Cryptocurrency is a digital currency that has become popular in recent years. Here are 5 interesting facts about cryptocurrency:
1. The creator of Bitcoin, the world's first cryptocurrency, remains a mystery
The so-called "Satoshi Nakamoto" is the pseudonym of the creator of Bitcoin. It is still unknown who really is behind this pseudonym. In 2008, Satoshi Nakamoto published a white paper describing the concept of Bitcoin and its technological foundations. In January 2009, the first version of the Bitcoin software was launched.
Thanks to his innovative ideas, Satoshi Nakamoto created the first decentralized cryptocurrency based on blockchain technology. His goal was to create a financial system free from the control of central banks and governments.
Satoshi Nakamoto actively interacted with the Bitcoin development community and participants in the early years of its existence, but in 2010 he disappeared from the public eye and stopped communicating. His identity still remains a mystery and many theories and speculations have arisen around him.
2. 20% of existing bitcoins are stored in wallets whose owners do not have access to them
Here are some reasons why this may happen:
Lost Wallets: Some Bitcoin owners may lose access to their wallets due to technical problems or forgetfulness. If they didn't keep backups or forgot their passwords, then their bitcoins will remain inaccessible.
Lost Private Keys: To gain access to Bitcoins, owners must have access to their private keys. If these keys are lost or destroyed, the bitcoins will remain inaccessible.
Inheritance: If a Bitcoin owner dies and has not handed over his private keys or wallet access information, his heirs may not be able to access the Bitcoins.
Blocked Accounts: Sometimes wallets and accounts can be blocked for various reasons such as court decisions, fraud or violation of platform rules. In such cases, owners will not be able to access their bitcoins.
These inaccessible Bitcoins pose a particular challenge to the cryptocurrency industry and highlight the importance of maintaining backups and securing access to wallets. In the future, new methods and solutions may be developed to solve this problem and restore access to inaccessible Bitcoins.
3. The first federal cryptocurrency bank appeared in the USA
The American startup Anchorage, which provides institutions with integrated financial services and infrastructure solutions, has become the first federal-level cryptocurrency bank in US history. The company received the corresponding license from the Office of the Comptroller of the Currency of the United States, which is part of the Department of the Treasury. Anchorage President Diogo Monica noted that the company is a national bank, but unlike other financial institutions, it works with cryptocurrency assets. He added that after receiving permission from the OCC, Anchorage will be subject to federal laws rather than individual state laws, which will make its operations much easier.
Today the list of banks working with cryptocurrencies includes:
USA:
Customers Bancorp (Pennsylvania)
Cross River (New Jersey)
Western Alliance (Arizona)
Axos Financial (Nevada)
FV Bank International, registered in Puerto Rico (self-governing territory under US control)
Asia:
Standard Chartered (based in London)
DBS Group Holdings (Singapore's largest bank)
ZA Bank (Hong Kong's largest virtual bank)
Europe:
BCB Group (London)
Bank Frick & Co (Liechtenstein)
SEBA Bank AG (Switzerland)
4. In some countries, there are criminal penalties for using cryptocurrency
While many countries recognize and accept cryptocurrencies as legal means of exchange, others view them with certain restrictions or even prohibit their use. Here are some examples of countries where the use of cryptocurrency can lead to criminal prosecution:
China: In China, the use and trading of cryptocurrencies has been banned since 2017. The Central Bank of China has banned ICOs (Initial Coin Offerings) and closed cryptocurrency exchanges. Violation of this prohibition may result in criminal liability.
Algeria: Algeria has banned the use of cryptocurrency since 2018. The legislation prohibits the use, exchange and sale of cryptocurrencies, as well as introducing criminal penalties for violators.
Bangladesh: Cryptocurrencies are not recognized as legal tender in Bangladesh. The use, exchange and distribution of cryptocurrency is a crime that is punishable by criminal law.
It is important to note that laws and policies regarding cryptocurrencies can change over time and vary from country to country. Before using or trading cryptocurrency, it is always recommended to familiarize yourself with the laws and policies of your country to avoid possible problems with criminal prosecution.
5. Banks use blockchain technology
The banking sector, improving every year, is becoming more complex and multifaceted. Using blockchain technology, banks not only simplify the work of their branches, but also debug and protect a number of important information that is a banking secret. Recently, hacker attacks have become more frequent, posing a serious threat to banking institutions and the banking system as a whole. Blockchain technology is capable of protecting confidential information and preventing such attacks, which indicates additional opportunities for financial institutions in developing their business and customer banking system.
