The crypto market is a weird and interesting place. The market continues to change and evolve with today’s networks seeming light years ahead of their predecessors in terms of features and services. As the rate and range of innovation expand, it’s easy to lose sight of the bigger picture. Here are +10 interesting facts about the crypto market.
Nobody Knows Who Created Bitcoin – (Freebee)
This first interesting fact is a freebee but for those new to the market, it’s worth mentioning. Satoshi Nakamoto, Bitcoin’s creator, remains a mystery to the world. The guy/girl/group that developed one of the game-changing technologies of this century may go down in history as a meme.
Interestingly, Nakamoto remains an elusive figure despite massive efforts put forth by both the government and civilian sectors. Governments have plenty of reasons to figure out who this figure is and they have put forth millions into hunting him down with no success. Why do they want to know who Bitcoin’s creator is, probably, not to congratulate him on creating an alternative economy?
The real reason so many people and governments are interested in revealing this person’s identity is because of the massive fortune. When Bitcoin was in its infantile stages, Nakamoto mined around +1 million coins. This fortune remains untouched 13 years later. These million Bitcoins could make Nakamoto one of the richest people in the world one day.
Failed Discovery attempts
In one well-published incident, the US magazine Newsweek invaded a man by the name of Dorian Nakamoto’s privacy after outing him as Satoshi Nakamoto. However, the hype didn’t last long as Dorian denied being Nakamoto and even complained about the destruction of his calm life after the story. Eventually, he softened up to the hilariousness of the scenario. Today, he is the face of the Nakamoto meme.
Not every Nakamoto hides in the shadows. There have been multiple attempts by people to claim the title of Bitcoin’s creators. The most notable of these persons is Craig Wright. He has gone to court to fight for copyrights and even filed a defamation suit against online hecklers who disbelieved his claim. Interestingly, he was awarded $1 in damages in the suit.
The Sword in the Stone
Most Bitcoiners agree that the real Nakamoto must prove their identity by moving some of the coins in the original wallet. These tokens remain untouched after 13 years. Will they ever be unlocked? What will be the effects of these tokens on the price of Bitcoin, or the economy in general? All of these questions and more remain ahead until the Nakamoto mystery is solved.
Crypto is Going Mainstream
Crypto adoption is on the rise across the board. Research reveals that both the adoption rate and use case scenarios for digital assets are on the rise. A July 2021 study found that 89% of American adults have heard of Bitcoin. Specifically, 22% of the adult population of the US owns some Sats.
Analysts predict that around 1B people will use cryptocurrencies in 2022. Even more impressive is the prediction that by 2025, the global blockchain market will grow by $39.17B. Much of this growth comes from the improved accessibility of these assets. There are +34,479 crypto ATMs in operation today across 77 nations with 88% located in the US.
Crypto Business is Good
Another interesting fact to know is that crypto businesses are showing some impressive gains. This year saw 64 crypto companies valued at over 1 billion, or Unicorn Status. These firms include a mix of blockchain infrastructure projects, exchanges, and DeFi protocols.
For example, Coinbase was valued at $60 billion in 2021. It’s not the only multibillion-dollar exchange in operation or public. FTX, another popular blockchain ecosystem, recently received a $32B valuation. These firms demonstrate how far the crypto market has grown and how this technology provides real-world returns for firms.
NFTs are the Biz
NFTs (non-fungible tokens) is one of the fastest-growing sectors of the crypto market. These tokens can represent unique and scarce digital items. They are valued by their scarcity, personal connection, and use case versus market cap like traditional cryptos.
NFTs have found a home in multiple industries including the art and gaming sectors. The digital art sector has embraced this tech and helped to expand blockchain awareness to the population. The digital marketplace Opensea has reported over $14 billion in NFT sales over the last year.
NFTs can get up there in price with some selling for millions. The most expensive NFT sold to date sold for 38,525 ETH in March 2021. The artist behind the project, Beeple, remains one of the most popular and successful NFT creators globally. If these prices seem a bit steep, there is no need to worry as the average sale price for NFTs on Opensea remains $939.
Crypto Gaming is Changing the Sector
The play-to-earn gaming sector is on the rise. Like the art sector, NFT technology has revolutionized the industry. For the first time, gamers can obtain real ownership over their digital assets. They can take their in-game NFTs and trade them on exchanges for other cryptocurrencies. This strategy enables them to unlock funding that was previously unavailable.
The P2E sector is one of the fastest growing sectors in the blockchain market. There are NFT projects such as Metaverses that are netting insane returns for traders. For example, the Gala experienced a +40,000% increase in value since launch. It’s not alone in these record-setting returns. If you got in on Axie Infinity, you are probably happy you did so as the game’s token rose +15,000%.
Innovation Driving Crypto Gaming
The introduction of new NFT types has expanded the use of NFTs in gaming. There are Game relevant NFTs that users secure playing the game and accomplishing tasks. These tokens retain value due to their usability and the overall popularity of the games they integrate.
The next type of popular game NFT is called user-relevant. This style of NFT is similar to game relevant. However, it enables the user to improve its value through their actions. This can include items like customizable vehicles, weapons, avatars, and more. The player has the ability to improve the value of the tokens through participation.
