Topic: 10 interesting facts about cryptocurrencies (Read 189 times)

The key thing is that it was the first time when bitcoin was considered a medium of exchange with which one can satisfy one's needs for certain goods and services. What is worth noting is that from the point of view of Laszlo it was a direct exchange, that is, he purchased the good he desired directly with bitcoin, whereas the guy who delivered pizzas had first to exchange his fiat for the good Laszlo desired, which was an indirect exchange. Therefore, we can call it a first commercial transaction involving bitcoin because it was exchanged directly for real goods. What is interesting here is that bitcoin was seen as a valuable medium of exchange from the very beginning, that is why people were ready to make indirect exchanges just for the sake of acquiring bitcoin.

The point of dogecoin starting as a parody or joke and then becoming one of the most hyped meme coin at one time surpassing others in top 10 on CMC but see now its hype has been potentially over and you would see less talks about it.The investors have found out that it was just a meme coin nothing else.

There are countries that might be willing to adopt it as legal tender like in El Salvador and some will have taxation regulations soon or late.So definitely they are part of income and comes under tax slabs.

He used to be influential when he started but that was mainly because he turned every social media into his echo chamber where everyone kept "advertising" him and praising him for his "intelligence". Then he started bullshitting and that led to his fade away. Nowadays majority of people don't care about what he says and don't reflect it on the internet. For example last time he tried pumping doge, he failed miserably exactly because of that.

This is a bit misleading.

I think it shouldn't be considered as the first crypto transaction. The first crypto transaction should be the one that happened in January of 2009 when Satoshi Nakamoto himself sent Hal Finney 10BTC. That was a Bitcoin transaction.

The pizza order happened in May of 2010. Others considered it as the first real-world or first commercial Bitcoin transaction. Well, maybe. But still misleading. Articles have been written about the pizza order as the first time Bitcoin is officially used to buy something from a store or a business company. It wasn't actually the case. The pizza was actually bought from Papa John's by someone else using fiat. It was then delivered to Laszlo in exchange for the Bitcoin.

#6

Actually it ain't fun anymore. Yeah, more than 6k cryptocurrencies. Coinmarketcap says it has 17,003 cryptocurrencies.

Coingecko says, 12,644.

That's really a lot of cryptocurrencies that we got there. Although there's discrepancy for the both known websites but yeah, that's hella lot of cryptocurrencies we've got.

Cryptocurrencies are not taxed and governments cannot include them on the taxpayer register if they have not legalized them. Governments can be taxed on profits made from crypto investments if investors are willing to report their wealth in the form of a fiat return from the investment. This means that any investor can still evade taxes on their investment profits, but they may not be able to hide forever when the government sniffs out their wealth.

I don't have to pay taxes to the government because I have a lot of crypto in my wallet, as long as it's not in fiat that we withdraw to bank accounts, the government won't force us to pay taxes. That is a fact.

Number 10.
The government will work quickly if they know there is someone who has a large income including from Bitcoin. Countries will be happy to get tax revenue including from bitcoin or crypto. The latest facts, if you know Ghozali they are from Indonesia. The news has reached Cointelegraph with the title "An Indonesian 22-year-old makes $1M by selling NFT selfies on OpenSea". If you know the government through the tax office directly designate his name via Twitter to register as a taxpayer. Although in the country there are no clear rules regarding bitcoin and crypto taxes maybe they are deducting through income tax.

Guy you try,even though satoshi is a faceless person what he created is beneficial to human kind, one of the advantages of cryptocurrencies is that it enables gamblers to gamble easily with coin instead of physical cash, there are like 17,000 cryptocurrencies now, crypto is not generally accepted by some countries whereby advising there citizens not to invest on it because of the loss. crypto may be taxable in future but I don't think that will happen now.
My regards
Odusko.

Why don't you state 'a few countries legalize cryptocurrencies'? Sounds more optimistic, doesn't it?  
For this matter, we shouldn't be surprised. Cryptocurrency is decentralized, the governments simply don't like it, they want everything to be centralized. But if the demand from society is getting bigger, someday the governments of most countries in the world must legalize it. Moreover, if a country like El Salvador legalized bitcoin as a legal tender can be successful in the future. More countries probably follow it and cryptocurrency becomes a legal investment/currency internationally.

