9 Facts About Cryptocurrency You Must Know
9 Facts About Cryptocurrency You Must Know
#1 You Can’t Lose Your Wallet
When dealing in cryptocurrency you hold a crypto wallet (digital wallet) that has public and private keys. You are provided with a private key to gain access to it and if you happen to lose your private key, the chances of getting it back are close to never.
Your digital funds will disappear into a huge crypto-void. There is very little chance of hacking because of the blockchain technology, so you are the only one responsible for losing your digital money.
A credit card/debit card loss can still be traced back or created again at the Bank by providing your identification proof, but with cryptocurrency, you need to be extremely careful.
#2 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. They do this for their benefit without your approval. This is called “Cryptojacking” where the scammers put malicious code in your device.
How do you know if your device is affected? Your phone or computer will become slow or your battery will discharge faster.
#3 Bitcoin Inventor Is Unknown
This is the most popular and surprising fact about the cryptocurrency world, the person or organization that created the ‘bitcoin’ is unknown. A lot of people have come ahead and claimed to be the ones who started it but none of them was credible sources.
People refer to the creator of bitcoins as Satoshi Nakamoto.
A popular belief is that it is an acronym for leading tech giants- Samsung- Toshiba-Nakamichi-Motorola.
Also Read: Walmart Pilots Blockchain Traceability Project For Seafood From India
#4 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. They are super volatile and depend on your sense of trading. The value can swing dramatically which is sometimes in your favour and sometimes terribly against it. Its digital-only presence and risk factor is why people choose to steer away from it.
#5 China 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 a lucrative business and China controls around 75% control over the mining network.
#6 Cryptocurrency Can’t Be Physically Banned
The most-talked about the news of ‘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. There can be regulations but you can’t stop the cryptocurrency market.
Also Read: Evolving Magnitudes Of Blockchain Technology
#7 Countries That Have Banned Cryptocurrency
While we are on the subject, there are a few countries where you can’t enjoy cryptocurrency rights as they have been banned. Here’s the list:
Algeria
Bolivia
Ecuador
Nepal
Bangladesh
Cambodia
#8 Cryptocurrency Is Great For Ecommerce
Internet connectivity is easily available in third world countries where opening a bank account might be difficult. Cryptocurrency could help eCommerce reach to diverse and more people if they provide digital currencies as a payment option. Most of the regular chores and shopping has moved to digital, cryptocurrency would only boost it further. Since cryptocurrency is decentralized, there isn’t a need for middlemen in transactions so eCommerce can enjoy higher autonomy.
#9 International Transactions Without Exchange
Your business does not have to deal with a foreign exchange if they are using cryptocurrency as there are no borders. It is a digital economy that does not work with a centralized economy.