Cryptocurrency: 5 Interesting Facts

crypto facts list

Learn 5 In-the-Know Facts about Crypto

With a plethora of information at our fingertips, and an industry built on blockchain booming by the minute, let’s dive into some facts regarding the digital currency world.

What Is Cryptocurrency?

Cryptocurrencies are digital assets created to facilitate the sale, purchase or trade of goods between parties. These virtual currencies use encrypted coding to secure and verify transactions, eradicating the need for third parties. There are a significant number of digital currencies on the market (2071 at time of writing) generating a total market value of over $135 billion!

What They Are Used For

You can read through our Cryptocurrency 101 for more digital currency facts

Interesting Facts

1.  Who Invented Them?

In 2009, Satoshi Nakamoto launched the first digital currency, Bitcoin. While Bitcoin dominates 51.6% of the market, nobody knows who is behind the pseudonym. It is speculated that the person behind the anonymity could be a man, woman or even an organisation. Whoever it may be, it’s worth noting that their intention was never to create an industry, only to develop a decentralised cash system.

2.  Denominations

The digital currency world is fond of making very small denominations of their currencies. They even name them: Bitcoin has a Satoshi, Ethereum (Ether) has a Wei and Ripple has a Drop. We’ve listed below just how many decimal places these denominations represent: 0.0000000000000000000000000001 Ether = 1 Wei

0.000000001 Bitcoin = 1 Satoshi

0.000001 XRP = 1 Drop

3.  You Can Lose Them

As the world of cryptocurrency works off a decentralised network, there is no one organisation that holds your information. If you lose your wallet and didn’t secure your private key it is gone forever and you will no longer have access to your cryptocoins. There are numerous horror stories of lost Bitcoins amounting to millions!

4.  Banned In Certain Countries

While the adoption of digital currency increases by the minute, not everyone is legally allowed to partake in this new phenomenon. The governments in China, Russia, Vietnam, Bolivia, Columbia and Ecuador have all banned the use of cryptocurrencies, maintaining that it is not a legitimate payment method or regulated as an investment.

5.  Transactions Are Almost Untraceable

Blockchain makes it easy to store and transact digital currencies. As all transactions are stored on this decentralised ledger, they are transparent and it is possible for anyone to view them. The transactions however remain anonymous, unless you know the identity behind the wallet key. Making them difficult to trace. Difficult but not impossible. In 2013, by tracing back the transactions of the culprit, the FBI managed to shut down the black market site, Silk Road.

Buy Cryptocurrency with CryptoFish

We provide the latest news, educational insights and a secure place to buy various cryptocurrencies.

We also offer a very simple way for you to instantly purchase leading digital currencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple using your debit or credit card online.

CryptoFish does not store your credit card details, encrypts your personal information and is GDPR compliant, making it one of the safest and most secure options.  You can trust CryptoFish to easily, securely, and instantly buy cryptocurrency.

If you have any questions, please check out our FAQ section on the website or visit our Educational Portal.  Our super-friendly support team is also here to assist you. You can drop them an email or chat live on the website.  To chat, simply type your question into the chat box on the bottom right hand side of your screen.

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