The crypto scene is still not well understood by a mainstream audience, in spite of the fact that it has been going from strength to strength for many years now.
If you feel like you’re out of touch with this trend, hang around as we run down some of the most interesting facts and statistics about cryptocurrency.
The whole crypto market is worth around $1 trillion
While volatility is significant in the world of crypto, and we’re currently experiencing something of a downward trend in terms of coin valuations and investments, it’s still a hugely impactful and valuable ecosystem, with the market cap hovering at roughly $1 trillion.
Bitcoin consumes as much energy as Norway annually
One of the reasons that Bitcoin is able to retain its status as top dog in the crypto market is that it uses a proof-of-work approach to verifying transactions. This means vast amounts of processing power are required to keep it up and running, and each year this relates to roughly 123 billion kilowatt hours of electricity use.
Of course if you invest in the stock market, there’s energy consumption associated with this as well. More eco-conscious crypto investors choose more efficient altcoins like Cardano and Dogecoin for this reason.
Burning crypto is standard practice
With some currencies being worth thousands, you might be surprised to learn that many make use of ‘burning’ mechanisms to effectively destroy coins, or at least render them inoperable.
This is done for various reasons, such as to protect against spam, to boost the value of the remaining coins, and to ensure stability.
Cryptocurrency can be used instead of fiat currency in lots of situations, e.g. at online casinos
Sites like CasinosCrypto.com open up a world of opportunities for those who want to gamble without relying on fiat currencies.
This same trend applies to things like online shopping, with lots of retailers and businesses now accepting crypto assets in exchange for goods and services.
So if you think that crypto is only useful as a value store or a means of investment, think again. Coins are often designed with utility in mind, and online casinos are just one of the most common examples of this.
Blockchain technology is being harnessed in many other areas
While Bitcoin and its cohorts all rely on the blockchain, this tech is not just applicable to cryptocurrencies for transactions, but is also being put to work in a number of other scenarios.
From video games which keep their code on the blockchain, to digital artistic assets that are bought and sold as NFTs, there’s a lot more at play here.
Indeed many proponents of blockchain-based solutions argue that this could be the future of computing as we know it, ushering in a new era of the internet and global connectivity. Things like the metaverse are all wrapped up in this, and while there are plenty of skeptics out there, it’s impossible to deny the momentum that this movement is gaining.
Around a billion people worldwide use crypto in some form
The global reach of cryptocurrency is undeniable, with an estimated billion people from across the planet taking advantage of this in one way or another right now.
In America alone it’s estimated that around a quarter of the population have at least dabbled in cryptocurrencies, whether as an investment or as an alternative to fiat currency for making payments.
As such it seems certain that the future of crypto will be a bright one, even if there are ups and downs on the road towards it.
