10 curiosities from the world of cryptocurrencies

Here are 10 interesting facts from the world of cryptocurrencies:

1. Bitcoin was created by an anonymous figure
   The creator of Bitcoin goes by the pseudonym Satoshi Nakamoto, but their true identity remains a mystery. Despite numerous speculations, no one knows who Nakamoto really is, making their identity one of the most fascinating enigmas in tech history.
2. There’s a limited supply of Bitcoin
   Only 21 million Bitcoin will ever exist. This cap was set by Bitcoin’s protocol to prevent inflation and to help maintain its value over time. It is estimated that the last Bitcoin will be mined around the year 2140.
3. Bitcoin introduced the concept of ‘halving’
   Approximately every four years, the reward for mining Bitcoin is halved in an event known as a halving. This mechanism controls the flow of new Bitcoin into the market, contributing to its scarcity and potentially increasing its long-term value.
4. There are over 10,000 cryptocurrencies
   While Bitcoin is the most famous, there are more than 10,000 different cryptocurrencies in existence. Many of these alternative currencies, known as altcoins, like Ethereum, Binance Coin, and Solana, have gained significant popularity and value.
5. Ethereum is more than just a cryptocurrency
   Ethereum is a decentralized platform that enables the creation of smart contracts and decentralized applications (dApps). This makes Ethereum much more than a simple digital currency, as its blockchain is used to develop a wide array of innovative applications.
6. 20% of Bitcoin is lost forever
   It’s estimated that about 20% of all Bitcoin in existence is inaccessible, as users have lost their private keys or forgotten their wallet passwords. This represents a significant amount of value locked away permanently since there is no way to recover these Bitcoin.
7. Dogecoin started as a joke
   Dogecoin, one of the most well-known cryptocurrencies today, was originally created as a joke in 2013, inspired by a popular meme featuring a Shiba Inu dog. However, thanks to its community and endorsements from figures like Elon Musk, Dogecoin has reached a considerable market value.
8. El Salvador is the first country to adopt Bitcoin as legal tender
   In 2021, El Salvador made history by becoming the first country in the world to recognize Bitcoin as legal currency. This move has brought both opportunities and challenges, as the government invested in Bitcoin infrastructure to improve financial access for its population.
9. Cryptocurrencies are considered ‘digital assets’ in many countries
   While some nations like El Salvador embrace Bitcoin as legal tender, many others still classify it as a digital asset or property, subject to taxation in the same way as real estate or stocks. Regulations on how to tax cryptocurrencies vary widely across the world.
10. Mining consumes more energy than entire countries
    The process of mining cryptocurrencies, especially Bitcoin, requires enormous computational power and thus energy. According to some estimates, Bitcoin’s annual energy consumption exceeds that of entire countries like Norway or Argentina, raising environmental concerns and pushing for more sustainable solutions, such as Proof of Stake.