With the global interest in cryptocurrency increasing, people are interested in buying and selling it. After all, it has emerged as one of the most popular forms of investment with higher ROI in the future. So it’s no surprise that plenty of prospective investors are willing to learn more about the functionality of digital assets. Thankfully with crypto, even the most controversial theories can become Gospel truth. It’s been a roller coaster ride ever since the cryptocurrency has cemented a strong reputation in the investors’ minds. Because they are decentralized, cryptocurrencies are heading straight into the future. Here, in this blog, we have compiled a few interesting facts about the cryptocurrency that even some experts won’t know:
The First Commercial Transaction was Done For a Pizza
A man paid 10k bitcoins for only two pizzas through cryptocurrency. This happened on 22nd May 2010 and was recorded as the first-ever transaction done through bitcoin. During that time, bitcoin was worth $40, making the first bitcoin worth less than a cent. However, if you had the same amount of bitcoin today, it would be worth $350 million. So if you had invested in bitcoin a few years back, you would have become a millionaire by now.
The Bitcoin Quantity is Limited
Contrary to popular belief, the current supply of bitcoin is restrained to a count of 21 million. As a result, further bitcoins cannot be mined. Therefore, when you decide to complete a transaction on bitcoin, you’re mining to receive a reward in the form of a bitcoin. Every reward has 210k blocks, according to various estimates and reports, the supply of bitcoin is around 18 billion, which is often disputed. This means, if 18 million bitcoins are already out there, 3 million are yet to be released. Check out the Coin culture Australia on the web to know more about the latest news on bitcoin.
There are Over 4500 Cryptocurrencies Right Now
As of the February report from this year, 4500 cryptocurrencies are in existence right now. While you cannot get your hands on every one of them, they are still coming out for the world to know. Because there are several coins available, creating a coin itself is not a hard task. However, the most sought-after 20 coins account for 90% of the current cryptocurrency market. Therefore, if you have plans to magnify your current income in the future, now is the best time to invest in cryptocurrency. Make sure to research and weigh the pros/cons before taking the final step.
Ethereum Fees is Referred to as Gas
When you decide to pay through Ethereum, you have to pay for gas online. Because gas represents computational effort, you have to pay through it on the Ethereum network. So you pay for the transaction or apps using this network. Even if you have to convert one coin into another, you still have to pay for gas. Depending on the kind of transaction that you undertake, the gas fees might be very high as well.