OP said 'more than 7000 cryptocurrencies', it is not wrong. Unless the total number of cryptocurrencies is less than 7000, it should be corrected.

Bitcasino.io Support: just a bit of a correction to one of your "fun facts" (#6): as of today, there are 17001 cryptocurrencies listed in Coinmarketcap.

The wording here is erroneous, namely, not 7,000 cryptocurrencies, but only 1 - BTC. Most of these 7,000 cryptocurrencies are shitcoins, some are already dead, and some are halfway there. But that doesn't mean you can't make a profit on these coins. To do this, you need to either be related to the team of the coin, or just be lucky. For the most part, it is like a lottery or a casino.

@Bitcasino.io Spt, out of 10 facts, the most weird and awesome for crypto are only two, my view.

One:
Sometimes many people have strange thoughts about the creator of Bitcoin, including me, in my entire life, have never encountered and seen a mystery like the creator of Bitcoin, until now people only know the name Satoshi, nothing more.

I've read about cases of hacking certain sites that are most feared by the world, but over time the hackers were caught it took 8 years to catch the hackers, as an example.

While Satoshi, Bitcoin has been running for about 13 years now, but no one has been able to prove its true authenticity, the creator of Bitcoin, this is a fact, strange and real.

And two:
Secondly, one side of the greatness of crypto in gambling, people used to have to carry 1 suitcase of money when gambling, as long as crypto appeared the suitcase was rusty, never put money in again, After all, since there is crypto, people don't need to travel to gamble, at home so, this is also a fact and reality.

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The other eight facts in my opinion are temporary, I mean today Elon is a character, maybe tomorrow he will be a loser, a country that forbids, maybe tomorrow they can legalize Bitcoin and so on.

I enjoyed fun fact #2.

Before I discovered bitcoin, I was having a hard time gambling because I need to fill my digital money and that requires a long processing a high charges. With bitcoin, there's still some fees if you'll buy but it's only minimal and the transaction are instant, not only that, you can also gamble anonymously which I am sure everyone is enjoying.

That's the theory. In reality, many crypto casinos have the right to ask you to undergo KYC and they do. But as long as you lose the money deposited on their platforms, you are good. No one cares who you are or where you are from. However, if you win and you win big, it becomes important to identify yourself. Once you do, research will be made on what type of games you played. Let's not forget, it's not just the crypto casino that has restricted countries and territories. It's the gaming providers as well. So you might be allowed to register and play at Casino X, but you might not be allowed to play games from Gaming Provider Z.

I guess the source article is a bit outdated. According to CMC, there are 17.000 different cryptocurrencies now.

It’s always interesting to read how Karl tries to promote the casino, and writes little that makes sense or sounds like a confused beginner.


Already on the first interesting fact it is seen that you do not understand even B of Bitcoin, and you think that Satoshi does not want to show himself publicly as something negative. Furthermore, the use of the word "abruptly" for his disappearance was completely missed, as Satoshi announced and explained why he was leaving. The problem with you and most others asking yourself this question is that you are unable to find publicly available information and understand what it is all about.


Of course, you can make a deposit, bet as much as you want, but when you get a big win and try to withdraw, your casino will not ask for KYC but will pay the player everything he won... Any client who reads the rules of your casino will certainly not agree that everything is so simple, far from it ...


How many times will we have to read the story of someone who mistakenly threw away a hard drive (at least he says so) and allegedly had 7500 BTC - today he charges £ 200 for an interview and hunts ghosts around the dump where that same drive was allegedly thrown.


I don't even want to comment further, I could write something really stupid and offensive ...

I mean there is not such any laws clear on our country about that one yet. So Im probably just overthinking it. Anyway, will just comply if ever this goes down to whatever process it deem as lomg as it all equal to all traders or anyone involved in crypto.

