5 Interesting Facts About Crypto (Part 1)

Illawarra Region

Liam McEvoy

1. First-Ever Cryptocurrency?
The first decentralised digital cryptocurrency has been traced back to “bit gold”, widely considered the first precursor to bitcoin, worked on by Nick Szabo between 1998 and 2005 but was never implemented.

2. Ethereum surpassing Bitcoin by 2025 theory
A leading theory in the crypto community is that by 2025, Ethereum will surpass Bitcoin in price. The idea is mostly based on three facts:
•  Ethereum has over 3,000 apps built on top of it with a 24hr volume above $332 million (AUD) compared to Bitcoin’s 0 apps.
•  Ethereum 2.0 will be 13x faster than bitcoin’s lightning network
•  Ethereum’s lower annual supply increase will make it less inflation and a more sound money supply long term than bitcoin.

3. Cryptocurrency Is Creating New Jobs

All of the central banks have hired blockchain specialists because they are preparing for the inevitable reality of converting to cryptocurrency or incorporating it into the system as it becomes increasingly mainstream. Jobs in Solution Architects, Finance, Data and Web Managing, Software Engineering, Business Data Analyst, Marketing Managing and many more have increased due to cryptocurrency.  

4. Cryptocurrency Is Advancing Ecommerce Accessibility and Costs

Opening a bank account is difficult in third world countries, even where Internet connectivity is more readily available. ECommerce could use Cryptocurrency to reach more diverse and broad spread people if they use digital currencies as a payment option. These people could enjoy eCommerce with higher autonomy since cryptocurrency is decentralised. Further, businesses won’t have to deal with foreign exchange if they use cryptocurrency as there are no borders.  

5. The Billion Dollar Hard Drive

The total supply of Bitcoin is limited to 21 million. Among these, many Bitcoins that have entered circulation have been lost by their owners over the years. In 2013, a British man accidentally threw away his old hard drive. Unfortunately, that hard drive contained more than 75,000 Bitcoins that were mined over a period of four years. If we calculate the current overall value price of those Bitcoins, it would have been worth around $4.9 billion (AUD).

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