Unravel the enigma of cryptocurrency with us. We delve into the world of digital money, exploring its origins, its impact, and its future. Prepare to uncover 15 crucial facts that will redefine your understanding of this revolutionary financial paradigm.
Cryptocurrency is a mysterious industry. Here are some must-know facts about the digital currency world:
The total amount of bitcoin is limited
- No one knows who created bitcoin
- There are over 5,000 different currencies in the world
- Trading hours of crypto markets are 24/7
You Can’t Lose Your Wallet
There is very little chance of hacking because of blockchain technology, so you are the only one responsible for losing your digital money.
- Beware of Cryptojacking
- A cryptocurrency is a safe option for wallet safety but it is still exposed to scammers who use your computer or phone’s processing for the mining of cryptocurrency.
Cryptocurrency Value Is Extremely Volatile
Just like a normal share market, there are a lot of external factors that have a direct impact on the value of Crypto money.
- The value can swing dramatically which is sometimes in your favor and sometimes terribly against it.
China is the biggest cryptocurrency miner
Mining cryptocurrency is the process of verifying transactions before they are placed on the Blockchain’s ledger
- As of now, China controls around 75% of the mining network
- There are more than 1,300 cryptocurrencies, of which over two dozen have a market cap > $1 billion
Miners verify transactions
Crypto-mining involves using high-powered computers to solve complex mathematical equations on a competitive basis in order to verify and log transactions.
- Being the first to do so often entitles the miner to a reward, which is given in the form of cryptocurrency coins and/or transaction fees associated with a block.
