10 facts about cryptocurrencies

March 4, 2021

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10 facts about cryptocurrencies

March 4, 2021
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Cryptocurrencies have become extremely popular in recent years. Even though cryptocurrency is still a mystery, it keeps attracting more and more attention. In this blog post you can read 10 facts about cryptocurrencies that may surprise you.

  1. No one knows who the real creator of Bitcoin is

    Satoshi Nakamoto is a pseudonym that was given to the creator or a group of creators of Bitcoin. But no one knows who this person is and if ‘he’ even exists. What’s more, Satoshi Nakamoto supposedly owns around a billion of Bitcoins, which can make ‘him’ a very wealthy person.

  2. More and more altcoins are being created every day

    There are already more than 5000 altcoins out there and the number keeps growing. However, Bitcoin, Ethereum, Litecoin, Ripple (XRP) and Bitcoin Cash remain the most popular and widely used.

  3. Cryptocurrency is extremely unstable

    There are many factors that affect the value of crypto money. Due to this, the price for crypto money is changing all the time, it can rise and fall in the blink of an eye. Bitcoin is a perfect example for this. For instance, the price for one Bitcoin in the beginning of 2020 was $7,200 and now, a bit more than a year later, the price is $50,840 (24.02.2021).

  4. No crypto wallet, no money

    Private keys keep your crypto money safe. If you lose your private key, the money will disappear and there will be no way to get them back. Hacking is only theoretically possible, practically it is impossible due to the structure of blockchain technology.

  5. Limited number of Bitcoins

    The total number of Bitcoins created is already known – 21 million and not a unit more. It is predicted that all Bitcoins will be mined by the year 2140 and the game will end. However, this limitation only makes more space for new altcoins to appear.

  6. It is impossible to ban cryptocurrency

    Many governments now decide to ban cryptocurrency because banks are losing their business, and there is no governmental control over crypto money. However, it is impossible to ban cryptocurrency, because anyone can get a crypto wallet. As a result, governments introduce new regulations but still have no possibility to stop expansion of the cryptocurrency market.

  7. Cryptocurrency is a solution for the Ecommerce

    Taking into account that still not all people in the world have the ability to open a bank account and start making purchases online, cryptocurrency can be a solution for them. Providing cryptocurrency as a payment option on your website can boost your sales by attracting more customers. More benefits on this topic you can find in our blog post.

  8. Cryptocurrencies are prohibited in some countries

    Even though it is not possible to physically ban cryptocurrencies, they are not accepted everywhere. In Algeria, Bolivia, Morocco, Nepal, Pakistan, and Vietnam cryptocurrency is illegal. It is forbidden to make payments, buy goods and pay for services in digital currencies in these countries, and the list of the countries may still grow.

  9. Blockchain is a secure technology

    Decentralization is a key of blockchain technology. Servers and hard drivers that contain bits and pieces of information about a particular blockchain network are located in different parts of the world. The fact that it is decentralized and there is no particular place where all data is stored, makes it very difficult for hackers to attack and steal the money.

  10. The most expensive pizza ever

    On May 22, 2010 Hungarian developer decided to purchase two pizzas. He spent 10,000 Bitcoins for pizzas, which real price was $ 25. The purchase was pretty expensive back then. If we calculate the price now, we can see that he purchased one pizza for 270 Million dollars (considering the current price for one Bitcoin).

    As you may see cryptocurrencies are on the rise. Even though some information about crypto money is still uncertain, more and more people decide to invest money into it. What’s more, as for the business, adding cryptocurrency as a payment option may be very beneficial. If you are interested, do not hesitate to contact our team to get a further consultation on this topic.

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