Alot of Us have heard so much about cryptocurrency, here are few interesting facts about it :
1) You can't lose your wallet
When trading cryptocurrency there is an encrypted wallet. (Digital wallet) with public and private keys. You will be given an accessible private key, and if you accidentally lose the private key, it is unlikely to be returned.
Your crypto will disappear in the big crypto slots. Due to the existence of blockchain technology, the possibility of intrusion is minimal, so you are fully responsible for any loss of digital currency.
You can provide proof of your identity so your bank can track or recreate your credit / debit card loss, but be sure to use cryptocurrencies carefully.
2) Cryptojacking
Cryptocurrency is a safe alternative to protect the security of your wallet. But thieves who use computers or phones to process cryptocurrency can still use it. They do it for their own benefit without your approval. This is called "Cryptographic hijacking" in which fraudsters enter malicious code into the device.
How do I know if my device is affected? Phone or computer slows down or battery drains faster.
3) Unknown who invented Bitcoin
This is one of the most popular and surprising facts in the world of cryptocurrencies. Many people or organizations who created "Bitcoin" are unknown here and claim to be pioneers. But no one is a reliable source.
People call Satoshi Nakamoto the founder of Bitcoin.
Usually this is an abbreviation for Samsung-Toshiba-Zhongdao-Motorola Leading tech giants
4) The value of cryptocurrency is very unstable
As with any stock market, there are a number of external factors that directly affect the value of cryptocurrencies. They are very unstable and depend on your trading awareness. Values can fluctuate wildly, sometimes good for you and sometimes bad. The digital existence and risk factors are the reasons people choose to stay away from it.
5) China is a miner cryptocurrency The largest
Cryptocurrency mining It is the process of verifying different types of transactions before they are put into a decentralized blockchain ledger. This is a lucrative business and China controls about 75% of the mining network.
6) Can't ban real cryptocurrencies
In the most-watched news about India's digital currency “ban” there are real reasons, such as the central bank's loss of business due to decentralized regulations and no government controls. However, it is virtually impossible to ban cryptocurrencies as anyone can accept cryptocurrency wallets despite the ban.There are rules, but you cannot stop the cryptocurrency market.
7) countries that prohibit the use of cryptocurrencies
When we were there, there were some countries that we couldn't enjoy because of the encryption right ban. Here's the list:
Algeria
Bolivia
Ecuador
Nepal
Bangladesh
Cambodia
8) Cryptocurrency Very suitable for e-commerce
In third world countries / regions where it is difficult to open a bank account, an internet connection is easy. If cryptocurrencies give cryptocurrencies as a payment method, it can help distribute e-commerce and attract more people. Most of the day-to-day jobs and purchases are digitally transferred and the more cryptocurrencies are added. As cryptocurrencies are decentralized, trading brokers can gain more freedom without the need for e-commerce.
9) no international transactions
There are no restrictions on the use of cryptocurrencies, so the company does not have to deal with foreign exchange. This is a digital economy and cannot work with a centralized economy.