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20 Amazing Crypto Facts Only a Few People Know About

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By Augustine Mbam - - 5 Mins Read

The cryptocurrency industry led by Bitcoin and other altcoins has taken the traditional financial world by storm. The first open-source cryptocurrency is Bitcoin, developed in 2009 — in essence, crypto is about 13 years old.  However, despite the industry being relatively young, it has grown fairly fast, leaving many crypto facts and figures that even some experts don’t know. Do you doubt it? Test your crypto knowledge and see if you know these awesome facts.

Learning about hidden facts within the crypto industry helps crypto enthusiasts and those who want to join the industry have a better grasp of the events and how best to approach them. Some of these facts are plain awesome, while some may sound a little weird, like the man that sold 10,000 Bitcoin for just two pizzas. 

Pizza and a Bitcoin (Source: Chidori_B; Vasiliy / stock.adobe.com)

We’ve gathered 20 crypto facts about crypto currency that would amaze you. If you know 15 - 20 of these facts, you're a crypto genius. If you know only 10, that means you’re a crypto pro. However, if you know less than 10, you may have to work on your crypto knowledge bank. 

Ready to check them out? Let's start with a fact you may not have known about Bitcoin and the crypto industry.

1. Crypto Mining Uses More Electricity Than Argentina 

It costs a lot of electricity to keep the crypto industry running. One of the most disturbing crypto facts today is the issue of crypto mining as concerns about the environment continue to rise. New data shows that crypto mining uses more electricity than the whole of Argentina. 

Crypto mining has been a very serious problem in the crypto industry. Mining Bitcoin and other cryptocurrencies have led to many carbon emissions and environmental hazards. 

Bitcoin mining station (Creator: OLGA MALTSEVA | Credit: AFP via Getty Images)

Crypto enthusiasts and investors will expect the invention of a more environmentally friendly way of mining crypto. This will help reduce the number of carbon emissions from crypto mining.

2. More Men Make use of Bitcoin 

Did this come as a surprise to you? Maybe not. It’s speculated that men use Bitcoin and other cryptocurrencies more than women. But this isn’t just speculation; it’s one of the facts about crypto that is true.  When you check the numbers, the difference is wide.

More than 79% of men make use of Bitcoin or other cryptocurrencies. Only 21 percent of women dare to invest in the crypto industry. 

A man holding up Bitcoin and a dollar coin (Source: Pixabay)

As time goes on, many people expect the number of women using crypto to increase. A good number of women using cryptocurrencies will only drive more adoption.

3. There are More than 10,000 Bitcoin ATMs Worldwide 

One of the interesting facts about Bitcoin and crypto is that there are more than 10,000 Bitcoin ATMs worldwide. This should tell you how fast the rate of Bitcoin adoption is worldwide. 

Bitcoin ATMs work just like the normal ATM you know; it is mainly used to make transactions. With the Bitcoin ATM, you can send Bitcoin to someone anywhere in the world and make payments or deposits. 

A lady using a bitcoin ATM (Source: Coinmama)

However, there's a difference between the ATMs used for fiat and those used for Bitcoin. Unlike the normal ATM, you cannot withdraw cash from the Bitcoin ATM; it is solely used for Bitcoin payment. 

4. Crypto Prices Are Extremely Volatile 

Many people are interested in crypto and how it works but need to be made aware of how volatile the crypto market is. The first shock newbies might receive when they venture into the crypto industry is the volatility of cryptocurrencies. 

For instance, you might see the price of Bitcoin at $20,000 in the morning and then at $18,000 in the evening. This also applies to several cryptocurrencies in the crypto market. 

Bitcoin volatility
An illustration of Bitcoin’s historic price movement from 2020 (Source: CoinMarketCap)

This is one of today's crypto facts that people must be aware of before investing in cryptocurrencies. Being aware of things helps you learn strategies that will help you overcome volatility in the market. 

5. You Pay Taxes 

For many people, trading cryptocurrencies is the best way to make money without paying taxes. This is not true, especially if you live in most European countries; paying taxes is very real in the crypto industry. 

The amount or percentage of tax you pay depends on how long you have kept the cryptocurrency and the amount you earned. You pay these taxes based on long-term or short-term investment gains. 

Calculating taxes
Calculating taxes (Source: Pixabay)

So, if you are entering the crypto industry, keep in mind that you will not evade taxes without breaking the law. Paying taxes on the profit you make in the crypto market is real, and it's the right thing to do. 

6. There are bans on Cryptocurrencies. 

One of the most interesting crypto facts today is that only some countries in the world are comfortable with their citizens using Bitcoin or other cryptocurrencies. So, in other words, they ban their citizens from using anything related to the blockchain or cryptocurrencies. 

