In the article Things to know about cryptocurrencies from Bitdemy, you will read interesting facts about Bitcoin, blockchain, and other digital currencies that you probably didn't know before.
Proof of work algorithm (POW)
Proof-of-work algorithm or POW was first designed and invented in 1993 as a measurement system to detect DOS attacks and was later used as a mining algorithm in Bitcoin!
Maximum number of Bitcoins
A maximum of 21 million Bitcoins will be issued, after which miners will only receive transaction fees as a reward.
But on the other hand, the demand for Bitcoin will be unlimited!
Things to know about cryptocurrencies: Decentralization
Most cryptocurrencies are not completely decentralized! For example, the entire hash rate of the Bitcoin network is controlled by a few mining pools.
Likewise, the creators of most tokens have vital access, such as the ability to blacklist, change code or fees, etc.
Total number of active cryptocurrencies
Another interesting fact about cryptocurrencies is the number of active cryptocurrencies that will blow your mind!
There are currently over two million active cryptocurrencies! But Bitcoin accounts for over 50% of the total market value.
Ethereum is the second-valuable cryptocurrency in terms of market cap after Bitcoin and currently accounts for more than 15% of the market capitalization.
Cracking a Bitcoin wallet
To crack (hack) a wallet and obtain its private keys using today's most powerful computers, you would need more time than the age of the universe!
Recommended course: Video tutorial on wallet mining
The world's highest hash rate
China had about 65% of the world's bitcoin hashrate before 2021! This figure dropped significantly after the Chinese government enacted strict regulations.
EVM crypto wallets
Due to the compatibility of EVM coins, you can receive and send different coins, including Ethereum, BNB, Polygon, Phantom opera, etc., to one wallet address.
Recommended article: Connecting MetaMask to BNB Smart Chain
Creating an offline wallet
You don't need to be online to create a crypto wallet address! Most wallets also support offline address generation.
And if you want to store a significant amount of cryptocurrency, you can use this method.
Summary of Things to know about cryptocurrencies
There are certainly many more facts about cryptocurrencies, and this article will become more complete over time.
If you know anything interesting about cryptocurrencies, you can share it with us.
