Last Updated on Oct 6, 2021 by Aradhana Gotur
Cryptocurrencies are all the rage these days. While Bitcoin is a very popular one, did you know there are other cryptocurrencies named after the famous internet dog and Kanye West? Without wasting any time, let’s dive into the top 10 fascinating facts about the new hyped cryptocurrencies of the world.
Table of Contents
Fact 1: The worldwide cryptocurrencies surge
You might have heard about Bitcoin, Etherium, and Binance coin but there were more than 4,000 cryptocurrencies as of January 2021. And this number is increasing at a crazy pace every day. There are new altcoins created each day and the sad reality is that many of them won’t make it past a few months.
Fact 2: Anybody can create a crypto
Just like anybody can dance, anybody can create cryptocurrencies. Any Raju, Shyam or Baburao can create their own coin or token. But, there is a difference. While a new coin requires a new blockchain to be created, a new token can be created on an existing blockchain like Ethereum.
What do you think Baburao’s crypto would be called? Click To Tweet
Fact 3: Names as bizarre as they can get
Since anyone can create crypto, there are bizarrely named cryptocurrencies in circulation. Some of them are cryptos named Vodka Coin, Jesus Coin, and Cabbage. There is also Dogecoin, after the famous meme dog where Elon Mush has invested on behalf of his child X Æ A-XII. Well, talk about having weird names.
Also, there are coins called Putincoin, Garlic C and what not! The crypto based on Kanye West, which we mentioned in the start of the video, is called Coinye.
Fact 4: The mammoth market capitalization
The market cap of the total cryptocurrencies is around $ 1.5 tn. To put this into context, only 12 countries in the world have a GDP that is more than 1.5 tn dollars as per the World Bank data.
Fact 5: The largest ICO in history
An initial coin offering (ICO) is the cryptocurrency industry’s equivalent to an initial public offering (IPO). A company looking to raise money to create a new coin, app, or service launches an ICO as a way to raise funds.
EOS, a blockchain-based service, is the largest ICO that raised a whopping $ 4.1 bn over the course of a year-long ICO that closed in June 2018.An initial coin offering (ICO) is the cryptocurrency industry’s equivalent to an initial public offering IPO. EOS, a blockchain-based service, is the largest ICO that raised a whopping $ 4.1 bn over the course of a year-long ICO Click To Tweet
Fact 6: Love-hate relationship of cryptos and countries
People and governments take time to embrace new and innovative technologies. With that in mind, the laws around cryptocurrency vary from country to country and are quite grey, to be honest. In some places, they are legal to trade, in a couple of others, they are legal but have banking bans and in a few others, they are legal to use but are illegal as a payment tool.
There are 6 countries in the world where cryptocurrencies are totally illegal and are absolutely banned. These are Algeria, Egypt, Bolivia, Morocco, Nepal and Cambodia.
Fact 7: The mysterious creator of Bitcoin
The creator of Bitcoin is still a mystery to the world. All we know is that there is a group of people or individuals under the name Satoshi Nakamoto who wrote the whitepaper on the working of bitcoin.
Some people even say that the coin was created by four companies – Samsung, Toshiba, Nakamichi, Motorola – in collaboration and that’s how the name came into the picture.
Let’s see if the real creator ever comes out in the public.
Fact 8: A pizza worth a few thousand crores
On 22 May 2010, a bitcoin developer named Laszlo ordered two pizzas from Papa John and paid them in Bitcoins. This is said to be the first commercial transaction of Bitcoins and any guesses as to how much he paid for the pizzas?
The value of those 2 pizzas now will be around Rs. 3,500 cr. Insane isn’t it?
And by the way, 22 May is now celebrated as Bitcoin Pizza Day. So mark your calendars and don’t pay for pizza by Bitcoinsssss!22 May is celebrated as Bitcoin Pizza Day! On this day in 2010, bitcoin developer Laszlo had paid for two pizzas from Papa John in Bitcoins. This is said to be the first commercial transaction of Bitcoins Click To Tweet
Fact 9: Worst crypto wallet fail… EVER!
James Howells of Newport, Wales accidentally threw away a hard drive containing 7,500 Bitcoins worth around a mind-blowing 2,500 cr. He has been desperately trying to get it back and even offered a 25% cut which is around 625 cr to city authorities to let him dig up the landfill site. The authorities have declined his offer claiming it will have a huge environmental impact on the surrounding area. What an epic fail for James!
Lesson to learn: Keep your bitcoins wallet, hard disks and passwords safe. There are no forget password options here.
Fact 10: The slangs of cryptos
One of the most common slang terms used in the cryptocurrency community is “TO THE MOON”, which basically just refers to the moment where we all get rich, if that ever happens. Another most common slang term used is “HODL” which is a misspelling of the word “Hold” and it stands for “Hold On For Dear Life.”
Both of these slangs are what they sound like – the strategy to get as many coins as possible at cheap prices and hold them for a long time hoping it will get as valuable as Bitcoin is today.