A Few Things You didn’t Know About Cryptocurrency

By | October 2, 2018

the Chances are that at this point in time, you are familiar with cryptocurrency. Even if it is not something that you, personally, you probably know what it is. In the first instance, emerging as a curious concept of limited interest, cryptocurrency has since become a worldwide phenomenon like no other. To such an extent that dozens of leading online casinos, and retailers are now accepting cryptocurrency payments.

for whether or not it is a good idea to get involved in the whole thing, that is entirely up to you to decide. Here at Casino Daddy, we have previously covered the potential ups and downs of the cryptocurrency investment in a couple of posts. The long and short of the fact that, while cryptocurrency like the Bitcoin you can a small fortune in no time, it can also wipe you out completely. As is the case with any investment, there are absolutely no guarantees.

Still, many investors and economists worldwide continue to proclaim that cryptocurrency is really the next big thing. By that they mean bao to take over the conventional greenhouse as a whole. Although it might be a fair few years before this happens, they really see a future where cash as we know it does not exist. We still have purchasing power, all will be held and almost the days of physical money.

In the meantime, we are still getting to know cryptocurrency as an interesting new entrant to the market. So for those looking to learn a little more about virtual currency, we thought we’d have a few less known facts that you probably are not aware of.

What is more useful than the other, but all interesting enough…in our humble opinion, anyway!

Nobody knows who created Bitcoin

at First, the only thing we know for sure about the person or the team of individuals that the Bitcoin is that they are by the pseudonym Satoshi Nakamoto. Despite the fact that created the first cryptocurrency, and led to something of a revolution, they have decided to remain well and truly out of reach and out of sight. Interestingly enough, it is also known that Satoshi Nakamoto – whoever that may be – is actually not with the intention of inventing a virtual currency. The whole thing came by chance, already may have resulted in that person or group the collection of as much as 1 million Bitcoins.

The Bitcoin’s value skyrocketed

in 2010, a Hungarian programmer made history by making the first official pay with Bitcoins. In addition, he also made what could be the biggest mistake of his life. At the time, Bitcoins were not worth a great deal at all – two pieces of Papa John’s, cost him exactly the 10,000 Bitcoins. Taking into account the current values, the same 10,000 Bitcoins would now be worth a staggering $ 72 million. Or would he just held on to them for a few years, he would have been able to afford much more than only a couple of takeaway pizzas!

If you lose your wallet, you lose every penny

In order to make use of some form of cryptocurrency, you must first be yourself with a crypto wallet. Something that essentially works in a similar way to an online bank account, store your crypto-currency and facilitate all transactions. The problem is that if you no longer have access to your wallet, or if for some reason your wallet disappears entirely, it’s all gone…for good. There is no way of approaching a penny of your money and you can kiss goodbye to the whole job lot. This alone is one of the reasons why so many investors are not willing to put all their proverbial eggs in such a risky basket.

There is a fortune buried somewhere

At some point in 2013, a Uk IT employee by the names of James Howells accidentally threw away a hard drive with a Bitcoin wallet with a full 7,500 Bitcoins in it. The Bitcoins were not worth a good deal at the time, but are completely removed by accident. Today, those Bitcoins would be worth somewhere in the region of $ 53 million. He is convinced that the hard drive still exists somewhere in a landfill in the united kingdom, but has absolutely no idea where to start looking. Nevertheless, he is a campaign very hard to get permission to dig for his lost hard drive, have promised a fairly generous contribution for everyone that helps him to retrieve.

Small amounts of Bitcoin called satoshi

in case you wondered, the answer is yes, there are smaller denominations of Bitcoin available, which is known as a satoshi. One satoshi is the smallest value of a Bitcoin you can get your hands on, worth exactly 0.00000001 Bitcoin. State of affairs now, the value of a single Bitcoin is about $ 7,200, while the value of this one-minute nomination is somewhere in the region of 0.000072 USD.

Cryptocurrency is already very popular

Exact statistics are difficult to combine, but it is estimated that there are somewhere in the region of 10 million cryptocurrency wallet currently in use worldwide. An image projected to a huge growth in the coming years, as the cryptocurrency grows in popularity and takes further steps in the direction of becoming officially settled.

There are a limited number of Bitcoins available

Last but not the least, one of the biggest misnomers about the Bitcoin (and cryptocurrency in general) is that there are unlimited quantities available. When you think about it, this in its own right would completely devalue the currency concerned. The whole idea that a certain currency only has value when it is available in limited quantities. In the case of the Bitcoin, the exact number of Bitcoins are available in total all set – 21 million. The way things are going, the last Bitcoin will be mined by the year 2140, after which there will be no extra Bitcoins available. That is of course assuming Bitcoin remains popular and relevant for another century, that for the time that they are real is anyone’s guess!

 

 

 

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