What’s So Interesting About Crypto? 7 Reasons You’ll Want To Know
The story of cryptocurrency captivates like one of those heist movies, where you don’t know exactly what’s happening except everyone is George Clooney handsome and Julia Roberts delightful. Except they’re all getting rich without a heist. It’s kind of unbelievable; yet, it’s very real. And it’s very cool.
At the beginning, people thought of crypto as a get-rich-quick scheme. And some did get rich quick. Like many new technologies, the early birds got all the digital worms.
Today’s crypto investors do reap handsome rewards, but smaller profit margins now share the screen with convenience, security and privacy. Crypto users can successfully conduct their transactions far from the prying eyes of old-school financial institutions looking to reap their usual rewards (aka fees).
Alternative currencies became a hot topic around the world not long after Bitcoin was introduced in 2009. Just one year later, the mysterious creator or creators quickly disappeared from the Internet. Their crypto wallet currently contains as many as 980,000 Bitcoins valued at almost $20 billion*.
If you’re a regular player at Cafe Casino, you know that we welcome crypto deposits with open arms – and our own open wallets to dish out bigger crypto bonuses to players in return. And our players have responded. Right now, the majority of our players consider us a best crypto casino and we couldn’t be more pleased about that.
What makes cryptocurrency such a fascinating story? We have 7 interesting reasons you need to know. Let’s go!
REASON #1: NO ONE REALLY KNOWS WHO CREATED BITCOIN
The most interesting cryptocurrency fact is that the person or organization credited with creating Bitcoin is unknown. The name people use for the creator is Satoshi Nakamoto. No one knows who that is, but one of the more humorous conspiracies out there is that the name is an acronym for Samsung-Toshiba-Nakamichi-Motorola, a group of leading high-tech companies. See Elon Musk getting in on the joke with his Twitter post.
REASON #2: THE FIRST BITCOIN WAS USED TO PURCHASE PIZZA
Believe it or not, on May 22, 2010, the first real product bought with digital currency was two Papa John’s pizzas. An early Bitcoin (BTC) developer and miner announced that he would pay 10,000 BTC for two pizzas.
Someone took him up on the offer and two large pizzas were delivered – not within 30 minutes – four days later. In 2012, a Bitcoin’s estimated value was $0.004 (four one-thousandths of a penny) so those two pizzas cost $41. That would be over $20K today.*
The pizza seller believed, to the disappointment of crypto fans, that the currency was supposed to be spent. He quickly put his 10,000 Bitcoins back in circulation to pay for a road trip.
REASON #3: THERE ARE MORE THAN 10,000 DIFFERENT CRYPTOCURRENCIES
New digital currencies are being born all the time. Right now, there are more than 10,000 different cryptocurrencies around the world. Unsurprisingly, most of them aren’t worth a lot, and probably never will. But there’s always a chance and some folks hope to cash in. Look, they’re not all useless and some of the more creative ones are named Coinye (after Kanye West, believe it or not), Cabbage, PizzaCoin, Dogecoin and more than 1,500 others.
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REASON #4: CRYPTO MINING IS COSTLY, COMPLICATED AND COOL
Cryptocurrency mining is a complex process that creates new Bitcoins by solving exceptionally complicated equations using computers. The odds of solving are 1 in 22 trillion. Once a Bitcoin is mined, the miner is paid a predetermined number of Bitcoin (around 6.25). It can be lucrative if you can crack the code.
That said, it can consume around 90 to 150 terawatt-hours of electricity per year in computing power to mine. As of August 2021, you’d need 9 years of household electricity to successfully mine a single Bitcoin! Most of us aren’t going to become miners any time soon! It’d take a lot of computers and a friend at the power company… but it’s still cool to understand how it works.
REASON #5: SOME COIN QUANTITIES ARE LIMITED (INCLUDING BITCOIN)
Like gold, some crypto coins such as Bitcoin are a limited resource – hence, the mining. It’s believed that if the supply of digital monies was unlimited like Fiat (or USD), it wouldn’t increase as much in value because the amount would never diminish. It’s definitely added to the appeal of Bitcoin and makes its story all the more interesting, even though it’s important to note that the second-largest cryptocurrency is Ethereum and it has no fixed supply.
REASON #6: LOSING YOUR CRYPTO WALLET PRIVATE KEY IS A DISASTER
Much like losing your wallet IRL, losing access to your crypto digital wallet can really suck.
Your digital wallet has a private key or your unique identification to access your coins. It’s the only link to your digital investment. If you lose that key, you will not be able to access your wallet and you will lose everything inside it.
Sounds like a no-brainer to keep that important information secure, right? Well… at a minimum, 20% of all Bitcoin are in lost wallets, meaning a lot of investors have no way to access those wallets. Ever.
REASON #7: CRYPTO BONUSES AT CAFE CASINO ARE COLOSSAL
The best way to explain why the majority of our players have switched to cryptocurrency is that it comes with some amazing advantages. It’s faster to withdraw, more secure to use, easier to deposit, and the crypto bonuses are much bigger! It’s part of what makes Cafe the best online crypto casino around.
Consider this: your first deposit with a debit or credit card comes with a 250% bonus up to $1,500. Pretty good. But when your first deposit is with cryptocurrency in any amount and we’ll add a 350% Welcome Bonus up to $2,500!
If you’re already playing at Cafe, it’s never too late to switch and get bigger bonuses. For example, our refer a friend bonus rewards you more if anyone you refer makes their first deposit with crypto!
Have more questions about crypto? We have answers! For even more details about getting started with Bitcoin, Ethereum or other coins, check out our Crypto Casino FAQ.
*As of October 2022.