Countries such as Turkey, Nigeria, and China have banned their citizens from using blockchain technology or cryptocurrencies. Sometimes these bans imposed on citizens cause the price of some cryptocurrencies to fall. 

Bitcoin ban
Bitcoin banned (Source: Bitcoin.com)

However, in reality, it is practically impossible to stop all the citizens of a country from using cryptocurrencies. But certain things can't be done when users are banned from using cryptocurrencies in a country.

7. Bitcoin Holds Over 40% of Crypto Market Cap 

One of the amazing Bitcoin facts and figures is that Bitcoin holds more than 60% of the whole cryptocurrency market capitalization. This figure alone shows how widely accepted Bitcoin is compared to other cryptocurrencies. 

Other cryptocurrencies, such as Ethereum, have tried their best to displace Bitcoin. But the apex cryptocurrency is not moved by the pressure. However, as more cryptocurrencies emerge with awesome utility, the hefty Bitcoin dominance will continue to bear down.

current bitcoin dominance chart
Bitcoin dominance chart in 5 years (Source: CoinMarketCap)

When Bitcoin was launched in 2009, it had 100% crypto market capitalization. But it has been reducing over the years; on the bright side, this shows the growth of other cryptocurrencies. 

8. Over $20 Billion in Revenue is Made Annually From Mining Crypto 

Mining cryptocurrencies can be a very good venture if you know how to go about it. Mining cryptocurrencies takes a lot of time, and some methods can adversely affect the environment. 

Some methods used in mining cryptocurrencies can be as simple as using a computer to get cryptos from faucets. It can be as complex as using highly technical computer algorithms powered by substances that affect the environment. 

ASIC miners
ASIC miners in a Bitcoin mining rig (Photographer: Akos Stiller/Bloomberg via Getty Images) 

Whichever method is used, mining crypto is a big endeavor and brings large amounts of money each year. The estimated revenue mining brings in yearly is more than $20 billion. 

9. More than 2,000 New Cryptocurrencies Were Launched in 2020

As blockchain technology became more relevant and acceptable, many new cryptocurrencies were developed. This was another crypto fact, as the crypto industry experienced much success in projects. In 2020, many people started to adopt the idea of cryptocurrencies, and many others wanted to try it out and see if they could profit. 

This period saw a lot of new cryptocurrencies being launched into the market. More than two thousand cryptocurrencies were introduced; many lost and made a lot of money within this time. 

top 10 crypto
Trading multiple cryptocurrencies (Source: Pixabay)

However, despite all the cryptocurrencies launched, few stayed for a long time. Many of the crypto projects introduced within the time were half-baked, but there were successful projects. 

10. More than 120 million Transactions Were Made Using Bitcoin in 2020

Many things prove that people are now accepting crypto adoption as time passes. Data from different sources show that there has been a hike in the number of people using cryptocurrencies, especially Bitcoin, for payment. 

In 2020, new data showed that more than 120 million transactions were made using Bitcoin. 2020 was one of the years that made people have a new interest in the crypto industry, so some expected this hike in transactions. 

Bitcoin transactions
Number of Bitcoin transactions from January 2017 to July 6, 2021 (Source: Statista) 

This is one of the most positive crypto Bitcoin facts and figures, as it shows that people are now showing more interest in crypto. This data is a major step in the crypto industry.

11. The First Commercial Bitcoin Payment was for a Pizza

One of the awful stories those involved later regretted was when Bitcoin was first used for commercial payment. The person involved in this transaction used his Bitcoin to buy two large pizza boxes. 

He transferred about 10,000 Bitcoin for those two big boxes of pizzas. At that time, 10,000 Bitcoin were worth around $40, which means one was even less than a cent. 

10,000 Bitcoins was exchanged for two boxes of pizza (Source: Unsplash)

If the person that made this transaction had kept his Bitcoin for five years, he would have become a millionaire. The day this transaction was made is even known as Bitcoin pizza day. 

12. Bitcoin is Limited 

Another surprising crypto fact today is that Bitcoin is limited in numbers. This means that only a limited number of Bitcoins can exist. Unmined Bitcoin is less than 20% of its total supply.

The total number of Bitcoins allowed to exist at any time is around 21 million. So if Bitcoin should reach this number at any time, no Bitcoin miner will be able to get any again. So you should pretty much treasure every single Bitcoin satoshi you own.

Bitcoin circulating supply
Bitcoin circulating supply curve (Source: Research Gate) 

But you can still get Bitcoin by buying one. Or you can participate in crypto airdrops or giveaways to earn some Bitcoin if you don't have much money to buy one. 

13. Ethereum is More Useful Than Bitcoin 

Despite Bitcoin being the first cryptocurrency that was created, some other cryptocurrencies are more useful than Bitcoin. A very good example of such cryptocurrencies is Ethereum and its network. 

