Let’s begin with a short story. This is the popular story often told in the crypto market. On 22nd May 2010 a bitcoin developer Laszlo Hanyecz paid 10,000 bitcoin for two pizzas he ordered from Papa John.
Now at a height of Bitcoin’s bullish run, that amount would have been worth $414.24m! It’s hard to believe how Bitcoin and the market in general actually come. According to that May 22nd is now celebrated as Bitcoin Pizza Day, just mark your calendar.
1. Current Existing Cryptocurrencies
The global blockchain and crypto market size is expected to reach $57 million by 2025.
As of January 2021, there are more than 4,000 Cryptocurrencies exist in the crypto market. Among them “Bitcoin” is the king and is leading o all currency. You have probably heard an awful lot about Bitcoin and with good reason, it was the first tradable Cryptocurrencies that was bought to the crypto market and it currently makes 46% of the total market value.
2. Cryptocurrencies Are Extremely Volatile
Blockchain technology is expected to grow to over $2 billion by 2021.
Just like the normal share market, there are lots of external factors that have a direct impact on the value of digital money. They are extremely volatile and really depend on your sense of trading.
The value can swing dramatically which is sometimes in your favor and sometimes terribly against it. Thus virtual currency trading occurs on various cryptocurrency exchanges rather than a central exchange, leading to increased volatility.
3. Who Is A Bitcoin Inventor?
78.95% of cryptocurrency owners bought their coins, while the rest mined
The most interesting fact about the Crypto market is the person or organization who created the “Bitcoin” is unknown. A lot of people had come ahead and claimed to be the ones who started it but none of them was a credible source.
However, people refer to the creator of bitcoin as Satoshi Nakamoto who is a Japanese-American computer software developer and Bitcoin entrepreneur who has a net worth of $57 billion. Thus he is partially referred to as a bitcoin founder.
4. Blockchain In Cryptocurrency
Between 3 million to 3.8 million Bitcoins are lost forever.
Blockchain technology is the infrastructure that cryptocurrencies like Bitcoin are founded on. It’s a digital and decentralized nature that records payment and transfer transactions safely and efficiently. This is also a big reason why big businesses are so excited.
5. Blockchain Awesome Advantages
Bitcoin accounts for $6 billion of daily transactions.
Blockchain has seamless benefits like Automation, Enhanced Security, Greater Transparency, Instant Traceability, Increased Efficiency, and Speed.
Miners of digital currency are working 24 hours a day and 7 days a week to verify transactions. They can be settled much quicker than through traditional banking which sticks to normal business hours, closes for the weekends, and often holds funds for a few days. And also without a middleman, transaction costs can actually go down with blockchain.
6. Blockchain’s Reliability
The current market cap of Bitcoin sits at $144.96 billion.
Despite these advantages, few would argue that blockchain isn’t a potentially game-changing technology. Several big businesses have partnered with Cryptocurrency backed blockchain small-scale and pilot projects.
Currently, 200 organizations have joined to test out a version of Ethereum’s small-scale project. Some of the companies involved include Microsoft, JP Morgan Chase, and Mastercard.
Related: 7 Important Dogecoin news for all
7. Cryptocurrency Can’t Be Banned Physically
More than 40 million people worldwide use some type of cryptocurrency.
Many countries worldwide have discussed banning Cryptocurrencies. However, despite their desire to ban them, it’s physically impossible because anyone can get a digital wallet. But of course, countries can mark regulation but it cannot be banned.
8. Crypto-Banned Countries
The Crypto Market Cap for Bitcoin, as of May 2020 is $716.14 billion.
Cryptocurrencies are not accepted everywhere because of their unstable and unregulated nature. Therefore some countries have chosen to ban the use of it and the trading of it.
Trading in Cryptocurrencies, making payments in virtual currencies, or buying goods and services in digital currency is illegal in six countries. They are Bangladesh, Bolivia, Nepal, Morocco, Kyrgyzstan, and Ecuador. And also there is a possibility of extending this. For example, Russia has been considering banning payments made in Cryptocurrencies for some time.
9. Beware of Cryptojacking
There can be a maximum of 21 million BTC. Out of this, $18.71 million BTC are in circulation, as of May 2020.
A cryptocurrency is a safe option for wallet safety but it is still exposed to scammers who use your computer or phone processing for the mining of it. They do for it their own benefit without your approval. Often the victim has no idea their device is being used. This is called “Crypto jacking” where scammers put their malicious code in your device.
Note: Open the Task Manager (Windows: ctrl+alt+del) or the Activity Monitor (Mac: Finder > Applications > Utilities > Activity Monitor) and look to see if your CPU resources are being maxed out at 99% or more.
10. Biggest Miner Of Cryptocurrency
Satoshi Nakamoto own more or less 1M BTC as of 2020
The majority of the Bitcoin mine in China, according to the IP addresses from so-called hashers that used certain Bitcoin mining poles in 2020. This means China plays an important role in the mining of digital coins. By comparison, the United States and Russia had a market share in bitcoin of around 7%.
11. Popular Cryptocurrencies In the Market
It is ‘physically’ impossible to ban cryptocurrencies, as these are digital currencies unregulated and decentralized in nature.
- Bitcoin: There are currently $18.71 million BTC are in circulation according to coinmarketcap.com
- Ethereum: There are currently $115.95 million Ethereum are in circulation according to coinmarketcap.com
- Ripple: There are currently $50 billion Ripple are in circulation according to coinmarketcap.com
- Bitcoin Cash: There are currently $18.74 million Bitcoin Cash are in circulation according to coinmarketcap.com
- EOS: There is currently $953.55 million EOS are in circulation according to coinmarketcap.com
12. Still There Is A Lack Of knowledge
Every 3 second there is a post in social media talking about Bitcoins.
Through a poll conducted by the student loan refinancing market, LendEDU found that nearly 79% of Americans were aware of Bitcoin. A more recent poll found that just 32% were of Ethereum which is the second-largest currency by market cap.
Additionally, LendEDU asked respondents if owning bitcoin was illegal in the U.S. Some 41.6% correctly answered that it wasn’t, but 10.7% believed it was, and a huge 47.7% weren’t sure. This suggests a major lack of understanding when it comes to cryptocurrencies.
I hope you all enjoy reading this blog. Stay tuned here for updates.