What Do You Know About Cryptocurrencies? (INFOGRAPHIC)
The existence of cryptocurrencies is no longer news to most people even though they’ve actually not been around for such a long time. Cryptocurrencies have actually been in existence only since 2009 when Satoshi Nakamoto engineered Bitcoin.
The time frame between the years 2009 and 2018 has seen the creation of many other cryptocurrencies. However, Bitcoin still seems to be the most financially viable with a market capital of about $112 billion. Nonetheless, there are still other cryptocurrencies actually doing well for themselves despite the odds.
Cryptocurrencies could be used as means of payment. There is an increasing number of stores, both online and offline, that allow for this.
However, what is more common is the usage of cryptocurrencies as a means of storing value. People exchange, sell, and invest bitcoins. No cash has to change hands unless you want to sell.
The infographic below contains information on 25 of the most prominent cryptocurrencies. You’ll get to know what their stories are and their current situation in the crypto market.
However, before you go ahead to the infographic, here are a few quick facts about cryptocurrencies to put things in perspective.
First, cryptocurrency is anonymous. This means that cryptocurrency transactions are carried out under so-called addresses and cannot (easily) be linked to the owner in real life. So, you could carry out cryptocurrency transactions worth millions in dollars and nobody would know it was you.
Second, nobody owns the cryptocurrency market and it is not exactly regulated by a particular body. In the simpler parlance, it means whatever transaction you carry out is irreversible. If the transaction is successful then all well and good. If it isn’t, you have no one to report to and there is no one to refund your currency.
Last, because nobody really regulates the use of cryptocurrencies, you don’t need to ask permission to use it. You basically just need to download an app and begin to transact your cryptocurrencies as you wish.
Now that you know all this about cryptocurrencies in general, you can head on over to the infographic for more specific information on the different currencies in the crypto market.