Top 10 Amazing Cryptocurrency Facts You Should Know (EP-01)
Digital currencies like cryptocurrencies utilize encryption method to generate money and verify transactions. It have left the stock market in the dust since the year began. Virtual currency investors have, in many instances, seen a lifetime's worth of gains over the course of few months.
But before you consider diving into the cryptocurrency world, here are top 10 amazing cryptocurrencies facts you should know.
#1 Consequences Of Losing Your Crypto Wallet?
When you deal with cryptocurrency you must hold a crypto wallet or digital wallet which has public and private keys. You are provided with a private key to gain access to it and if you lose that private key, then it will be impossible to recover it. That's why be about its preservation.
#2 Do You Know What Is Cryptojacking?
Cryptocurrency is a good option for your wallet safety but it is still exposed to scammers that may exploit your computer or phone’s processing power for the mining of it. They do this by hocking your devices for their own benefit without your approval and this is called “Cryptojacking”.
#3 Do You Know Who Is The Real Inventor Of Bitcoin?
This is the most popular and surprising fact about the cryptocurrency world that the person or organization that created the ‘bitcoin’ is unknown. A lot of people have come ahead and claimed to be the real owner but none of them were credible sources. It's a mystery till now and not solved yet.
If you know about it then write it in the comment section below.
#4 Volatile Nature Of Cryptocurrency:
Just like a normal share market, there are a lot of external factors that may have direct impact on the value of Cryptocurrencies. They are super volatile and really depend on your sense of trading across the globe. The value can swing dramatically which is sometimes in your favor and sometimes terribly against it. So trade wisely here.
#5 Who Is The Biggest Miner Of Cryptocurrency?
Mining of cryptocurrency is the process of verifying various forms of transactions before they are put on the Blockchain’s distributed ledger. It is China who is the biggest miner of cryptocurrency.
#6 Can’t Impose Ban Physically, Why?
The most famous news about ‘banning’ cryptocurrency in India has a few genuine reasons like- central banks losing business and no government control due to decentralized control. However, despite the ban, it is ‘physically’ impossible to ban cryptocurrency because anyone can get a crypto wallet without leaving any traces. There can be regulations but you can’t stop the cryptocurrency market completely from the system.
#7 Do You Know The Countries That Have Banned Cryptocurrency?
There are a few countries where you can’t trade through cryptocurrency as they have been banned there and these countries are:
- Algeria
- Bolivia
- Ecuador
- Nepal
- Bangladesh
- Cambodia
#8 Warren Buffett's Interesting View On Bitcoin:
You might imagine that not everyone is onboard with the crypto-craze. Buy-and-hold investing mogul Warren Buffett noted in 2014 in an interview with CNBC that he believed bitcoin was a "mirage."
Buffett commented that bitcoin amounted to nothing more than a means to transmit money, much in the same way a check does. "The idea that is has some huge intrinsic value is just a joke in my view," said Buffett.
#9 You Can Transact Internationally Without Any Exchange:
Your business does not have to deal with foreign exchange if they are using cryptocurrency. Wow very amazing, isn't it?
#10 Which Is The Real King Of Cryptocurrencies?
There are more than 1,300 cryptocurrencies in the market but bitcoin is the real king of all of them. It was the first tradable cryptocurrency that was brought to market, and it currently makes up 54% of the aggregate $589 billion market cap of all cryptocurrencies.
However, it's far from alone. There are more than 1,300 other virtual currencies that investors can buy, of which over two dozen have a market cap that's in excess of $1 billion.
Hello friends hope you like the article. If you have any suggestions and query then please comment below and also let me know which fact do you like most? Thanks for watching it.