If you’re new to cryptocurrency, not to worry because even though it’s been around for a bit, millions of people still know very little about it. While it is the wave of the future according to some experts, there are still a lot of people who haven’t taken the first step to buy any of it or even learn more about it. While learning how to buy bitcoin and other currencies isn’t difficult, it’s still good to know a thing or two about cryptocurrencies before you get started. If you’d like to have a little fun with the cryptocurrency movement first, take a look at some of the fun facts that you are likely unaware of but which might be fun for you to learn.
1. Cryptocurrency Was Worthless in the Beginning
Bitcoin, which is undoubtedly the most well-known cryptocurrency, was worth only $0.0008 when it was first introduced. In fact, bitcoin didn’t have its first rise in price until July of 2010, and even then, it only went from $0.0008 to $0.08. Of course, the coin is now worth $57,000 USD, and even though it has had its ups and downs, most experts expect it to keep going up in the future. Still, considering how short a time it’s been around, it’s interesting to learn about how humble its beginnings were.
2. There Are More Cryptocurrencies Than You Think
You might be still trying to figure out how to buy Bitcoin because you think that’s one of only a few cryptocurrencies available, but the truth is that there are currently more than 10,000 cryptocurrencies out there. While this is a lot, you have to keep in mind that if you’re going to invest in any type of cryptocurrency, there are only a few hundred of them that are worth investing in at this time. If you do invest in cryptocurrencies, it’s best to invest in a few different kinds because you have no way of knowing which ones will go up in value and which ones will crash. In other words, don’t put all of your eggs in one basket and stick with the cryptocurrency companies that are in the top 200.
3. Cryptocurrency Ads Are No Longer Forbidden on Google
Most people already know that Google had a ban on all cryptocurrency ads, but that is no longer the case. Recently, Google has decided to allow ads relating to cryptocurrency, and some experts believe that it is because the company is planning to come out with its own digital currency in the future. Of course, at this point, this is just speculation, but you probably won’t be surprised to eventually see a GoogleCoin alongside bitcoin and some of the others relatively soon. But even if you’re just interested in advertising your digital currency business, just know that you can now do so on Google.
4. You Can Look at Anyone’s Cryptocurrency Transactions
Since you can trace digital currency and since all transactions are made public, if someone you know has a digital currency wallet, you can track what that person is doing anytime you like. In fact, not only can you track their activity, you can track everything they’ve done with their digital currency wallet both previously and recently. If you have their transaction ID or wallet address, you can look it up that way. But even if you don’t have this information, you can usually look it up just with the person’s name. This isn’t to say you should be alarmed that everything is made public; in fact, this is one of the reasons the chances of fraud are so slim with digital currency.
5. No One Really Knows Who Invented Bitcoin
If you’ve researched bitcoin at all, you’ve likely come up with the name Satoshi Nakamoto as the inventor, but since no one has ever met anyone with that name in person, most experts believe it is a pseudonym for either another person or a group of people who are the real inventors of bitcoin. Of course, you won’t need to know this information when learning how to buy bitcoin or how to trade it, but it’s still interesting to know that no one knows for certain who the real inventor of bitcoin is. It’s just another tidbit that is interesting to learn when you’re trying to learn more about digital currencies.
This Is What Jack Dorsey’s Cryptic ‘705742’ Tweet Might Mean
A simple but cryptic tweet from Jack Dorsey, Founder and CEO of Twitter and payments firm Square, has sparked a debate about the meaning of the post, and whether the well-known Bitcoin (BTC) advocate has any BTC-related plans that have yet to be announced.
As pointed out by many users replying to the thread, the tweet, saying just “705742,” likely refers to a block number on the Bitcoin blockchain. A block with that number was indeed mined on Tuesday at 20:14 UTC, but it is still unknown what else is special about the particular block.
Been updating block explorer for the last 7 minutes— Katie The Russian (@KatieTheRussian) October 19, 2021
Twitter users were quick to pull up the bitcoin block explorer to see if there was anything unusual about block 705742, which at that point had yet to be mined. However, little out of the ordinary could be found.
Others, meanwhile, joked that the number could be Dorsey’s “[end of year] price target for bitcoin,” or that it could be somehow related to “Moscow time,” – bitcoin slang for the value of 1 USD in satoshis.
Speculating further, one user on Reddit suggested that the block number could be the first block to be mined by a new mining system that Dorsey has proposed.
“Maybe the first block that Square mined as part of their [research & development] for a potential public mining platform,” the user wrote, before adding that it looks like the wallet that received the block reward already has both in and outbound transactions worth almost USD 2bn. “Seems like a plausible volume for Square/Cashapp,” the user added.
However, according to various Bitcoin blockchain explorers, the block in question included 2,787 transactions and was actually mined by the BTC.com pool. Moreover, the block was mined almost an hour after the tweet was published.
