Fascinating Facts About Cryptocurrencies

Monday July 13, 2020

The currency of the future has been through a roller-coaster ride these past few years. What initially started as an ingenious idea was soon clouded in doubt, with governments and financial organisations not knowing what to make of bitcoins and other cryptocurrencies. However, the continued and widespread use of bitcoins has kept it in the picture. Now, more people, be it the ordinary investor or huge businesses, are opening up to its many uses.

Whenever we talk about new ideas, there are always facts about them that people know. In the case of bitcoins, most people know that there is only a limited number of bitcoins available and that one has to do bitcoin mining to find some, if not planning on purchasing them off the market. However, some other lesser-known facts about bitcoins are equally fascinating and make for a perfect conversation topic when having a business lunch with your clients.

The Winklevoss Twins

Does the name sound familiar? It is because the Winklevoss Twins were the two bothers who took Facebook inventor Mark Zukerberg to court over the originality of the website. While their long battle with Facebook has been written about extensively, not many people know that the Winklevoss Twins got into the cryptocurrency world early on and are now bitcoin billionaires and have a book about them with the same name. Moreover, the twins have been supporting and promoting bitcoins ever since they got into the game and are part of the reason for its growing popularity.

Unknown Inventor

If you are even remotely connected with the cryptocurrency world, then you know who Satoshi Nakamoto is, or do you? The creator of bitcoins still remains an unknown entity. While many people have guessed who it might be, there has yet not been one proper clarification on who this mastermind is, and where they live. Nakamoto, a pseudonym, released the code for cryptocurrencies in 2009. Since then, over 5000, different cryptocurrencies have come out in the market. It is believed that he, she, or they have over 1 billion bitcoins to their name.

Play with Bitcoins

One of the early adopters of bitcoins were online casinos. A place where large amounts of money change hands regularly, cryptocurrencies make transactions more comfortable and faster. During the starting phase of this integration, most casinos would take bitcoins as payments and then instantly convert it into real cash. However, now gambling with bitcoin has taken on a new avatar wherein you can actually play a poker game with bitcoin units. While it might take some time for people to get used to this, it certainly does make it simpler to play, and you save on any exchange costs that occurred previously.

Everyday Purchases

For bitcoins to become an indispensable part of the financial world, it has to enter the mainstream market where ordinary people can use cryptocurrency at their neighbourhood shops. We already are moving in that direction as it is possible to purchase a pizza, hamburger, Mavericks tickets, beer, electronics, a Tesla, a luxury holiday or a trip to space, when it happens, using bitcoins.