Bitcoin Facts: Altcoins, Opinions and the Way Towards Progress

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Over 10 years has passed since Bitcoin was founded by Satoshi Nakamoto. Cryptocurrencies slowly began to change the economic landscape of the world and showed the people that there is something other than the rigged debt-fueled economy which drags the world down.

The crypto market has definitely had its ups and downs but has flourished in the past few years. Incredible heights and lows were reached back in 2018 and many new cryptocurrencies were introduced by startups, organizations and even banks.

Worldwide, blockchain technology is having a field day with lots of governments, companies and banks beginning to realize the potential and importance of the technology. The potential to resolve many ongoing issues in various industries is there and qualified professionals are required for it to take shape.

While cryptocurrencies are now something most people have heard of, most people don’t really know much about them. Here are some random crypto facts which can surprise even those who have been constantly following the crypto market.

Bitcoin facts aren’t that well known

  • Bitcoin was available to the people for the first time back in 2019. The project’s original purpose was to show that decentralization of money and any other valuable asset is possible.
  • The date of the first official bitcoin transaction is May 22nd 2010. The transaction was made by Laszlo Hanyecz and he paid 10K BTC for two pizzas from Papa John. With today’s prices those 2 pizzas cost Laszlo $100 million.
  • The all-time high bitcoin price was $20 089 and it was reached on the 17th of December 2017.
  • Earlier in April 2019, bitcoin transactions broke another record and reached a total number of transactions of over 400 million.
  • As of August 2019, 109 out of the world’s 251 countries do not have any form of regulation regarding the purchase or use of bitcoins.
  • There are roughly 350 000 transactions with bitcoin performed every day.
  • The biggest bitcoin whale wallet has 125 805 BTC which is roughly $1.2 billion with today’s prices. The account has 0.714% of all bitcoins in existence.
  • Since November 2017, bitcoin transactions worth $2 billion were processed every day.
  • Over 65% of the holders of bitcoin are under 40 years of age.
  • Currently, the mining power of the entire bitcoin network is roughly 300 times larger than the combined power of the worlds top 5 (known) supercomputers.
  • The United States Dollar and the Japanese Yen are the fiat currencies which are most exchanged for bitcoin.
  • Roughly around 64% of the created wallets have never been used since they were created. These accounts are known as ghost wallets.
  • Back in 2010, a single bitcoin was worth 2 cents and you could mine hundreds of them just via a normal CPU due to the difficulty being 1.
  • Bitcoin currently has 9000 nodes while Ethereum, it’s biggest rival, has 25 000.

 

There is no doubt that bitcoin is the big kahuna when it comes to cryptocurrencies. Altcoins however, are growingly rapidly and it’s only a matter of time before a real contender for bitcoin’s big boy status comes along.

Bitcoin facts would be very dull without altcoins

  • Recently Google lifted the ban restricting cryptocurrency ads popping up in search results. This is a clear indication that the global giant is exploring future opportunities related to cryptocurrencies.
  • Cryptocurrencies are not under the control of any bank or government. Therefore, they have no tangible parameters for valuation and it’s quite difficult to determine the value of a cryptocurrency.
  • While crypto mining experienced a rough time during the 2018 bear market, it remains a lucrative business. China is without competition and takes up over 75% of the mining network.
  • Realistically, any cryptocurrency can find use in every single industry which deals with digital and/or financial transactions.
  • There is no way to stop anyone from creating a cryptocurrency of their own. Not a single government in the world has laws which prevent a person from creating their own cryptocurrency.
  • Bitcoin ATMs are slowly popping up throughout the world. Worldwide, there’s currently over 4500 bitcoin ATMs with the majority of them located in the United States.
  • Roughly about 21.05% of all cryptocurrencies have been mined, the remainder were bought out by their current owners.
  • Altcoins come and go, really, really fast. In 2017 alone, there were 914 new cryptocurrencies introduced in the market.
  • Blockchain transactions are more reliable than traditional banking. They are faster, way more secure and global, due to the fact that blockchain miners operate 24/7. Banks have countless regulations and are available in their respective business hours, which is a big issue for a global market.

 

The post Bitcoin Facts: Altcoins, Opinions and the Way Towards Progress appeared first on CoinStaker | Bitcoin News.

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