In either case, as reported, the latest tweet from the Twitter CEO followed another thread from last Friday, where Dorsey said that Square is considering building “a bitcoin mining system based on custom silicon and open source.”
“Mining needs to be more distributed” and it “should be as easy as plugging a rig into a power source,” Dorsey wrote, asking his followers what the biggest barriers are for people who want to run miners.
Facebook Finally Launches Digital Currency Wallet Novi but Senators Want to Close This Project
Amid the Facebook Novi launch, some federal legislators want the social media giant to discontinue the project.
Facebook Inc (NASDAQ: FB) has launched the pilot phase of its digital currency wallet Novi in the US and Guatemala using stablecoin Paxos. Facebook finally launches Novi and is going with Paxos’ USDP after its own native crypto Diem failed to secure regulatory approval. Furthermore, the social media giant heralded the pilot launch in a blog post on Tuesday.
Novi’s pilot launch is more than two years after it was first announced. The wallet will facilitate fast, secure, and free fund transfers between users via mobile smartphone apps. However, all users must register with government-issued identification.
For now, Paxos’ stablecoin will serve as Novi’s transactional currency, while powerhouse exchange Coinbase will provide custodial services. According to David Marcus, head of Facebook’s Novi wallet, this pilot phase will, “test core feature functions, and operational capabilities in customer care and compliance.” Furthermore, it will test the viability of stablecoins as a valid and sustainable form of payment.
Facebook Launches Novi to the Disapproval of US Congress
Amid the Facebook Novi launch, some federal legislators are calling for the social media giant to discontinue the project. Senate Democrats addressed a letter to Facebook CEO Mark Zuckerberg on Tuesday questioning the company’s credibility with crypto. In their own words, Facebook “cannot be trusted to manage cryptocurrency”. The senators base this conviction on the social media company’s past inadequacies in handling cyber risks and keeping consumers protected. Signed by Senators Brian Schatz, Sherrod Brown, Elizabeth Warren, and others, the letter read:
“Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape — not only for Diem specifically, but also for stablecoins in general.”
Part of the Congress letter to Facebook further states:
“We urge you to immediately discontinue your Novi pilot and to commit that you will not bring Diem to market.”
Facebook responded to the Senators’ query through a spokesperson for Novi, suggesting that the company would address the issues raised therein.
Facebook Has a Long-Running History with Federal Lawmakers over Its Operational Practices
In recent times, Zuckerberg and Facebook have locked horns more frequently with Congress. Back in 2019, Congress summoned the Facebook CEO to provide testimony on the Diem project (then called Libra). Zuckerberg’s summoning was the culmination of weeks of tussling, between Facebook and the federal lawmakers, who were skeptical of the project. In addition, the Zuckerberg hearing came just a year after Facebook’s Cambridge Analytica scandal. This may have been another reason federal legislators were agitated against the company.
Another recent red flag raised against Facebook was earlier this month from whistleblower Frances Haugen. Haugen appeared before the Senate Commerce Committee to testify on the threat Facebook posed to users. Some of these include the usage of Facebook itself and other affiliated services, such as photo and video-sharing behemoth Instagram.
Australian Parliamentary Committee Sets Guidelines to Give Crypto Industry a Big Push
Australia’s parliamentary committee on crypto-assets aims to bring concrete regulatory and policy changes to give a major push to the crypto industry in the country. The committee believes Australia needs a robust policy and regulatory changes to help it compete against the global leaders. The said committee released a draft report on 20th October outlining the need for encouraging investors and ensuring protection against frauds.
Some of the key recommendations in the draft report include,
- Establishing a market licensing regime for Digital Currency Exchanges, including capital adequacy, auditing, and responsible person tests under the Treasury portfolio
- Establishing a custody or depository regime for digital assets with minimum standards under the Treasury portfolio
- Conducting a token mapping exercise to determine the best way to characterize the various types of digital asset tokens in Australia
Andrew Bragg, a senator from the conservative Liberal Party and chair of the committee said that the recommendations in the draft would help Australia set a new regulatory framework for the highly popular crypto industry which will, in turn, help Australia compete against the likes of Singapore and UK. He said,
“The draft recommendations are a big push to detail a cryptocurrency framework for Australia, which would allow us to compete with the U.K. and Singapore,”
Crypto Market Has Become Too Big to Ignore
The Crypto market was primarily seen as a speculative ecosystem for the most past of its life, but that perception has changed quite fast over the past year. Governments have now realized that the crypto market has become too big to ignore as a fad. This is why the likes of El Salvador have made Bitcoin a legal tender, while Paraguay passed a law to legalize the use of Bitcoin and Ethereum in the financial market.
The United States’s policymakers who were adamant about keeping the crypto market at bay have finally approved the first-ever Bitcoin Futures ETF. This shows how the sentiment around the crypto market has changed as it became a $2.5 trillion industry again in October.