Are you interested in cryptocurrencies? People are learning how to buy a cryptocurrency and looking for easy ways to buy it as interest in cryptocurrency grows. However, in the world of cryptocurrency, truth can sometimes be stranger than fiction.
Here are some fascinating facts about cryptocurrencies which you may be unaware of. It’s been a wild ride, and we have no idea where cryptocurrencies will go in the future. Being a renowned Crypto Currency exchanger in Pakistan, we’ve listed some crazy facts about cryptocurrencies and other digital assets.
Surprising Facts About Cryptocurrencies
1. The First Commercial Bitcoin Transaction Involved The Purchase Of Pizza.
Can you believe it that on May 22, in the year 2010, a man in Florida paid 10,000 bitcoin in exchange for two pizzas? This is widely considered to be the first commercial bitcoin transaction.
At the time, 10,000 bitcoin was worth about $40, so one bitcoin was “worth” slightly less than half a cent. That much money in bitcoin would be worth more than $350 million today.
2. There Are Over 9,500 Cryptocurrencies In Circulation.
There were over 9,500 cryptocurrencies in circulation as of March 2022. While not all of them are available on exchanges, they are available, with some requiring their own wallets.
Because it is relatively simple to create and distribute a cryptocurrency, there are a plethora of coins and tokens available. However, as of March 2022, the top 20 coins control approximately 87 percent of the cryptocurrency market.
3. The Total Number Of Bitcoins Is Restricted.
When the Bitcoin protocol was created, the limit was set at 21 million. Due to this, there will come a point when no more bitcoins can be mined.
When you assist in the completion of transactions on the Bitcoin blockchain, you are said to be mining, and you can be rewarded in bitcoins. Some estimates place the total number of circulating Bitcoin at nearly 19 million as of March 2022. This leaves a few million Bitcoin unreleased, which is one of the reasons mining is still a popular activity. C4Changer being the top crypto exchanger in Pakistan can help you learn more about bitcoin.
4. Some Cryptocurrencies, Such As Ethereum, Have Applications Other Than As A Coin
Some cryptocurrencies have applications that go beyond just being a coin. The Ethereum blockchain can be used for more than just payment processing and currency transfer.
While the native coin, ether, can be used for transactions, the underlying technology is more than just a medium of exchange. Ethereum is also used to execute smart contracts and can be used to manage supply chains. On the Ethereum network, other cryptocurrencies also create their coins.
5. Ethereum Fees Are Known As Gas.
You must pay for “gas” when completing transactions on the Ethereum blockchain. On the Ethereum network, gas represents the computational effort required to complete the transaction.
Using the network for apps or transactions, as well as converting another coin to ether, requires the payment of gas. In some cases, gas fees can feel quite high, majorly depending on the transaction and traffic on the blockchain.
6. NFTs Are Not Currency.
Despite their growing popularity and status as digital assets, NFTs are not cryptocurrencies. They are tokens that do not function as a means of exchange. In addition, NFTs cannot be divided or replicated.
The popularity of NFTs is increasing exponentially, like artwork or collectibles. In fact, some people regard them as digital collectibles and works of art with the potential to increase in value. There are even NFTs, such as those offered by NBA TopShot, that function similarly to digital sports trading cards.
7. Dogecoin began as a joke.
Dogecoin has been one of the most popular cryptocurrencies in recent months. However, the token began as a joke.
The idea was that there were so many coins out there that were only recently introduced. Watching this, the Dogecoin creators designed the token around the image of a surprised-looking Shiba Inu dog. When Dogecoin was introduced in 2013, this became a popular meme.
While there is a lot of money in Dogecoin right now, the price is still volatile.
To Wrap Up:
You didn’t know many of these facts, right? To learn more about cryptocurrencies, you can visit our blog section. If you want to buy Crypto Currency in Pakistan, C4Changer is where you need to go.