Interesting Fun Facts about Cryptocurrencies You Should Know
Apart from the younger generations, meanwhile, even elder people have at least once heard about the term cryptocurrency. But even if you are the smartest cryptocurrency expert, you possibly haven’t thought about these interesting cryptocurrency facts you will find here! Let’s plunge in!
1. Bitcoin Inventor Is Unknown
In the world of cryptocurrencies, this is the most common and surprising fact. The organization or person who created the “Bitcoin” is mysterious. Many people came forward and claimed to be the initiators; however, none of them was a reliable source.
People call the Bitcoin initiator Satoshi Nakamoto. A common belief is that this is an acronym for the main giants of technology: Samsung, Toshiba, Nakamichi, and Motorola.
2. You Cannot Lose Your Crypto Wallet
When it comes to cryptocurrencies, you have a digital wallet (crypto wallet) that contains both private and public keys. You get a private key to access it, and in case you lose it, the probability of acquiring it back is low.
Your digital money disappears into a vast crypto-void. Due to blockchain technology, chances of hacking are minimal; therefore, you are solely responsible for the loss of your digital funds.
Loss of a credit/debit card may still be tracked at the bank or remedied by presenting your identity card. However, you need to be very careful with cryptocurrency.
3. Beware of Cryptojacking
A safe choice of wallet security is a cryptocurrency; however, it remains open to scammers who make use of their phone’s processing or computer to mine cryptocurrencies. These people do this to benefit without your consent. This is known as “cryptojacking”, where swindlers put harmful code on your device.
How do you identify if your machine is affected? The computer or phone will slow down, or the battery might discharge faster.
4. The Value of Cryptocurrency Is Extremely Volatile
Like in a normal stock market, many external factors directly affect the value of cryptocurrencies. They are very volatile and depend on the knowledge of your trading. The value may fluctuate dramatically, which is at times in your favor, and other times, it is terribly against. Its risk factor and crypto-only presence is the reason why people stay away.
5. China Is the Largest Cryptocurrency Miner
Cryptocurrency mining involves reviewing different types of transactions before placing them on the distributed blockchain ledger. It is a profitable business, and China has around 75% of the control of the mining network.
6. Cryptocurrency Cannot Be Physically Locked
The most controversial news stories about the “ban” on cryptocurrency in India have some real reasons: central banks are losing their businesses, and there is no state control because of decentralized power. Despite the ban, it is “physically” challenging to ban the cryptocurrency as anyone can obtain a digital wallet. There may be regulations; however, it cannot halt the cryptocurrency market.
7. Countries That Have Prohibited Cryptocurrency
There are some countries where you cannot enjoy cryptocurrency privileges as they are prohibited. Here is the list:
8. Cryptocurrency Is Excellent for E-commerce
In third world nations, there is an Internet connection where opening an account can be challenging. Cryptocurrency can assist e-commerce in reaching more people by offering digital currencies as a payment method. Most of the usual tasks and purchases have been switched to digital; the cryptocurrency will only boost them further. Since the cryptocurrency is decentralized, no intermediaries are required for transactions, so that e-commerce may enjoy greater autonomy. These days, it is even possible to pay with cryptocurrencies in so-called crypto casinos. Along with the rise of cryptocurrencies, especially
Bitcoin, as the payment method in online shops, crypto casinos accept not only bitcoin but also altcoins like Ethereum, Ripple, EOS, and Monero for deposits and withdrawals. So obviously, cryptos have arrived in many parts of our daily life.
9. International Trades without Exchanges
Your company does not have to deal with coins when using cryptocurrencies as there are no limits. It is a crypto economy that doesn’t work with an integrated economy.
10. Only 21 Million Bitcoin and No Other Coins
It is impossible to mine Bitcoins forever because the entire supply is known. The game ends in 2140. At this point, the 21 million coins will have been mined. Only 21 million and no more coins!
The world of cryptocurrencies is incredible, and it is worth the publicity that arises around it. Regardless of whether you believe it or not, you are experiencing an incredible moment of global change, fueled by the need for ever-better access to extra advanced, more secure, and faster financial transactions. Exciting times!
Featured image: finance-monthly.com