
Although some countries have tried to ban Bitcoin and cryptocurrency altogether, they have not been successful. Thailand, Vietnam, Bolivia, and Bangladesh have made an attempt to ban it while other countries don’t have a clear policy or a stance on cryptocurrency. It is safe to say that cryptocurrency isn’t going anywhere any time soon.
3. Pizza Was the First-Ever Purchase Using Cryptocurrency
While cryptocurrency has only recently started to catch on, it was first used in 2010 by Laszlo Hanyecz, a computer programmer who used his Bitcoin to purchase two pizzas. Interestingly enough, the price of 10,000 BTC, which is what Laszlo paid for the pizza, was only worth $30 back then.
Today, that same amount in Bitcoin would be worth $180 million, which is quite the jump. This just goes to show how much cryptocurrency has changed over the last several years and the impact its growing popularity has had on its worth.
4. You Need a Private Key to Access Your Bitcoin
Believe it or not, over 25% of Bitcoin has been lost in cyberspace. This is because in order to be able to access your Bitcoin, you must have your private key available. Without it, there is no way to gain access to your funds.
A handful of people have lost their private keys and, as a result, have lost their Bitcoin in the process. It is nearly impossible to get it all back without your private key, although many people have tried to anyway.
5. There Is a Limit to Bitcoin
It might sound crazy, but there is actually a limit on how many Bitcoin can be bought. That limit is 21 million, and so far about 16 million Bitcoin have been mined. Experts believe that the last of the Bitcoin will have been mined by 2140, so if you are looking to get your hands on some, now would be the time to do so.
Once the 21 million Bitcoin have been mined, you will be out of luck and you can kiss your dreams of having Bitcoin in your possession goodbye.
6. There Are Hundreds of Forms of Cryptocurrency
As mentioned previously, Bitcoin is one of the most common forms of cryptocurrency out there. However, today there are over 1500 other forms of cryptocurrency out there and counting. The cryptocurrency market is evolving rapidly with different types of cryptocurrency starting to pop up out of nowhere on a regular basis.
Although some of these other cryptocurrencies have little monetary value, it says a lot about cryptocurrency and the direction in which we are headed. In fact, we’ll all be relying on some form of cryptocurrency sometime in the near future, whether we like it or not.
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.