Ethereum is one of the top cryptocurrencies created to have many use cases. Unlike Bitcoin, the Ethereum ecosystem has more uses than just sending cryptocurrencies or making payments.

Ethereum has numerous use cases (Source: Pixabay)

Ethereum blockchain is very useful in supply chain management and can also be used to execute smart contracts. In addition, the Ethereum blockchain suppers underlying crypto technologies such as NFTs. 

14. Ethereum Fees Are Known as Gas 

The fees that people pay to make transactions on the Ethereum network are known as gas. Gas is not the normal one you use for your car; it means paying for the computational effort to complete one transaction. 

There are many things that one needs to pay for gas when using the Ethereum network. You pay for gas when sending cryptocurrencies from one crypto wallet to another on the Ethereum blockchain. 

Ethereum logo on a mobile phone (Photo illustration by Jakub Porzycki/NurPhoto via Getty Images)

Apart from sending or receiving cryptocurrencies on the Ethereum network, you also pay for other services. Some of these additional services include paying for NFTs or converting from one coin to another. 

15. NFTs are not Cryptocurrencies 

Especially for beginners, many people still find it hard to differentiate non-fungible tokens from cryptocurrencies. Despite their popularity in 2021, NFTs are only considered digital assets operating on the blockchain, not cryptocurrency. 

This is one of the most important crypto facts people must learn today to avoid making mistakes. You can even refer to NFTs as digital collectibles instead of cryptocurrencies. 

A bored ape NFT collection (Source: Sapphire Capital Partners)

Others even see them as digital artworks, which is still correct. In fact, NFTs have helped digital creators to make a lot of money from creating different NFT projects. 

16. Dogecoin was a Joke 

Surprisingly many cryptocurrencies started as a joke. Dogecoin is part of that category of cryptocurrencies, and it even has a weird story behind its creation. 

Dogecoin became increasingly popular in 2021 thanks to Elon Musk for supporting the cryptocurrency. However, the creation of this crypto started out as joke.

Dogecoin started as a Shiba Inu meme (Source: CBNC)

The creators introduced the cryptocurrency to mock the increasing number of cryptocurrencies launched. They created it with the image of a funny-looking Shiba Inu dog which was a popular meme in 2013. But as it turned out, Dogecoin became increasingly popular and still stands tall among the best crypto coins.

17. Bitcoin Creator is Anonymous 

The identity of the person or people who created the first cryptocurrency, Bitcoin, is still not known. When Bitcoin was launched in 2009, nobody knew the identity of the person or people behind its creation. 

Satoshi Nakamoto is the only name associated with the person behind this creation. But nobody knows if the name is real or if that's the real identity of the Bitcoin creator.

The true creator(s) of Bitcoin is anonymous (Source: Pixabay)

It was the so-called Satoshi Nakamoto that released the first whitepaper Bitcoin ever. Despite not knowing the creator, many people are very happy with the creation. 

18. The First Fortune 500 Company to Acquire Bitcoin is Tesla 

Many big companies are always playing safe, especially when investing in cryptocurrencies. It took a very long time after the creation of Bitcoin for a Fortune 500 company to announce acquiring Bitcoin publicly. 

One of the most important crypto facts today is that Tesla first acquired Bitcoin. Elon Musk is the CEO of Tesla, so it wasn't much of a surprise that his company acquired Bitcoin.

A Tesla car (Source: Unsplash)

Nevertheless, this is one of the Bitcoin facts and figures showing increased crypto adoption. With Tesla taking the lead, many other Fortune 500 will soon join the adoption race. 

19. $300 million worth of Cryptos was Stolen in a Single Hack in 2020

2020 was the year that recorded a lot of crypto innovation and adoption. Like any other good technology, it attracted the interest of hackers who wanted to get access to cryptocurrencies the wrong way. 

In 2020, a KuCoin hack was recorded, and more than $300 million worth of cryptocurrencies were stolen from their exchange. With this amount of crypto being stolen, more than 80% of the cryptocurrencies in their exchange were stolen.

Hackers attack DeFi and centralized exchanges consistently (Source: Pixabay) 

However, KuCoin recovered most of the cryptocurrencies stolen from this hack. But it surely caused panic in the crypto market, leading to the depreciation of some cryptocurrencies. 

20. Over 76 Million People Use Blockchain Wallets 

The rate of crypto adoption is increasing and thus is shown by the number of people using crypto wallets. Right now, more than 76 million people are making use of blockchain wallets for different purposes. 

A blockchain wallet is a type of wallet that holds different types of cryptocurrencies, such as Bitcoin, Ethereum, and USDT. They can be in the form of software wallets or hardware wallets.

A Bitcoin ledger wallet stores cryptocurrencies (Source: Unsplash)

The rate of people using wallets all points to the increase in crypto adoption. However, keep your wallet details safe to avoid a third party from breaking into it.