Cryptocurrency is popularly known as Bitcoin which is an automated currency, created in January 2009 by Satoshi Nakamoto in a very mystical manner that cannot be identified to date. Bitcoin doesn’t work as a traditional online payment mechanism, but rather offers lower transaction fees to their customers. Usually, Government issues its own currency in the market that flows throughout the country which means, the government has sole authority to balance the structure of money, they have centralized authority where they have the sole power to access money or currency but on the other hand, Bitcoin works on a decentralized basis which means no central banks and central government have authority over cryptocurrency and they have no right to access it or any transactions of it.
As time passes, there are so many people who are becoming interested in cryptocurrency or bitcoin and have started to get into digital currencies. But there are some facts that you should know about the digital currency platform before investing in the “hidden and private” world.
The total amount of bitcoin is limited
If you are a nova in cryptocurrency and you are thinking that you can buy an endless amount of crypto then think again. Cryptocurrencies are limited, which is why all these currencies keep increasing in value as there is less supply. It works both in demand and supply mode. If the supply decreases due to certain factors, the demand is faced with a shortage of resources and high cost, productivity, etc., and its price fluctuates greatly. In case you have any doubts regarding cryptocurrency trading, you can clear it out on platforms like this App .
No one knows who created bitcoin
The word “crypto” is a Greek terminology that means “hidden or private”. Its usage has numerous and multiple benefits because this digital currency has been created and used by private individuals whose identities are unknown and cannot be found easily on any technical platforms. So, who is the mystical person that’s created the giant virtual currency market? Well, no one actually knows who is behind this market. The most surprising fact and also amazing about cryptocurrency is that the person or organization that invented or created “Bitcoin” is unknown! But people believe that the creator of bitcoin is Satoshi Nakamoto whose identity is also unknown.
Cryptocurrency can’t be physically banned
Many countries have discussed and planned to ban cryptocurrency so that its usage can’t affect the economic condition of a particular country. But, it’s physically impossible to ban cryptocurrency because anyone in this world who desires to get a crypto wallet can get it easily. It is well known that countries can make regulations at any time but the cryptocurrency market itself cannot be banned.
There are over 5,000 different currencies
At present, there are 5,000 different currencies in the world because everyone desires to get in on cryptocurrency and that’s why new currencies started to emerge in this market daily. Some currencies are useless and worthless to buy but people still buy them because no one knows when a currency can become so valuable in the market.
China is the biggest cryptocurrency miner
China has power over 70% of the mining of cryptocurrency which is the process of verifying huge transactions of money or currencies in the market and then fix or places it on the Blockchain’s ledger which is a digital ledger that holds numerous records of money and transactions of various amounts in blocks across many computers so that any involved block cannot be altered with effect from a date in the past without the alteration of all consecutive blocks.
They are taxable
It depends upon the country we are living in. At present, cryptocurrency is playing a vital role in the market so it is well-known fact that the tax agency will surely get their bit of profit out of it that’s why if you are the user of cryptocurrency then surely you have to pay taxes from your cryptocurrency profits according to your country’s norms.