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Since the launch of Bitcoin in 2009, cryptocurrency has steadily become a prominent payment method both online and in person. Not only that, but it has also found itself at the center of politics, business, and entertainment over the last few years.

Decentralized digital currencies such as Bitcoin, Ethereum, and Binance have taken the world by storm – but how much do we really know about cryptocurrency? This article will fill in the blanks.

1. There are online games based on crypto

You’re probably aware that crypto can be used to buy goods, but did you know that there are now play-to-earn (P2E) games based on the blockchain? Games such as CryptoKitties, MOBOX, and Axie Infinity reward players with cryptocurrency and NFTs. Crypto won in the game can then be used to buy in-game assets such as weapons and supplies. Not only usable in the game, but this crypto also carries real-world value.

2. There are also online casinos based on crypto

Crypto casinos allow gamers to deposit and withdraw winnings in cryptocurrency. Instead of using a fiat currency such as USD to play poker, roulette, or slot games, players can gamble using the likes of Bitcoin and Ethereum. Plus, the best crypto casinos ranked by experts on Techopedia offer faster withdrawals than standard casinos. Plus, as Michael Graw points out, they come with a wider range of new games than fiat currency casinos.

3. There are nearly 23,000 different cryptocurrencies

No matter how much you know about cryptocurrency, there’s little chance that you’re familiar with all 22,930+ individual coin types. While coins like Bitcoin and Ethereum remain the most prominent, there are literally thousands of niche coins that some would argue are worth investing in.

4. Nobody knows who invented Bitcoin

Given that Bitcoin has remained the most popular cryptocurrency for over 15 years, you’d think that a lot of information would be available about the creator’s backstory. However, nobody actually knows who invented Bitcoin. The Bitcoin Whitepaper, which was originally published in 2008, is credited to Satoshi Nakamoto. This isn’t the name of a real person – it’s a pseudonym used by the inventor of the crypto. Some people speculate that it may even refer to a group of people.

5. Bitcoin was not the first digital currency

Bitcoin was the first official cryptocurrency – however, it was not the first-ever digital currency. The first fully electronic form of currency was called DigiCash and was invented back in 1989 in Amsterdam. Its creator, David Chaum, wanted to create a totally private form of payment. This anonymous payment method worked for a few years before the company was declared bankrupt in 1998.

6. The biggest-ever crypto transaction occurred in 2024

On 23 February 2024, the biggest-ever Bitcoin transaction occurred. On this day, 26,139.38974287 BTC was transferred. At the time, the value of this transaction was $1.347 billion. Obviously, given the anonymous nature of cryptocurrency, all we have is the address of the sender – we don’t know their name or any other details about them. Before this record-smashing event, the highest-ever recorded crypto transaction took place in April 2020, when the equivalent of $1.1 billion Bitcoin was exchanged.

7. The biggest ever amount of Bitcoin was transferred in 2011

The 2024 transaction holds the record for the most valuable crypto exchange. However, a transaction that occurred in 2011 still holds the record for the biggest amount of Bitcoin transferred in a single transaction. On 15 November 2011, an impressive 550,000 BTC was transferred. Obviously, Bitcoin didn’t hold the same value then as it does today, and these coins were only valued at $1.1 million at the time. But still, this is the most amount of Bitcoins ever exchanged at one time and, given the value of BTC today, will likely hold this record forever.

8. Cryptocurrency is banned in some countries

Despite the widespread acceptance of cryptocurrency in the UK, USA, and throughout Europe, digital currency remains banned in many parts of the world. Several countries are suspicious of crypto’s volatility and believe that its decentralized nature will threaten their current financial institutions. Some nations also feel that it will make their citizens more susceptible to hacks and scams. Countries that currently have cryptocurrency bans in place include China, Saudi Arabia, and Qatar.

9. China used to be the biggest player in the crypto game

Despite China’s crypto ban, the country used to be where most crypto activity took place. The country decided to ban cryptocurrency in 2017 as the government deemed it a threat to the national economy. Both crypto trading and mining have since been banned in the country. Before the ban, China was the biggest crypto-mining country in the world. It reportedly once produced between 65 and 75% of the Bitcoin network. The biggest BTC mining country is now the USA, which currently mines 35.4% of the world’s Bitcoin.

10. Dogecoin remains a popular coin despite being a joke

Dogecoin was initially minted in 2013 at a time when a high volume of altcoins was being released. As a means of making fun of the other coins that were being minted, Dogecoin was released with its name lifted from a popular meme. However, the coin’s ridiculousness garnered attention and people started to invest in it seriously. Thanks in part to Elon Musk’s endorsement in 2019, Dogecoin reached a market capitalization of $85 billion in May 2021. Although it has since decreased in value it still remains popular.

Final Thoughts

Cryptocurrency is ever-changing, and there’s constantly new information to learn about digital currency. However, it doesn’t show any sign of going away, so it’s definitely worth learning as much as possible about crypto now to prepare for the future. So far, the entertainment world has been transformed by crypto in the form of crypto casinos and video games. Plus, more people are using it to perform huge transactions, including the $1.347 billion transaction that occurred earlier this year.

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