Cryptocurrency Facts That Might Interest You

Cryptocurrency Facts That Might Interest You

by November 10, 2020
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Cryptocurrency is a new and fascinating human development. In the broadest sense, cryptocurrencies are virtual currencies that are secured by cryptography. This means that cryptocurrencies are nearly impossible to double-spend or counterfeit. Beyond this, some are attracted to these currencies because of the decentralized nature of them—they are not managed by a single governing body like traditional currencies. This means that they are pretty much immune to government meddling, manipulation, or interference.

Many people have heard a little bit about cryptocurrencies here and there, but the truth of them is far more interesting than you might think. The following will examine some of the more curious facts about cryptocurrencies.

There Are Way More Cryptocurrencies Than You Knew

Believe it or not, there are more than 6700 different cryptocurrencies available for public trading. More and more alternative currencies are cropping up all the time. There are a few bigger names that people may have heard of, but don’t let this fool you. It is expected that the number of cryptocurrencies will continue to rise in the foreseeable future.

Cryptocurrencies Are Not Legal Everywhere

Some countries, like China, for example, have limited the use of cryptocurrencies. Despite this, China is the epicenter of crypto mining and some big cryptocurrency movements. In some places, there are strict regulations on cryptocurrencies, even though they are, technically speaking, legal. As a side note, make sure to learn about the legality of these currencies in your location if you’re considering purchasing some.

You Can Track Anyone’s Cryptocurrency Wallet

That’s right. Because cryptocurrencies are traceable and every single transaction is kept on the public record, you can use someone’s wallet address, transaction ID, or name to search the blockchain. You’ll be able to see all the previous and recent transactions. The transparency of cryptocurrencies is something that attracts many individuals to it as this system makes it far more difficult (nearly impossible) for governments and large corporations to force the currency to behave a certain way.

Cryptocurrency Is Becoming More And More Accessible

As people learn how desirable cryptocurrencies are, the demand for user-friendly platforms for buying and trading has skyrocketed. All over the world, easy to use cryptocurrency exchanges like swyftx are popping up. It is expected that the number of people without heavy tech backgrounds using cryptocurrency will continue to rise.

No One Knows Who Created Bitcoin

Bitcoin is one of the more well-known cryptocurrencies, and it was created by Satoshi Nakamoto in 2009. The interesting part is, no one knows who he is. There’s no evidence anywhere that this person was or is real. Of course, there are many conspiracy theories about the origins of this currency, with some people thinking that it was created by Samsung, Nakamachi, Motorola, and Toshiba.

Cryptocurrencies Are Far More Volatile Than Government-Based Currencies

Keeping up with the news when you own cryptocurrency is a must. Cryptocurrencies react quickly and hard to information, and because of this, they tend to have a wider variety in their rises and falls than traditional currencies. Of course, some people are drawn to them for this exact reason, being skilled enough and quick-thinking enough to ride the wave. As a side note, we vote that surfing cryptocurrencies become the name for this.

Bill Gates Has Offered Up A Crypto-Prophecy

Billionaire Bill Gates found himself in hot water when he spoke about his concerns regarding cryptocurrencies. “Mirage” is what he called them. He went on to predict that the end of cryptocurrencies would be truly catastrophic. Many people disagree with him, but only time will tell.

Way More People Are Using Crypto Than You Thought

Believe it or not, there’s currently somewhere between 6 and 11 million cryptocurrency wallets in existence. The number of wallets is expected to continue to rise (particularly in places where people do not trust their government’s management of their national currency).

Cryptocurrencies Are Not Endless

That’s right. There’s a limit to how much cryptocurrency can be produced. At 21 million, the production will cease. It is possible, of course, that this will be adjusted for the times depending on when this happens and the economic effect it has.

The above are just a few of the more unusual and curious facts surrounding cryptocurrencies. As with all financial information, the above is subject to change depending on world markets, new information, and human trends. Whenever making cryptocurrency decisions, make sure you’re up to date on the latest news and information. If you’re feeling unsure about financial investment, always speak to a professional or trusted confidant.

 

Featured image: Pexels

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