Cryptocurrency has a long history, an epitome of elegance in terms of worth and presence. The cryptocurrency changed the game this time around and began to mainstream headlines across the crypto space. The first electronic currency or digital asset, Bitcoin, broke through its all-time records, without which no other digital currencies have touched the world.
There are these interesting facts that you may not want to ignore at all. If you’re going to hold crypto, then you should probably know all these facts to embrace your crypto journey.
Facts: All You Need To Know
Bitcoin is Unique but Mysterious
Bitcoin has been the most popular cryptocurrency. It has laid the foundations for thousands of cryptocurrencies in the world. The interesting fact is that the inventor of Bitcoin is unknown. However, people refer to the creator of Bitcoins as Satoshi Nakamoto.
Hence you should never believe anyone if someone claims to be the creator of Bitcoins. There are no credible sources to date.
Wallet is Important
Well, it is by default that you hold a crypto wallet or a digital wallet to custody, send or receive cryptocurrencies. And you can’t lose it.
Usually, the crypto wallets are provided with a private or public key to access the wallet and ensure that it is safe and secured for further backup. But once you lose your private key, the chances of getting the wallet back are quite zero.
On the other hand, crypto wallets are always prone to criminal activities. Hackers are around. So cryptocurrency comes with a lot of responsibilities.
Unlike a credit card or a debit card traceability, you can trace or track the crypto wallet. You have no one to retain or regain your digital wallet. So it is recommended to be extremely careful.
Cybercriminals are Around
Cryptojacking is a forever threat while you are in the crypto world. You should probably be aware of the malicious crypto mining that is done by cybercriminals. There is a lot of Cryptojacking going around where cybercriminals hack your smart devices such as laptops, personal computers, mobiles, and install software to steal your crypto assets.
So your crypto wallet is almost always exposed to the scammers that operate your smart devices with malicious codes.
Volatility is its Nature
Cryptocurrency value is highly volatile. Like the share market, various other factors need to be considered to predict the crypto value. The cryptocurrency value is super flammable. The value can drastically rise or fall; we never know. There is always a sense of volatility running around the cryptocurrency. So don’t drive yourself with a fixed mindset. Prepare for both the profit and the worst!
Chine is the Biggest Miner
Mining is a process where the transactions are verified before they are added to the blockchain network. It is a lucrative business, and China is the biggest miner of cryptocurrency, holding around 75% control over the mining network.
Countries Banned Cryptocurrency
Although we see the crypto market growing around the world, there are a few countries that have banned cryptocurrency. It is illegal to conduct crypto-based transactions. Here is the list of the countries that consider all crypto activities as fraud and unlawful.
Cryptocurrency is a Boon for eCommerce
While the internet is everywhere and cryptocurrency could help greatly benefit the eCommerce industry. The digital currency has the potential to drive online shopping if eCommerce accepts digital currencies as a payment option. Since there is no go-between for cryptocurrency, It will boost digital payments, online shopping systems in the eCommerce world.
No Foreign Exchange
Since it is a digital economy, cryptocurrency doesn’t have to deal with foreign exchanges. Unlike the centralized economy, you don’t have to deal with the borders anymore.
What’s the Conclusion?
We all know that a few considerations to ban cryptocurrency are running. On the other hand, cryptocurrency is proving its potential and standing out in the digital world, exclusively after the COVID-19 pandemic.
The banning of cryptocurrency is because there are terror and other illegal activities threats surrounding the crypto market. But we all must also be precise about the boon of having cryptocurrencies on our digital wallets.