10 things you didn’t know about cryptocurrencies – The Suffolk News-Herald

Since Bitcoin’s launch in 2009, the cryptocurrency has become a popular payment method both online and in person. In addition, it has also become the focus of politics, business and entertainment in recent years.

Decentralized digital currencies like Bitcoin, Ethereum, and Binance have taken the world by storm – but how much do we really know about cryptocurrencies? This article will fill in the gaps.

1. There are online games based on crypto

You probably know that you can buy goods with cryptocurrency, but did you know that there are now play-to-earn (P2E) games built on the blockchain? Games like CryptoKitties, MOBOX, and Axie Infinity reward players with cryptocurrency and NFTs. Cryptocurrency won in the game can then be used to purchase in-game assets like weapons and supplies. This cryptocurrency is not only usable in the game, but also has real-world value.

2. There are also online casinos based on crypto

Crypto casinos allow players to deposit and withdraw winnings in cryptocurrency. Instead of using a fiat currency like the US dollar to play poker, roulette or slots, players can play with Bitcoin and Ethereum. Plus, the best crypto casinos rated by experts on Techopedia offer faster payouts than standard casinos. And as Michael Graw points out, they offer a wider selection of new games than fiat currency casinos.

3. There are almost 23,000 different cryptocurrencies

No matter how much you know about cryptocurrencies, it’s unlikely that you’re familiar with all 22,930+ individual coin types. While coins like Bitcoin and Ethereum remain the most well-known, there are literally thousands of niche coins that some say are worth investing in.

4. Nobody knows who invented Bitcoin

Since Bitcoin has been the most popular cryptocurrency for over 15 years, you might think that a lot of information about the inventor’s backstory would be available. However, no one really knows who invented Bitcoin. The Bitcoin whitepaper, originally published in 2008, is attributed to Satoshi Nakamoto. This is not the name of a real person – it is a pseudonym used by the cryptocurrency’s inventor. Some people speculate that it could even refer to a group of people.

5. Bitcoin was not the first digital currency

Bitcoin was the first official cryptocurrency – but not the first digital currency at all. The first completely electronic currency was called DigiCash and was invented in Amsterdam in 1989. Its inventor, David Chaum, wanted to create a completely private form of payment. This anonymous payment method worked for a few years before the company filed for bankruptcy in 1998.

6. The largest crypto transaction of all time took place in 2024

On February 23, 2024, the largest Bitcoin transaction ever took place. On that day, 26,139.38974287 BTC were transferred. The value of this transaction at that time was $1.347 billion. Of course, since cryptocurrencies are anonymous, we only know the sender’s address – we do not know his name or any other details about him. Before this record-breaking event, the highest crypto transaction ever recorded took place in April 2020, when Bitcoin worth $1.1 billion was exchanged.

7. The largest amount of Bitcoin ever transferred was in 2011

The transaction from 2024 holds the record for the most valuable crypto exchange. However, a transaction from 2011 still holds the record for the largest amount of Bitcoin transferred in a single transaction. On November 15, 2011, an impressive 550,000 BTC were transferred. Of course, Bitcoin did not have the same value back then as it does today, and these coins were only worth $1.1 million at the time. But still, this is the largest amount of Bitcoins ever exchanged at once, and given the value of BTC today, this record will likely hold forever.

8. Cryptocurrency is banned in some countries

Although cryptocurrencies are widely accepted in the UK, US and across Europe, digital currencies remain banned in many parts of the world. Several countries are wary of the volatility of cryptocurrencies and believe that their decentralized nature will threaten their current financial institutions. Some countries also believe that it will make their citizens more vulnerable to hacking and fraud. Countries where cryptocurrencies are currently banned include China, Saudi Arabia and Qatar.

9. China was once the biggest player in the crypto game

Despite China’s crypto ban, the country used to be where most crypto activities took place. The country decided to ban cryptocurrencies in 2017 as the government viewed them as a threat to the national economy. Since then, both crypto trading and mining have been banned in the country. Before the ban, China was the largest crypto mining country in the world. It reportedly once produced between 65 and 75% of the Bitcoin network. The largest BTC mining country today is the United States, which currently mines 35.4% of the world’s Bitcoin.

10. Dogecoin remains a popular coin despite being a joke

Dogecoin was originally minted in 2013, when a large amount of altcoins were being issued. To poke fun at the other coins that were being minted at the time, Dogecoin was issued with a name borrowed from a popular meme. However, the coin’s ridiculousness attracted attention and people started investing in it seriously. Thanks in part to Elon Musk’s endorsement in 2019, Dogecoin reached a market cap of $85 billion in May 2021. Although its value has dropped since then, it is still popular.

Final thoughts

Cryptocurrencies are constantly changing and new information about digital currencies is constantly emerging. However, there are no signs that they are going away, so it is definitely worth learning as much as you can about cryptocurrencies now to prepare for the future. So far, the entertainment world has been transformed by cryptocurrencies in the form of crypto casinos and video games. Also, more and more people are using them to make large transactions, including the $1.347 billion transaction that took place earlier this year.

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