Five fun facts about cryptocurrency

If you’re new to cryptocurrency, not to worry because even though it’s been around for a bit, millions of people still know very little about it. While it is the wave of the future according to some experts, there are still a lot of people who haven’t taken the first step to buy any of it or even learn more about it. While learning how to buy bitcoin and other currencies isn’t difficult, it’s still good to know a thing or two about cryptocurrencies before you get started. If you’d like to have a little fun with the cryptocurrency movement first, take a look at some of the fun facts that you are likely unaware of but which might be fun for you to learn.

1. Cryptocurrency Was Worthless in the Beginning

Bitcoin, which is undoubtedly the most well-known cryptocurrency, was worth only $0.0008 when it was first introduced. In fact, bitcoin didn’t have its first rise in price until July of 2010, and even then, it only went from $0.0008 to $0.08. Of course, the coin is now worth $57,000 USD, and even though it has had its ups and downs, most experts expect it to keep going up in the future. Still, considering how short a time it’s been around, it’s interesting to learn about how humble its beginnings were.

2. There Are More Cryptocurrencies Than You Think

You might be still trying to figure out how to buy Bitcoin because you think that’s one of only a few cryptocurrencies available, but the truth is that there are currently more than 10,000 cryptocurrencies out there. While this is a lot, you have to keep in mind that if you’re going to invest in any type of cryptocurrency, there are only a few hundred of them that are worth investing in at this time. If you do invest in cryptocurrencies, it’s best to invest in a few different kinds because you have no way of knowing which ones will go up in value and which ones will crash. In other words, don’t put all of your eggs in one basket and stick with the cryptocurrency companies that are in the top 200.

3. Cryptocurrency Ads Are No Longer Forbidden on Google

Most people already know that Google had a ban on all cryptocurrency ads, but that is no longer the case. Recently, Google has decided to allow ads relating to cryptocurrency, and some experts believe that it is because the company is planning to come out with its own digital currency in the future. Of course, at this point, this is just speculation, but you probably won’t be surprised to eventually see a GoogleCoin alongside bitcoin and some of the others relatively soon. But even if you’re just interested in advertising your digital currency business, just know that you can now do so on Google.

4. You Can Look at Anyone’s Cryptocurrency Transactions

Since you can trace digital currency and since all transactions are made public, if someone you know has a digital currency wallet, you can track what that person is doing anytime you like. In fact, not only can you track their activity, you can track everything they’ve done with their digital currency wallet both previously and recently. If you have their transaction ID or wallet address, you can look it up that way. But even if you don’t have this information, you can usually look it up just with the person’s name. This isn’t to say you should be alarmed that everything is made public; in fact, this is one of the reasons the chances of fraud are so slim with digital currency.

5. No One Really Knows Who Invented Bitcoin

If you’ve researched bitcoin at all, you’ve likely come up with the name Satoshi Nakamoto as the inventor, but since no one has ever met anyone with that name in person, most experts believe it is a pseudonym for either another person or a group of people who are the real inventors of bitcoin. Of course, you won’t need to know this information when learning how to buy bitcoin or how to trade it, but it’s still interesting to know that no one knows for certain who the real inventor of bitcoin is. It’s just another tidbit that is interesting to learn when you’re trying to learn more about digital currencies.

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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