5 Interesting Facts About Crypto (Part 2)

Illawarra Region

George Chen

1. The first ever Bitcoin ATM was opened in Vancouver, Canada

This machine was opened in a Waves coffee shop in October 2013, and was believed to be the first (and only) of its kind. By March 2021, there are now 16,974 Bitcoin ATMs around the world -- and growing at a rate of 36 units per day.

2. The Bitcoin Blockchain has never been hacked

All bitcoin transactions are verified and recorded on the public blockchain, something that anybody can access. As Bitcoin is decentralised (meaning its not controlled by any institution or individual), the network nodes review each new transaction. So if someone were to create a fake transaction, it would be rejected as there would be no previous record of the falsified bitcoin existing.

3. The market value for crypto is currently 2.08 trillion, with over 5000 different cryptocurrencies

Within this massive trillion-dollar market, the top ten crypto assets account for 80% of this market. While substantial, this figure is actually down by 8% from the previous year (88% in March 2020). This is in spite of the more popular coins like Bitcoin and Ethereum seeing YoY value increases of 900%-1600%, signifying that cryptocurrency as a whole is gaining more traction and acceptance.

4. Cryptocurrency can pave the way as a solution out of poverty

For many people immigrating to a new country, they aren’t allowed to open a bank account until they become a full citizen. This is called ‘unbanked’, and the implication is that it makes it impossible for these people to get out of tough situations or even just move to a different country. Cryptocurrency can solve this, as it allows anybody with a phone a way to store their money, and even as a way to be sent money (as cryptocurrency transfer fees are often magnitudes cheaper than banking fees) -- providing a potential solution out of poverty for many.

5. Many celebrities have invested in Crypto

Too often you only hear about organisations and companies raising support for crypto, such as Tesla and Twitch. But did you know that there are many huge celebrities that have also voiced their support for our beloved digital currencies of the future? These celebrities range from actors and singers such as: Gwyneth Paltrow, Johnny Depp, Ashton Kutcher, Snoop Dogg, Kayne West; to athletes like Lionel Messi, Floyd Mayweather to famous CEOs like Elon Musk.

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