Welcome to the world of the Blockchain industry, where possibilities are endless and remarkable discoveries await. In this realm of cryptocurrency, where anything can happen, innovators and tech enthusiasts are captivated by its unique allure. It all started in 2009 when an anonymous individual or group known as Satoshi Nakamoto introduced Bitcoin, the first-ever cryptocurrency. At the heart of this revolutionary digital currency lies blockchain technology—a decentralized and distributed ledger that records transactions across a network of computers.

The blockchain industry has grown tremendously since Hal Finney was on the receiving end of the first-ever Bitcoin transaction in 2019. It's attracting substantial investments from global investors, interest from the smartest founders across the world and usage from governments and giant corporations. Its potential to disrupt various sectors, including finance, supply chain, and healthcare, has piqued the interest of major corporations seeking transparency, security, and efficiency in their operations. Through the utilization of blockchain-based smart contracts, agreements can be automatically executed without intermediaries, ruling out disputes. Join us as we delve into the five facts about the industry that you should know.

The value of all the cryptocurrencies in the world is $1.18 Trillion.

As of today, the global cryptocurrency market cap stands at an impressive $1.18 Trillion. Bitcoin (BTC) takes the lead with a market cap of $585 Billion, representing a dominant share of 49.67%. In comparison, Stablecoins hold a market cap of $124 Billion, accounting for 10.53% of the total crypto market cap. These figures showcase the significant value and influence of cryptocurrencies in the current financial landscape.

In 2021, $2 billion worth of bitcoin was moved for just $0.78

Despite the immense value of the transaction, the anonymous wallet holder only paid a minimal fee of 0.00001713 BTC, equivalent to just $0.78. This level of affordability and efficiency is unparalleled in the traditional financial system, where transaction fees typically range from 2-3%. If conducted through the traditional fiat system, a transaction of this magnitude could have cost between $20 to $30 million in fees alone. The low transaction fee, swift processing, and ease of use make blockchain technology an appealing alternative for individuals and institutions looking to conduct large-scale transactions cost-effectively and securely.

Over 1 million transactions occur using Ether every day.

The Ethereum blockchain boasts the highest transaction activity in the world, followed by Bitcoin’s transaction volume which peaked at 670,000 coins per day in May 2023.

Nigeria tops the world in crypto adoption

Nigeria tops the world in crypto adoption, with 47% of its population indicating they own or have used cryptocurrencies in the last 5 years, according to Statista Consumer Insight. This survey, which measured adoption in 56 countries, showed that nearly a third of respondents in Nigeria own or have used digital coins, in contrast to only 6% in the US, the leader in transaction volumes.

The largest cryptocurrency seizure in history is $3.3 billion

In November 2021, the IRS Criminal Investigations (IRS-CI) made a historic cryptocurrency seizure. A total of 50,676 Bitcoins, valued at $3.36 billion, were confiscated from James Zhong, an American who had pleaded guilty to wire fraud. These Bitcoins were originally stolen from the darknet marketplace Silk Road back in September 2012. This significant seizure stands as one of the largest in the history of cryptocurrency.