Five Facts Friday About Bitcoins & Cryptocurrency

Five Facts Friday About Bitcoins & Cryptocurrency

Bitcoin is not the first cryptocurrency. In fact, the award goes to Digicash, which was founded years before Bitcoin came into existence. It was created by David Chaum in 1989 and is also based on cryptographic protocols, but it wasn’t popular.

1. Bitcoin is not the first cryptocurrency. In fact, the award goes to Digicash, which was founded years before Bitcoin came into existence. It was created by David Chaum in 1989 and is also based on cryptographic protocols, but it wasn’t popular. ​

2. The US federal government spending on blockchain is predicted to reach $123.5 million by 2022. According to blockchain statistics, this is a significant increase from $10.7 million spent in 2017. The US government and other private organizations have announced imminent plans to embark on a series of blockchain implementations into various parts of the economy and work infrastructure. (Source: Next Gov) ​

3.The US has the highest number of token sales ever (48%). Since 2017, thousands of new cryptocurrencies were created. ICOs (also known as token sales) were used to raise capital for each new cryptocurrency. Statistics on cryptocurrency volume by country reveal that 48% of all token sales have come from the US, 12.78% from Singapore, and another 10.5% from the UK. (Source: Block Social) ​

4.There aren’t enough bitcoins for every millionaire to own one. According to a report by Credit Suisse, there are 46.8 million millionaires worldwide compared to only 18.5 million bitcoins in existence out of a future total of just under 21 million.Those who own 1 BTC are said to be part of the “21 million club,” whereas those who own 21 BTC are said to be part of the “one in a million club.”

5.The last Bitcoin is predicted to be mined by approximately the year 2140. The number of bitcoins entering circulation drops by half roughly every four years. These events are known as halving.

Bitcoin Cryptocurrency