7 facts you didn’t know about the crypto market
Presently, cryptocurrency market is on top with its popularity. You may think you know everything, however there are always new informative and interesting facts to find out and here are 7 of them.
- Bitcoin will not be banned
The banning of Bitcoin, and not only Bitcoin but also other digital currencies is often being discussed by several authorities. Among the countries that have tried to ban Bitcoin are Bolivia, Vietnam, Bangladesh, Thailand. However, instead of banning Bitcoin, countries can try to regulate it.
However, the thing is, that cryptocurrencies work in a quite different way than the traditional banking system. This tendency is becoming more comfortable for making transactions. Any individual that owns a Bitcoin wallet can manage business using Bitcoin. Therefore, cryptocurrencies are turning to be a danger for the traditional currency. Many government bodies, officials and of course, bankers have become worried about it and have little trust towards this new digital technology.
- The first Bitcoin was used to buy pizza
This is a famous story about the first purchase using Bitcoin that happened in 2010, and it realized Laszlo Hanyecz, a Hungarian programmer. He bought 2 pizzas. The amount of Bitcoin that he spent on pizzas was 10.000 BTC, which in today’s value equals to $180 million.
- There will be a maximum of 21 million Bitcoin
Currently, 17,8 million Bitcoins have been mined but as it is impossible to mine endless bitcoins, there is a maximum supply – 21 million that will be mined and the last Bitcoin should be mined sometime in 2140.
FBI owns Bitcoin
One of the biggest Bitcoin wallets belongs to The Federal Bureau of Investigation. The wallet is worth $120 million. Though Satoshi owns more bitcoins than anyone else, the investment can be spread in different wallets.
There are more than 6 million wallets
Cryptocurrency reputation is so high that it promoted the creation of a number of wallets. The wallets are 6 million at present and each of them is created with special features. Digital wallet owners can connect their wallets to credit cards for making easier transactions. Users can send cryptocurrencies through messages or email and besides you can store various cryptocurrencies in one wallet. For more ways of using your wallet use a coin tracker.
The first transaction with cryptocurrency
The first day of a transaction is remembered in 2009. Satoshi, the mysterious creator of Bitcoin, tried to send 10 bitcoins to Hal Finney to check the network strength. It has been fixed as the two sides participated in a transaction. The fulfillment of that transaction was a motivation for Satoshi and Hal Finney to improve the protocol of Bitcoin.
Transactions are unchangeable and hardly possible to be traced
In Blockchain, cryptocurrency or Bitcoin transactions can be looked without any trouble. They are transparent and available to everyone who wants to view the details of the process. At the same time, it is hard to trace Bitcoin transactions. A lot of transactions that are made with cryptocurrencies can be found that involve illegal items. The participants of such transactions stay secret and anonymous as the transactions show no indication.
Transactions are unchangeable and it is another significant part to be careful about. You should always make transactions wisely on the Blockchain wallet. Before making a transaction it’s better to be sure that the bitcoin quantity you are going to transfer is proper.
If you would like to be more aware of your own crypto coins and their performance in the market, just check out this crypto tracker guide.