Fun Facts About Cryptocurrencies You Probably Didn’t Know

Cryptocurrency betflix888 is an internet-based medium of exchange that uses cryptographic functions to conduct financial transactions. Cryptocurrencies use blockchain technology to gain decentralization, transparency and immutability. The most important feature of cryptocurrency is that it is not controlled by any central authority: the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to old ways of government control and interference. Online casinos with Bitcoin or other cryptocurrencies have long since invaded the market and seem to be wildly successful among its users.

The Bitcoin Network

1. Bitcoin founder anonymous or rather – ghost
Even to this day, not much is known about the founder of the Bitcoin decentralized currency. Many associations lead to the pseudonym Satochi Nakamoto, who is believed to own around 1 million Bitcoin units. In 2014, a Newsweek journalist claimed to have discovered the true identity of the Nakamoto ghost , following a man named Dorian Nakamoto in Los Angeles. At first it appeared that the mystery had been solved, with him admitting his connection to Bitcoin to the reporter, but after the story broke, Newsweek issued a statement saying that Mr. Nakamoto had denied his role in creating Bitcoin.

Shortly after Newsweek published Dorian Nakamoto’s denial, a Forbes Magazine writer claimed that his investigations led to a certain Hal Finney , who was the ghostwriter of the Bitcoin code. The report stated that Finney was one of those who worked closely with Nakamoto and helped him write the code for the coin. Shortly after this news Finney sold his share at an extraordinarily low price, which debunked the Forbes Magazine theory.

2. Losing your wallet key says goodbye to money – all money
The number 1 rule when dealing with any form of cryptocurrency is that you cannot afford to lose your Crypto wallet. And we’re not kidding at all! We don’t know how to tell you otherwise, but keep the key and keep your eyes peeled ! Since you have purchased an electronic wallet with crypto currency, this is the treasure that you must guard with your life. It’s not the same as when you lose your password to your email account and hit “forgot password” and wait for an sms or email to recover your account. You lost your key, you can say goodbye to my beautiful money!

After you get a crypto wallet, the unique private key that will allow you to unlock and use your cryptocurrency funds must be saved in a highly secure place . The next step is to secure your wallet by encrypting it. You can also get an offline wallet, also known as cold storage, for your savings. Just like you don’t keep all of your savings in your wallet, you should do the same with cryptocurrency.

3. The most expensive pizza in the history of the world
Imagine a Hungarian student named Laszlo Hanyecz, a young man who only had 10,000 BTC and was extremely hungry. Because he was too tired, let’s not say lazy, to prepare something, he called the local pizzeria and ordered 3 pizzas, paying with the 10,000 BTC . The payment for the pizza in dollars was 25$ but it seems that our young man chose to pay 10,000 BTC or 20,000,000 dollars, because from the order and payment, the value of Bitcoin increased significantly, just in a few hours.

Now we don’t know which is better, hungry and with some strange millions in the account or poor and with 3 pizzas in hand? An extreme decision during the famine, but Mr. Hanyecz claims that he regrets it . This fun fact about cryptocurrency gave birth to a term that remains in use today – Bitcoin Pizza. It’s celebrated on May 22, the day this legend placed his pizza order and made the worst financial decision in human history. There’s even a Twitter handle that shares more interesting facts about cryptocurrencies, like how much these two pizzas would be worth today, on a daily basis! Thanks.

4. The FBI owns the largest Bitcoin wallet
This is quite a contradiction, if you consider the warnings issued for cryptocurrencies and the values ​​that the FBI stands for. It seems the FBI is still stuck somewhere in the 18th century and whatever, who prefers the old folding money to be outlawed. The FBI is actually one of the most prominent owners of Bitcoin wallets, holding a current estimated value of over $120 million . It all seems to have started when the FBI shut down the online drug trafficking channel Silk Road and confiscated everything related to it, including the cryptocurrency wallet, which contained a rather handsome amount of Bitcoins.

The reality is that when the world is faced with something new and difficult to understand like Bitcoin, there will always be those who refuse to be convinced. Investor mogul Warren Buffet said in an interview that Bitcoin is a mirage and cannot be trusted . Similarly, JP Morgan Chase CEO Jamie Dimon referred to cryptocurrency as a “fraud.” But contrary to what they say, virtual currency is still growing and it is being used more and more.

Other Crypto Currencies

5. You can earn crypto coins in games
Most of us know that in order to earn Bitcoi you have to invest in six computers and leave them running day and night to mine. This is not enough, you need to have broad knowledge, both about mining and about the exchange at the right time. This is no longer the case! You can play some games, have fun and at the same time earn yourself free cryptocurrency. And if it sounds too good to be true, well for a change, it isn’t. Many digital platforms offer players the opportunity to earn free crypto while playing – watch out for the “faucet” or “rain” feature on certain games, which essentially means that free crypto will be randomly given to players at random times of the day .

Alternatively, play Counter Strike, if you’re multiplayer, shoot in first person and you’ll simply be paid for the game, via the Counter Strike wallet. One of the lesser known fun facts about cryptocurrency is that this isn’t the only game that does this – a very similar game called War Field also does the same thing, paying players for coins.

6. More than 1300 crypto currency in the world
Of course, we all know that it’s not just Bitcoin and that there are many other types of cryptocurrencies available. Bitcoin was simply the first to be created, so it is the collective image for all currencies. One of the fun facts about cryptocurrency that most won’t necessarily be aware of is that cryptocurrencies are officially segmented into three types .

Bitcoin is the leader and has a category of its own, simply by virtue of being the first, the most popular and also the most valuable. The following are all other cryptocurrencies, now conveniently grouped under the category of Altcoins, Litecoin, Etherium, ZCash, DASH, Ripple, Monero, Bitcoin Cash, Neo, Cardano, Eos … these are the main successors of Bitcoin, and they have their own individual success. And there are many more, with new variations being created regularly, however, their market cap is not large enough so far.

7. You can get virtual currency in physical currency
There are a number of companies that manufacture these coins, the most popular being probably Caucasus. According to the official website, Bitcoin Caucaz is “a collectible coin backed by real Bitcoins embedded inside. Each piece has its own Bitcoin address and a private redemption key on the inside, under the hologram.” The private key is protected by an anti-burglary hologram. The hologram leaves behind a honeycomb pattern if peeled off. If the hologram is intact, the bitcoin is good . If you purchased a two-factor item, your private key is encrypted and will need to be decrypted using your selected password before you can redeem your funds. It’s not as easy as the Ron in the wallet, but we accept the challenge.

Regardless of what the authorities say, Bitcoin and other cryptocurrencies are widely used, and it seems that, at least so far, they provide some of the most secure and, most importantly, tax-free transactions. Besides, the online gambling industry has been hugely successful since they introduced this payment method, but we are sure there are many things you don’t know about online casinos.

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