9 Facts About Cryptocurrency You Must Know!

Cryptocurrencies can be tricky to master, but some basic facts you must know
Cryptocurrencies can be tricky to master, but some basic facts 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 given 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 a very thin 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 vigilant and 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 drain faster. 

#3 Bitcoin Inventor Is Unknown

This is the most famous and surprising fact about the cryptocurrency world, the person or organization that developed the ‘bitcoin’ is unknown. A lot of people have come ahead and claimed to be the ones who started it but none of them were credible sources. 

People refer to the developer of bitcoins as Satoshi Nakamoto. 

A popular belief is that it is an acronym for leading tech giants- Samsung- Toshiba-Nakamichi-Motorola. 

#4 Cryptocurrency Value Is Extremely Volatile

Just like a traditional share market, there are a lot of external factors that have a direct influence on the value of Crypto money. They are super volatile and depend on your sense of trading. The value can swing dramatically, sometimes in your favor and sometimes against. Its digital-only presence and risk factor is why people choose to steer away from it. 

#5 China Is The Biggest Miner Of Cryptocurrency

The mining of cryptocurrency is the procedure of authenticating several 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 Pakistan 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: Cryptocurrency Vs Banking System

#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
  • Pakistan

#8 Cryptos Is Great For Ecommerce

Internet connectivity is easily available in third world countries where opening a bank account might be difficult. Cryptos could help eCommerce reach to diverse and more people if they provide digital currencies as a payment option. Since cryptos are decentralized, there is no need for a middleman in transactions. 

#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.