Bitcoin is Scarcer than You Think
It’s often quoted that there are only 21 million Bitcoin but the reality is much darker. Specifically, there are 21 million Bitcoin slated for issuance over the life of the project with the last Bitcoin set for mining in 2140. Analysts have done the research and it looks as if +3.7 million Bitcoin have been lost forever.
Bitcoin, like many treasures, can be lost. The main reason why someone would lose access to their precious BTC is that they lose their private keys. Private keys are the only way to access non-custodial wallets. It’s often said, “not your keys, not your crypto” which means that you need to guard your keys with your life.
The internet is full of horror stories o someone losing billions in crypto. In one incident that has been covered widely a man threw out a hard drive that held the private key to +600 BTC. He has spent years finding people to help join his treasure hunt, as he is sure it’s located in a local dump. Recently, he succeeded and is now beginning to excavate the trash heap. Talk about mining for Bitcoin for real.
There are Multiple Countries that Made Bitcoin Legal Tender
The coveted legal tender status is not easy to achieve in the country. As legal tender, local merchants, governments, and pretty much everyone has to accept your currency. This is not an easy task and requires a strong educational drive by the government to inform citizens. So far only a few countries have leaped into crypto stardom.
El Salvador changed the market forever when it declared Bitcoin legal tender on 6/8/21 the country started with a heavy education strategy and even gifted each citizen a wallet already preloaded with a small amount of Bitcoin. Despite a rocky launch, the project has been a huge success with local citizens learning more every day about how Bitcoin can protect their wealth from inflation.
Crypto Can Help Prevent Inflation
Recognizing that inflation is out of control, the Central African Republic followed suit on 4/22/22. The country has since been able to provide valuable relief to many people suffering from the diminishing buying power of their fiat savings. Another country that has eyeballed the step is Ukraine. Ukraine has put forth some legislation paving the way for Bitcoin to become more widely used as it could be a valuable tool for citizens seeking access to international aid.
There are Over 400,000 ERC-tokens in Circulation
The Ethereum ecosystem remains the largest Dapp and DeFi network in the world. The protocol remains so despite the growing competition in the market. Ethereum may be outgunned in terms of technical capabilities, but what it lacks in functionality it more than makes up for in liquidity and community.
The Ethereum development community is now +18,000 strong with reports showing 4,000 monthly active open-source developers are using the network at a given time. Statistics show that 20% of new Web3 developers decided to start with Ethereum as there the first blockchain. Impressively, there have been roughly 485,814 token contracts created on Ethereum.
Stablecoins are Evolving
The stablecoin market is one area that remains of particular concern for all parties. These tokens help traders escape volatility in multiple ways. The first stablecoins used other cryptocurrencies. This approach was ideal in theory because it kept full transparency, as all transactions and reserves were on the blockchain.
However, there were some major limitations to this approach that couldn’t be ignored. The biggest problem was that the overall volatility of the market often meant that it was too much to keep the token stable during heavy market downturns as the reserves would also shrink quickly.
New Forms of Stability Emerge
These issues led to the creation of fiat and commodity-backed stablecoins. These coins used off-chain assets to keep the token pegged. The most popular fiat pegged token is Tether (USDT). These tokens play a vital role for exchange users who can leverage them to escape volatility without leaving the blockchain.
The introduction of gold-backed stablecoins created a new environment for traders. These assets also experience the appreciation of gold as the value of their reserves grows. The best of these projects leverage a basket of gold-related assets such s the META 1 Coin.
Today’s stablecoins have evolved into safehaven assets. These are tokens that combine the stability of stablecoins with advanced value control and user protections smart contracts. For example, META 1 has an asset protection mechanism that prevents traders from dumping their tokens for asset value. This strategy prevents the token from losing its pegged value.
Safehaven Assets
META 1‘s developers also introduced some decentralization protocols to prevent whale manipulation. The network requires traders to profit here are individuals and not trading firms or governments. This strategy helps to keep the project focused on the needs of the greater community and not whale traders.
META 1 even includes a token value lock that limits traders to $5 million in holding. This approach makes sense as it’s not good to have a single trader control enough tokens to tank the value of your project. This scenario is all too common and recently played out with the UST/LUNA crash last month.
Who is the Largest Corporate Bitcoin Holder?
The largest corporate crypto holders at this time are Grayscale Bitcoin Trust (654,885 BTC) and Microstrategy (124,391 BTC). Grayscale currently controls around 3.12% of the total supply of the asset. Notably, there has been a steady growth in the number of single wallets achieving whole coin status. The lower cost of Bitcoin due to a market correction has led traders to finally achieve this monumental goal.
+10 Interesting Crypto Facts that Make You Say Ohhh
The Crypto sector is an intriguing space where innovation and finance met at lightning speeds. You can expect to see even more impressive stats and stories from this industry as it appears to be just getting started. For now, take these interesting crypto facts and use them to impress your friends and family members at your next brunch, just make sure they are pro-crypto or things could get awkward.