Cryptocurrency is a strange sector for many people. Over time, an increasing number of individuals are getting interested in it and attempting to invest in digital currencies. This is due to worldwide acknowledgment and countries wanting to compete for digital currency leadership. Also, people are gradually discovering its multiple uses.
However, there are a few interesting aspects concerning digital currencies that you probably didn't know. In this article, you will discover 6 fun facts you did not know about cryptocurrencies.
Six Fun facts about cryptocurrencies
- It is impossible to lose your crypto wallet, but you can lose access to it
When you own a cryptocurrency or cryptocurrencies, you will need a crypto wallet (digital wallet) with both public and private keys. These digital wallets can only be accessed using private keys assigned to it, and if you lose your private key, the odds of getting it back are little to none. Your electronic monies will vanish into a vast crypto-void. it is difficult to hack in blockchain technology, therefore you are solely liable for the loss of your digital currency.
A credit card/debit card loss may still be traced or recreated at the bank by giving identifying verification. But you must be exceedingly cautious with your crypto wallet private key because you cannot gain access once you lose it.
- There are more than 9000 different cryptocurrencies in the world
So many people want to get into the cryptocurrency world, not as investors, but as creators of new cryptocurrencies. Every day, new cryptocurrencies are launched into the cryptocurrency industry. As of when this article is written, there are more than 9000 cryptocurrencies in the world. These new cryptocurrencies are called altcoins, i.e. alternative coins. Not all of these cryptocurrencies are listed on a cryptocurrency exchange or trading platform.
This is because, some of these cryptocurrencies are still in their mining stage, and some require their specific wallets. The reason there are so many cryptocurrencies out there is that they can be easily created and launched. Despite, the large number of cryptocurrencies available, only 20 of these cryptocurrencies make up about 85% of the cryptocurrency market. It should be noted that not all of these new cryptocurrencies have intrinsic value and they aren’t worth much, nor will they be.
The smallest unit of a bitcoin is called a Satoshi
The smallest unit of a bitcoin is known as a satoshi as a mark of appreciation for Bitcoin's founder. Approximately one hundred million Satoshis are required to create one bitcoin. Bitcoin had a market spot price of $40,530.00 on March 18, 2022. Therefore, 1 satoshi is worth $.0004053000 at the time. The value of a satoshi is in tandem with the current price of bitcoin, which changes a lot. It was created for those that cannot afford to buy a whole bitcoin and those that would like to purchase items like pizza, coffee, and food with bitcoin. It also implies that instead of buying a complete bitcoin, potential investors can buy bitcoin as little as $1 worth of BTC.Pizza was the first commercial Bitcoin transaction
A guy in Florida paid 10,000 bitcoins for two pizzas on May 22, 2010. The first commercial bitcoin transaction is often regarded as this. 10,000 bitcoins were valued at around $40 at the time, making one bitcoin "worth" a little less than half a penny. If you had that much money in bitcoin today, it would be worth about $350 million. Back then, this transaction felt like a fair deal, but knowing what that amount of cryptocurrencies is currently worth makes it an unfair deal. This transaction was probably what led to creating Satoshis…LOL.Cryptocurrencies and NFTs are not the same, they only both operate on the same network
NFTs are not cryptocurrencies, they only function on the blockchain network like cryptos. Despite their rising popularity and status as digital assets, they are not regarded as cryptos. It's a type of token that isn't utilized as a means of trade. NFTs, on the other hand, cannot be split or duplicated. NFTs, like artwork or collectibles, are becoming increasingly attractive as alternative investments. Some individuals consider them as digital artefacts’ and artwork with the potential to appreciate. There are also NFTs that work in a similar way to digital sports trading cards.Cryptocurrencies cannot be banned; it is physically impossible to do so.
Many nations have debated prohibiting the use of cryptocurrencies; but, despite their intention, it is physically impossible to do so. Why? Because anybody can get their hands on a cryptocurrency wallet. Countries can, of course, enact laws, but the bitcoin market cannot be outlawed. Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, and Nepal are among the nations that have relaxed restrictions on the use of cryptocurrencies.
Posted from HypeTurf