Top 10 Interesting Facts About Cryptocurrency in 2023 | FE-Educate

Top Ten Interesting Facts About Cryptocurrency, cryptocurrency is a term we have all heard but few understand. Some say it's the way of the future. Others associate it with criminal or even terror tourists activity. Cryptocurrency is a mysterious industry. With time, more and more people are becoming interested in it and testing their luck with investing in digital currencies. But there are some things you probably did not know about the digital currency world. Cryptocurrencies have become extremely popular in recent years. Even though cryptocurrency is still a mystery, it keeps attracting more and more attention. The cryptocurrency world is getting higher visibility due to worldwide acknowledgment. In countries wanting to compete for digital currency leadership, it is impossible to ignore. 

Digital currencies that utilize encryption to generate money and verify transactions 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 eleven months. In this video, you will know the top ten facts about cryptocurrencies that may surprise you. 

#1 Bitcoin inventor is unknown

This is the most popular and surprising fact about the cryptocurrency world. The person or organization that created 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 giant Samsung. Kashiwa Nakamichi Motorola.

#2 Blockchain is where the real value lies

Despite the emphasis on trading virtual currencies, it's actually what underlies cryptocurrencies that could be particularly valuable. Blockchain technology is the infrastructure that cryptocurrencies like Bitcoin are founded on. It's a digital and decentralized ledger that records payment and transfer transactions safely and efficiently. It's also the big reason why big businesses are so excited.

#3 Beware of cryptojacking

Cryptocurrency is a safe option for wallet safety, but it is still exposed to scammers who use your computer or phone processing for the mining of cryptocurrency. They do this for their benefit without your approval. This is called cryptojacking, where 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.

#4 You can't lose your wallet 

you cannot lose your wallet when dealing with cryptocurrency. You hold a crypto 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 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.

Top 10 Cheapest Cryptocurrencies to Buy in 2023

#5 Cryptocurrency value is highly 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, sometimes in your favor and sometimes terribly against it. Its digital-only presence and the risk factor are why people choose to steer away from it.

#6 Blockchain has numerous other advantages 

but there's more to like about blockchain technology than just its decentralization. Because miners are working 24 hours a day and seven days a week to verify transactions, they can be settled much quicker than through traditional banking, which sticks to normal business hours closes for the weekends, and often holds funds for a few days. Plus, without a middleman, transaction costs can go down with blockchain. Additionally, blockchain offers user control and transparency rather than letting a third party control the future of a cryptocurrencies blockchain, members of a cryptocurrency community are who call the shots about future development. 

#7 China is the biggest miner of cryptocurrency

Mining 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

#8 Cryptocurrency cannot be physically banned

The most talked about news of banning cryptocurrency in various countries 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. 

#9 Blockchain is a secure technology

Decentralization is the key to blockchain technology. Servers and hard drivers that contain bits and pieces of information about a particular blockchain network are located in different parts of the world. The fact that it is decentralized and there is no specific place where all data is stored makes it very difficult for hackers to attack and steal money.

#10 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 diverse and more people if they provide digital currencies as a payment option. Most of the regular chores and shopping have moved to digital. Cryptocurrency would only boost it further. Since cryptocurrency is decentralized, there is no need for middlemen in transactions, so e-commerce can enjoy higher autonomy.

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