Cryptocurrency has been introduced for 11 years with the emergence of Bitcoin.
Until now, cryptocurrency has become a lucrative investment tool with a high enough value. In addition, Crypto is also growing because many people are starting to know and use it.
At a relatively young age, there are still many things that cryptocurrencies can do to contribute to changes in the world’s financial system.
Before going further, it never hurts to know the following ten cryptocurrency facts!
The inventor of Bitcoin is Unknown
This is the most popular and surprising fact about the world of cryptocurrency; the person or organization that created ‘Bitcoin’ as the origin of cryptocurrency is still unknown.
The public only knows that the creator is Satoshi Nakamoto, but the name doesn’t really refer to a person’s identity, and it is still unknown who is behind the title.
Another belief reveals that Satoshi Nakamoto stands for the leading technology giants: Samsung – Toshiba – Nakamichi – Motorola.
Highly Volatile Cryptocurrency Value
Just like average market share, many external factors have a direct impact on the value of Crypto. They are highly volatile and highly dependent on trading tastes. Value can fluctuate dramatically, which is sometimes beneficial and sometimes very detrimental.
There are over 1,300 cryptocurrencies.
Bitcoin was the first traded cryptocurrency to be brought to the market.
However, cryptocurrency is not only about Bitcoin; it turns out that more than 1,300 virtual currencies can be chosen as investments; the most famous examples besides Bitcoin are Ether, Bitcoin Cash, Litecoin, and so on.
Lacks Fundamental Support
Unlike the US dollar or other fiat currencies worldwide, digital currencies are not backed by central banks or governments. They also don’t have any fundamental factors that can be used to help get a proper assessment.
Whereas you can look at the historical earnings of publicly traded stocks to estimate their value or a country’s economic performance in relation to GDP growth to value currencies like the dollar.
Digital currencies have no direct fundamental ties, making valuing cryptocurrencies to traditional financial systems difficult and perhaps not very relevant.
China Is The Largest Cryptocurrency Miner
Cryptocurrency mining is verifying various forms of transactions before they are entered into the Blockchain distributed ledger. It is a lucrative business, and China controls about 75% control of the mining network.
You must have a Crypto Wallet and Don’t Lose it
A crypto wallet or wallet is very important for those of you who want to use Crypto. This is useful for saving the asset before it is used for transactions. Read more about cryptocurrency wallets here.
Inside the crypto wallet, there is a public key and a private key. That is the key to being able to access your assets. Therefore, maintaining a wallet is very important.
Do not let you lose, or others know the key. Because if the key is scattered or lost, there is no way to get it back.
International Transactions Unlimited
Cryptocurrency can be transferred at any time; there is no time limit. Then it can be transferred to various wallet addresses scattered in many countries; there are no restrictions because cryptocurrencies do not work with a centralized economy.
Decentralized
Crypto works on a network or blockchain technology which is interesting because it is decentralized. In other words, there is no central link where this information is stored and no significant data center where cybercriminals can attack and gain control of a particular digital currency. This makes Blockchain a highly secure technology attractive to large businesses.
Cryptocurrency Banned in Some Countries
All countries do not accept cryptocurrency well. This is because it is decentralized; there are no centralized rules, and so on. Some countries are so against Crypto that they have banned using and trading crypto assets.
Trading in cryptocurrencies, making payments in virtual currencies, or buying goods and services in digital currencies, is illegal in various countries, including Bolivia, Bangladesh, Nepal, Morocco, Kyrgyzstan, and Ecuador.
Beware of Cryptojacking
Cryptocurrency is a safe option for wallet security but can still be exposed to scammers who use your computer or mobile processing for cryptocurrency mining. They do this for their benefit without your consent. This is called “Cryptojacking,” where the scammer inserts a malicious code on your device. Therefore you must be vigilant and do not carelessly enter various suspicious links, update your software and avoid giving private keys to just anyone or entities.
That’s the ten cryptocurrency facts you need to know; cryptocurrency is an advanced currency system. They utilize a strong network with a complex cryptographic system.
The fact that cryptocurrencies have also attracted the attention of other countries to be able to create their own Crypto, such as China which is processing its digital Yuan.
The presence of Crypto has brought change and fresh air for the world’s financial system to be more advanced and developed.
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