Cryptocurrencies and altcoins are popular these days. While Bitcoin is a very popular one let’s get into new hyped cryptocurrencies of the world.
You might have heard about Bitcoin, Etherium, Ripple and Binance coin but there were more than 5,000 cryptocurrencies as of January 2022. There are new altcoins created each day and the sad reality is that many of them won’t make it past a few months let’s say some coin called trash coin.
Did you know that can create their own coin or token? But, there is a big difference. While a new coin requires a new blockchain to be created, a new token can be created on an existing blockchain like Ethereum. But the question is does it patronized by the people, did you know there are other cryptocurrencies named after the famous internet dog and Kanye West?
Since anyone can create crypto, there are strange named cryptocurrencies in circulation. Some of them are cryptos named Vodka Coin, Jesus Coin, and Cabbage. There is also Dogecoin and Muskcoin
Also, there are coins called Putincoin, Garlic C and what not! The crypto based on Kanye West, which we mentioned in the start of the video, is called Coinye.
The market cap of the total cryptocurrencies is around $ 1.5 tn. To put this into context, only 12 countries in the world have a GDP that is more than 1.5 tn dollars as per the World Bank data.
An initial coin offering (ICO) is the cryptocurrency industry’s equivalent to an initial public offering (IPO). A company looking to raise money to create a new coin, app, or service launches an ICO as a way to raise funds.
People and governments take time to embrace new and innovative technologies. With that in mind, the laws around cryptocurrency vary from country to country and are quite grey, to be honest. In some places, they are legal to trade, in a couple of others, they are legal but have banking bans and in a few others, they are legal to use but are illegal as a payment tool.
There are 6 countries in the world where cryptocurrencies are totally illegal and are absolutely banned. These are Algeria, Egypt, Bolivia, Morocco, Nepal and Cambodia.
The creator of Bitcoin is still a mystery to the world. All we know is that there is a group of people or individuals under the name Satoshi Nakamoto who wrote the whitepaper on the working of bitcoin.
Some people even say that the coin was created by four companies – Samsung, Toshiba, Nakamichi, Motorola – in collaboration and that’s how the name came into the picture.
Let’s see if the real creator ever comes out in the public.
On 22 May 2010, a bitcoin developer named Laszlo ordered two pizzas from Papa John and paid them in Bitcoins. This is said to be the first commercial transaction of Bitcoins and any guesses as to how much he paid for the pizzas?
The value of those 2 pizzas now will be around Rs. 3,500 cr. Insane isn’t it?
And by the way, 22 May is now celebrated as Bitcoin Pizza Day. So mark your calendars and don’t pay for pizza by Bitcoinsssss!
James Howells of Newport, Wales accidentally threw away a hard drive containing 7,500 Bitcoins worth around a mind-blowing 2,500 cr. He has been desperately trying to get it back and even offered a 25% cut which is around 625 cr to city authorities to let him dig up the landfill site. The authorities have declined his offer claiming it will have a huge environmental impact on the surrounding area. What an epic fail for James!
Lesson to learn: Keep your bitcoins wallet, hard disks and passwords safe. There are no forget password options here.
One of the most common slang terms used in the cryptocurrency community is “TO THE MOON”, which basically just refers to the moment where we all get rich, if that ever happens. Another most common slang term used is “HODL” which is a misspelling of the word “Hold” and it stands for “Hold On For Dear Life.”
