Cryptocurrency is a hot topic of today. Celebrities invest in bitcoins, farmers switch to crypto farms, the Wall Street Journal publishes dogecoin exchange rates. Are you informed enough to join the cryptocurrency conversation with your colleagues? Check your knowledge with our quiz!
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Didn’t have all the answers? Don’t worry, you can find them below, among other interesting facts about cryptocurrency.
Bitcoin was invented by someone who names yourself Satoshi Nakamoto.
Rumors abound about the face behind this name, though no one really knows for sure who it is. Suspects include an Australian entrepreneur named Craig Wright, the currency enthusiast Nick Szabo, the first software user (after Nakamoto itself) Hal Finney, and even the US government. As of May 2017, Nakamoto is believed to own about 1 million bitcoins valued at more than $2 billion.
Cryptocurrency blockchain with the largest number of transactions per day is Ripple.
Not Bitcoin. Bitcoin is the cryptocurrency with the biggest market cap (as high as $73.5 billion). If bitcoin were a stock (it isn’t), it would be the seventy-fourth biggest by market capitalization, just behind Adobe and Netflix.
Ripple provides a universal infrastructure for international money transfers, so many banks and other financial institutions use its protocol, including Unicredit, SEB, and UBS.
There are more than 1175 cryptocurrencies in the world.
All of which can be found here: Coinmarketcap. You can find dogecoin with the meme dog ($280 million market cap), potcoin for the cannabis community ($22 million market cap), Pandacoin ($1.6 million market cap) and the cheapest, CaliphCoin ($65 market cap).
The bitcoin mining consumes more than 21 terawatt hours of power.
Together with Ethereum cryptocurrency mining, it uses more power than entire countries, like Jordan and Iceland. Some cryptominers can even use your computer resources to earn a buck, without your knowledge. That’s why StopAd creates the filter to protect all major browsers from cryptocurrency miners.
Bitcoins is popular in Venezuela because of hyperinflation.
The annual inflation rate in Venezuela is expected to hit 1,600 percent. To survive, thousands of Venezuelans have taken to buying cryptocurrency. Mining profitably hinges on high bitcoin market value and the low price of electricity in Venezuela. A person running several bitcoin miners can clear $500 a month; enough to feed a family of four and purchase vital goods online.
Cryptocurrency mixer or tumbler services help to Confuse the trails of transactions.
It provides a complex series of transfers that bitcoin owners can use to obfuscate the paper trail between two or more bitcoin addresses on the blockchain, essentially laundering their money.
Bitcoin isn’t completely anonymous cryptocurrency.
Every bitcoin transaction that has ever occurred is recorded on the blockchain, the digital ledger that organizes the currency, which can be viewed by anyone. For example, a year ago, Danish police brought down drug traffickers by tracing bitcoin transactions.
The first thing non-crime related thing purchased using bitcoin was a pizza.
On 22nd May 2010, programmer Laszlo Hanyecz paid 10,000 BTC for two Papa John’s pizzas. Today, that’s equivalent to $56.9M—pretty expensive, huh?
Now widely recognized as the first real-world transaction with bitcoin, May 22nd has come to celebrate ‘Bitcoin Pizza Day’.
China is a leader in bitcoin mining.
Chinese mining pools control more than 70 percent of the Bitcoin network’s collective hashrate.
Some cryptocurrencies have a names of famous people.
There are several cryptocurrencies named for the Russian president, including Putincoin (1.8 cents) and Putin Classic (even cheaper). There are some named after the US President— Trumpcoin (5 cents) and President Trump (even cheaper). Cryptocurrency creators enjoy a good pun, as evidenced by the currency Coinye West, whose namesake is Kanye West. The last Coinye West was created in 2014 and later abandoned by the original developers following West’s filing of a trademark infringement lawsuit against them.