6 Fun Facts about Crypto

https://youtu.be/npA3rJsh7PM

Hello everyone, it's a fun time with Gemmy, and we would be going over 6 fun facts about crypto. Crypto since its inception has been a very, very temperamental currency, bringing mixed reactions to investors and enthusiasts. On the one hand, its growth over the last couple of years has been nothing short of remarkable, bringing rise to many millionaires. On the flip side, it has been subject to high volatility, unfortunately leading to bankruptcy for some.

In this video, we would be discussing cool, fun facts about crypto that will enlighten you, and make you smile, also making you appreciate its history, legacy, and beginnings. If you don’t already know, my name is Gemmy, and I am bringing you fun today, but before we start this journey, please and please, you must hit that like button and subscribe to this channel. Seriously, I would appreciate the kind action.

Fact no 1 is The Mysterious creator of Bitcoin. Who doesn’t like a bit of mystery? Well, when we are talking about something viral that is shrouded in deep mystery, there are not many options to consider other than the identity of Bitcoin’s creator. Bitcoin has become the pacemaker for cryptocurrency and Blockchain Tech. Yet, for something this important, we don't know the identity of its creator - whether it's a single person or an organization.

Well, here is what we do know: In 2009, a person or a group of people known as Satoshi Nakamoto introduced Bitcoin to the world. He (or they) vanished off the Internet in late 2010, and he hasn’t been heard from since. Just as his identity is shrouded in mystery, nobody really knows if he’s even alive or dead. The only communication people had with him was through emails and forums. Then there is also the widespread belief that Satoshi Nakamoto’s name is indeed an acronym for leading tech companies – Samsung-Toshiba-Nakamichi-Motorola. Isn't that interesting?

Consider this also:

Satoshi Nakamoto means Central Intelligence in Japanese, and this recently has made people think that CBDC in the form of Bitcoin has been here all along, created by the Government to keep track of people. Highly unlikely, though.

We also know that his Bitcoin wallet holds around 980,000 bitcoins, making him one of the top 50 richest people on the planet today; we can then conclude that Satoshi Nakamoto if alive is a HODLER, probably waiting till Bitcoin reaches 100k.

This brings us to fact number 2: HODL was born in a moment of desperation.

Like any other space, the crypto space is filled with its own slang and jargon. One very popular one, if not the most popular, is the term HODL.

HODL is one of the most peculiar cryptocurrency jargon terms. It was coined by a Bitcoin enthusiast who responded to the so-called crypto experts who mocked him for not selling his coins. On the forum, he wrote: “I AM HODLING.” Although this was an apparent typo, it soon got popular. It was used to describe the strategy adopted by beginners who don’t know how to trade crypto but still believe in cryptocurrencies.

Today, hodling is a common strategy in crypto trading across the globe.

The original typo is also known as an acronym for the phrase “hold on for dear life.” Is hodling or, in simple terms, holding a crypto asset for many months or years beneficial? This brings us to the next fact.

Fact number 3: The total amount of bitcoin is limited. That’s right. If you thought it would be possible to buy an endless amount of crypto, think again. Cryptocurrency is a limited resource, like gold or oil. This is why currencies like Bitcoin are deflationary assets, as they continue to increase in value as the supply goes down. The maximum supply of bitcoin is 21 million, and as of this moment, 17 million bitcoins are already in circulation; that means almost 80 percent of the 21 million have already been mined. We would expect the value of Bitcoin to keep rising as it becomes scarcer and difficult to mine in the near future. If you are not a trader, you can still buy a portion of bitcoin and other assets with good use-cases with confidence that they will appreciate in the future. Does this then mean that all crypto assets will keep increasing in value? The next fun fact answers this.

Fact number 4: There are over 5000 different cryptocurrencies in the world. Naturally, most of these currencies aren’t worth much, nor will they be as there are over 2000 dead coins. In just over a decade, many cryptocurrency projects have failed. Coinopsy, a website that tracks dead coins, shows there were 2126 dead cryptocurrencies when I made this video, and this number is expected to rise. But what exactly are these dead coins? These are cryptocurrency projects that were abandoned, have no nodes, stopped being developed, turned out to be scams, have low volume, or their website is down. All of this shows that crypto assets, especially newer ones, are subjected to high risks. It is thus beneficial to do detailed research before deciding which crypto you want to invest in or HODL.

Fact 5: Cryptocurrency can’t be physically banned. Nations have tried and will try anything within their power to ban crypto, but it has proven abortive so far. Why? Because anyone can get a crypto wallet and can access the market since most of it is decentralized. Of course, countries can make regulations, but the cryptocurrency market itself cannot be banned. However, some countries like Algeria, Cambodia, Bolivia, and others have removed the rights around using crypto.

Talking about crypto in relation to geographical regions, did you know that Ireland consumes approximately 5,000 kilowatt-hours of electricity each year? All the bitcoin mining farms together consume about 60 terawatt-hours of electricity, which is around 12,000x Ireland power consumption. The entire country of Ireland, which is the second-most-populated city in Europe and has 84,421 square kilometers of area, consumes less electricity than all these farms combined.

And what's a list of crypto fun facts without mentioning the events of May 22nd. Every May 22nd is Bitcoin Pizza day in the crypto community. This is because Laszlo Hanyecz purchased a pair of Pizza pies using 10,000 bitcoins, making it the first time a virtual currency was used to buy something tangible in the real world. 10,000 Bitcoins, WOW!

Based on the prevailing rate then, the purchase equated to $41 back in 2010. However, with the current rates, it is valued at over $330 million now. At Bitcoin’s all-time peak around mid-April, Hanyecz’s asset would put him at approximately $680 million, assuming he held on to the virtual currency. After the first transaction, Hanyecz would go on to do it many more times and spend a total of 100,000 Bitcoin on pizza that summer - now worth $3.3 billion.

Well, in his many interviews, including one with Coin Telegraph, the programmer was quoted back in 2018 as saying that he had “no regrets” about shelling out bitcoin that he had mined willy-nilly more than a decade ago. Well, to be sincere, I think I would have had some regrets because it's normal to have this kind of feeling of missing out on something this big.

Yes, this is all about Fun Facts on crypto today. If you have some others that I didn't mention, please drop them in the comment box below. Also, please don't forget to like, subscribe and share this video if you find it fun and helpful.