Probably yes. If you are trading on futures or yet fond of shitcoin on bsc and uniswap. Anything clue to his tweet might give you a chance to gain with a cool pump. Well traders take advantage of it for short term goal.

Regarding his status as influencer, I could agree to it but his type is kinda manipulative to all actually.

It's fun to think that some are still influenced by Elon's tweets - whether we talk about crypto or stocks.
On the other hand, although these are indeed facts, it's not funny at all and have to be treated pretty serious:

In most countries you pay tax on the value/gain you incurr from the asset so there doesn't have to be any laws specific to that asset to be liable to being taxed.

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And yeah I'm in agreement number 9 is not fun.

And lol number 6 was kinda expected, maybe higher than what you said but 7k (traded) altcoins makes sense.

That is not justifying the risk of gambling itself though. Millions of dollars have been lost by gamblers so far simply because the house always wins.

Dogecoin is still a joke-coin and nothing more.

It was first purchase made in bitcoin not the first transaction and not the first crypto transaction.
The first bitcoin transaction is the genesis block's coinbase transaction.

The high number (or the more accurate number that is above 20k) is not an indication of cryptocurrencies gaining traction. That just shows that the pump and dump market has been active at creating them. Many of these shitcoins (specially the tokens) have one owner since it costs nothing to create dozens of them.

Correct statement is: There can't be more than 21 million bitcoins generated (since the max will never reach 21 million).

LOL no he is not.

Regarding number 10. Can be profited gains from crypto be taxed even there is no laws or anything about it prior to its commencement? For example, there is no law yet how about those before gains that has been incurred. Im sure the government will find a way to ask for those regardless the rule is there already or not when it happened. But for sure many will complained about that since there is no law set yet. (This is an example)

This is one of the reasons bitcoin ramain the truly decentralized money, asset, currency.

Yes, but gamblers should not forget the fact that they should only use the amount they can afford to lose to gamble.

There are 16998 listed on Coinmarketcap presently, very possible more are listed on Coingecko.

Some countries banned cryptocurrencies in a way their citizens can still make use of it through P2P, only direct bank transactions are banned. Also bitcoin is beyond ban because it can give freedom and privacy is possible but not banning it in a country will make it a lot easier for people, especially those that are just into knowing it presently.

Unlike some cryptocurrencies that are centralized or that is not highly decentralized like bitcoin.

Who cares. A manipulator that did everything in a way to promote doge. When Tesla was no more accepting bitcoin, I knew Elon Musk goal was to promote doge when he said only coin that uses less energy or something will be accepted. Not only doge fit into this category but now Tesla is only accepting doge.

Absolutely true.

Hello crypto fans,

With cryptocurrencies slowly dominating the mainstream market, more people are getting intrigued and encouraged to join the digital asset craze.
However, this novel technology remains a mystery to a lot of people.
Some are still finding out how digital assets work, while others are still learning if the speculations on crypto are true or not.

To help you get started, here's a compiled list of fun facts about cryptocurrencies.

Fun fact # 1: The creator of Bitcoin is still unknown

Ever since the Bitcoin whitepaper was launched in 2009, its creator—the pseudonymous Satoshi Nakamoto—remains anonymous up to this day. Although Bitcoin is now the most popular and has the biggest market capitalization in the crypto sphere, Nakamoto still refuses to reveal their identity and claim their ownership of the code. They abruptly vanished in 2011, two years after Bitcoin was released to the public.

Fun fact # 2: Cryptocurrency is great for gambling

Gambling is risky, especially if you're from a country where it's considered illegal. You can’t enjoy placing bets and winning payouts without getting scared that you might get caught, putting your identity and personal information at risk.

Luckily, gambling with cryptocurrencies like Bitcoin, Monero and Litecoin provides top-notch security and faster transactions. With blockchain payments, you are not obliged to provide information such as your name, birth date or bank account details.

Fun fact # 3: A man wanted to dig a landfill to recover his digital wallet

In 2013, a man named James Howells threw out his hard drive containing 7,500 bitcoins which is now worth US$381,490,449.62. Howells started to mine Bitcoins for four years when cryptocurrency was still in its early years. They didn’t amount to much, so he decided to just throw away the drive, not knowing that he unsuccessfully backed up important files.

