While still in its infancy, cryptocurrency is growing and a very fascinating field. Many people are familiar with cryptocurrencies like Bitcoin, but very few possess an understanding beyond the basics. While it would be impossible for us to explain every detail about these new currencies here, we thought it would be useful to share a few interesting cryptocurrency facts that might surprise you.
There are over 1500 different cryptocurrencies
New cryptocurrencies are popping up all the time, but it’s estimated that there are currently well over 1500 different currencies around the world, with Bitcoin being the most prominent, popular, and valuable. There is around $142 billion in Bitcoin on the market at the time of writing. Other cryptocurrencies, like Ethereum, which has a market cap of $47 billion, are gaining ground, too. Fun cryptocurrency fact: there are some cryptocurrencies with bizarre names like PizzaCoin, Cabbage, and Coinye (named after Kanye West).
Bitcoin has been valued at less than a penny.
You probably read about Bitcoin’s incredible surge in 2017, reaching an all-time high of $17,900 in December of that year, but it’s beginnings were much humbler. In fact, a man once bought two pizzas with 10,000 Bitcoin in 2010, when they were valued at less than a penny. While the general trajectory of Bitcoin has been an upward one, there have been significant downturns as well. Just this year, the price fell sharply, bottoming out at $6,200. Since February of this year, the value of Bitcoin has risen by $2,000 and is currently valued at $8,210 per coin.
Google has recently had a change of heart regarding cryptocurrency
While the tech giant has previously banned the cryptocurrency ads on its platform, it recently lifted that ban, creating much speculation that Google is exploring the possibility of creating a cryptocurrency. They recently changed their ad policy regarding cryptocurrency. In May, it was revealed that they had approached Ethereum CEO Vitalik Buterin with a job offer. Needless to say, if “GoogleCoin” becomes a reality, that will be very big news indeed.
Cryptocurrencies are banned in some countries
Cryptocurrency facts you should know regarding other countries and religion. Nepal has already imprisoned some people for their involvement with cryptocurrencies. It is also prohibited in Bolivia, Ecuador, Lebanon, and Indonesia. The reasons for the bans vary. Some governments few cryptocurrency as an economic threat, while others, especially majority Muslim countries, are unsure about the religious interpretation of these new currencies. “There still persist the debates among Islamic scholars regarding the status of cryptocurrency in religion. If we achieve the consensus in favor of Bitcoin, there will not be any bans,” says Shidan Gouran, COO of Global Blockchain Technologies Corporation.
CryptoKitties are a real phenomenon
This is a whacky one, but one that demonstrates some interesting potential uses for crypto-based platforms. While not technically a currency, CryptoKitties run on Ethereum’s blockchain network. The products are a bit like a blockchain Pokemon, where each kitty is unique and owned only by one person. Because of the underlying tech, they are uncopyable, which is unique in the digital world. They’re also massively popular, with millions of dollars in sales.
Staying informed regarding different currencies is important. Just as important as always having the right accounting software that is always keeping up with today’s evolving technologies. Never outgrow your accounting software again! Click here to sign up for your free demo.