Some Amazing Facts About Cryptocurrency!!!
Some Amazing Facts About Cryptocurrency!!!
Hey that's 16th may 2021 and I am again here to tell you some amazing facts this time about cryptocurrency which is a trending topic all over the world.
So let's get started!!!
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
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 own 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 were 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.
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 really depend on your sense of trading. The value can swing dramatically which is sometimes in your favor 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 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.
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