When the price of Bitcoin shot up in years, he realised how much he had lost and wanted to recover the lost bitcoins. He offered the city council a whopping amount of US$70,000,000 to excavate a landfill so he could recover his digital wallet.

Unfortunately, they rejected his offer because the excavation would have a serious impact on the environment. It would cost so much and the possibility of finding the drive again is almost non-existent, according to the Newport City Council spokeswoman.

Fun fact # 4: Dogecoin started as a parody

In 2013, IBM and Adobe software engineers Billy Markus and Jackson Palmer developed Dogecoin to ridicule the growing hype around cryptocurrencies. They built the token around the surprised face of the Shiba Inu dog, creating a fun and friendly internet currency.

Although it all began as a parody, Palmer had a deeper reason why he wanted to release Dogecoin to the market. He aimed to differentiate it from Bitcoin, which became too mysterious that it prompted distrust among the public. With Dogecoin, he wanted to make a digital currency that would be accessible, user-friendly and community-centred.

Fun fact # 5: The first crypto transaction started with a pizza order

Who would have thought that the first commercial transaction of this novel technology would start with two Papa John’s pizzas? On May 22, 2010, Laszlo Hanyecz traded 10,000 BTC which was worth about US$41 at that time to order some pizza pies. Since Bitcoin was just newly coded and nobody took it seriously, it was hard to imagine that its price would skyrocket to thousands of dollars.

Today, this story has become one of the most popular Bitcoin stories. In fact, this event is commemorated every May 22 which is popularly known as Bitcoin Pizza Day.

Fun fact # 6: There are more than 7,000 cryptocurrencies

Since cryptocurrencies are gaining traction over the years, more tokens are popping left and right. As of now, there are more than 7,000 cryptocurrencies in the market that can be traded and mined. They are also known as altcoins which is any type of cryptocurrency aside from Bitcoin.

Although some altcoins aren’t worth that much when compared to Bitcoin, most of them can be considered as an investment prospect. This includes Ethereum, an open-source blockchain that allows users to interact with decentralised applications (dApps), as well as purchase AI services through its native marketplace.

Fun fact # 7: Cryptocurrencies are banned in some countries

Although cryptocurrencies have better advantages over fiat, some countries consider them illegal. They have completely locked their doors on the possibility of including digital assets in their payment systems and laws. Many still believe that these digital coins and tokens can be used to fund terrorism, money laundering and other related crimes.

Fun fact # 8: Bitcoin is limited

There are only a total of 21,000,000 bitcoins that can be generated. Once all the coins have been mined, there will be no more coins allowed to enter the circulation. As of the moment, 90% has already been mined, and adding more coins into the system is only possible if its code is changed.
It is expected that the last Bitcoin will be mined in 2140. Although there will be no more bitcoins once they are all generated, fees will become the main source of profit and transaction blocks can still be confirmed.

Fun fact # 9: Elon Musk is an influential figure in the crypto world

Known to be the founder and the CEO of Tesla and SpaceX, Elon Musk is one of the most influential figures when it comes to cryptocurrencies. He has made a lot of buzz for contributing to huge swings in crypto prices in the past years, including Bitcoin and Dogecoin.

Every time he tweets about crypto or talks about it in interviews, the crypto environment would be influenced. This is especially true when he announced that Tesla would make Bitcoin an official form of payment when purchasing cars, increasing the price of Bitcoin up to more than US$43,000, recording a 10% surge.

Fun fact # 10: They can be taxable

If you think cryptocurrencies cannot be taxed due to their decentralised nature, think again. Since they have now entered the mainstream scene, central authorities are finding a way to tax crypto investors around the world. Once you get your profits out of crypto trading, you are expected to pay your due taxes, depending on your country’s laws.
So, if you’re interested in crypto investing, always check your country’s financial regulations to avoid potential issues.


Thanks for reading. How many of them you didn't know?

Regards,
Karl from Bitcasino