Here are 10 surprising facts about cryptocurrency that many people might not know:
1. Lost Bitcoin Can’t Be Recovered
• Approximately 20% of all Bitcoin (around 3.7 million BTC) is lost forever due to forgotten passwords, misplaced private keys, or lost hard drives.
2. Bitcoin’s Supply Is Limited
• There will only ever be 21 million Bitcoin in existence, making it a deflationary asset. This scarcity is one reason for its high value.
3. The Origin of “HODL”
• The term “HODL” originated from a typo in a 2013 Bitcoin forum post titled “I AM HODLING,” which later became an acronym for “Hold On for Dear Life.”
4. Cryptocurrency Is Not Anonymous
• Contrary to popular belief, most cryptocurrencies like Bitcoin and Ethereum are pseudonymous, not anonymous. Transactions can be traced on the blockchain.
5. Ethereum Is More Than a Currency
• Ethereum’s blockchain supports smart contracts and decentralized applications (dApps), which has made it a foundation for DeFi (Decentralized Finance), NFTs, and more.
6. Crypto Mining Uses Huge Energy
• Bitcoin mining consumes more electricity annually than entire countries like Argentina or the Netherlands, raising environmental concerns.
7. The First Bitcoin Transaction Was for Pizza
• In 2010, a programmer spent 10,000 BTC (worth over $300 million today) to buy two pizzas, marking the first real-world Bitcoin transaction.
8. Not All Cryptos Use Blockchain
• While most cryptocurrencies rely on blockchain, some, like IOTA, use other technologies like Tangle (a Directed Acyclic Graph).
9. Cryptocurrency Is Legal in Many Countries
• Despite common misconceptions, cryptocurrencies are legal in most countries, including the U.S., EU nations, Japan, and Australia, though regulations vary.
10. A Single Entity Owns a Significant Percentage
• A small percentage of wallet addresses control a large portion of certain cryptocurrencies.
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