Crypto Facts : Pointers to Understand
In the last decade, cryptocurrency has gathered remarkable momentum. With more and more celebrities showcasing their interest in the world of digital currency, the global population is opening up to the idea of mining and dealing with cryptocurrency.
When Elon Musk declared that one could buy a Tesla with Bitcoin, all hell broke loose.
Mining is the best way in which people can earn money through cryptocurrency. At the end of the day, mining is a difficult and expensive task. If you cannot afford an elaborate mining setup and are not well-equipped with complex math problems, you can always get into crypto trading.
You can use platforms like british-bitcoinprofit.org, which allows one to start their trading career. Cryptocurrency trading is gradually replacing traditional forms of investment which involves money at the bank. There are several advantages of trading in crypto because of which people are choosing it over other states. Crypto returns have made people millionaires overnight.
Although most people, especially tech-savvy persons and the younger generation, are well aware of what crypto is and how it functions, we are sure there are many things that most people aren’t aware of. Here are some fun facts
Satoshi Nakamoto mined the first cryptocurrency in 2009. It is none other than Bitcoin.
We still don’t know who Satoshi Nakamoto is, and the jury is still out. There are several theories about the entity. Some think that Nakamoto is a Japanese man. Some believe that they are a group of people. Interesting right?
Bitcoin is the cryptocurrency with the most extensive user base, and that is because it was the first one.
People who mined the first few thousand Bitcoins back in 2010 and 2011 are millionaires now.
Nobody is in sole control of cryptocurrencies and how they function. And at the same time, everybody involved has an equal stake in it.
To mine cryptocurrency, one needs a massive setup. Some of the essential things required include – a well-equipped computer system, a steady and super-fast internet connection and cooling units to reduce the heat in the system.
Currently, there are more than 1300 cryptocurrencies, and the owners are spread all over the world.
The main structure behind cryptocurrency is blockchain technology. Interestingly, recent developments have proved that this technology can be of great use to other industries.
Several sectors have already adopted blockchain technology, such as the Healthcare industry, Supply-Chain industry, Insurance industry, Media and Entertainment industry and the Telecommunications industry. These are just a few of them.
One can transfer cryptocurrency into money which means that if someone owns one Bitcoin, they can exchange it for cash.
Many businesses are warming up to the idea of accepting cryptocurrency as a legitimate source of payment. At this point, some of the leading global companies already doing it include – Microsoft, Shopify, Wikipedia, PayPal, Whole Foods, Starbucks, Home Depot and Twitch. There are many others.
Blockchain technology makes cryptocurrency transactions secure and safe for everybody. No hacker can dissolve the system because multiple users control it at the same time.
NFT or Non-Fungible Token is a new form of art gaining ground for the last few years. These are digital artworks that one can buy digitally. Many artists and celebrities such as Mila Kunis have sold their NFTs in auctions for a lot of money.
Cryptocurrency transactions don’t need any additional fees, unlike normal banking operations. One can transfer crypto coins without having to spend anything extra.
Cryptocurrency has the power to uplift and empower people from backward communities by making global reach easier for them.
Several NGOs and other non-profit organizations have adopted both blockchain technology and cryptocurrency to help in funding.
Cryptocurrency is the future and the possibilities are endless. The world is rapidly changing, and crypto is sure to make its mark in a much more rigid way in the upcoming years. So, if you think you are cut out for it, we suggest you start with the journey now!