WHAT IS CRYPTOCURRENCY? 7 INTERESTING THINGS YOU NEED TO KNOW

A THREAD

Is cryptocurrency the future go-to currency? Should you invest in some type of cryptocurrencies such as #Bitcoin , #Etheruem , or #Litecoin ? What should one know about digital currency? These are the questions that frequently follow the never-ending conversation.

What is Cryptocurrency?

Cryptocurrency works as a medium of monetary exchange using strong cryptography to secure its financial transactions. Working as a digital currency, cryptocurrency is considered an alternative form of money.

1. Cryptocurrencies and the several types that exist

Bitcoin is the most popular and well-known of cryptocurrencies. However, there are popular others such as Ethereum, Litecoin, and Ripple.

Click here to see other cryptocurrencies https://coinmarketcap.com 

This type of currency is not regulated by the government or banks. There is no need for third-party involvement because the money simply transfers from one account to the other.

2. Bitcoin Inventor Is Unknown

This is the most popular and surprising fact about the cryptocurrency world, the person, group, or company that created the ‘bitcoin’ is unknown.

Though, the white paper of Bitcoin was created under the name Satoshi Nakamoto. Take note, it’s not my “Satoshi” as seen in my profile name.

A popular belief is that the name is an acronym for leading tech companies – Samsung-Toshiba-Nakamichi-Motorola.

3. The importance of your wallet and private keys

When dealing in cryptocurrency you hold a digital wallet that has public and private keys. You are provided with a private key to gain access to it, if you happen to lose your key, the chances of recovering it is extremely low.

Your digital funds will disappear into a huge crypto-void. There is very little chance of hacking because of the blockchain technology, so you are the only one responsible for losing your digital money. 

Please keep it safe to avoid stories that touch.

4. Total amount of Bitcoin in the world is limited

Yeah, you heard me right. There will never be more than 21 million Bitcoin available in the world. Currently, about 18.5 million Bitcoins have currently been mined and are now being traded. The supply is finite.

By 2140, the last will be mined. After 21 million have been mined, there will be no more Bitcoins available.

5. Cryptocurrency Value Is Extremely Volatile

Just like a normal share market, there are a lot of external factors that have a direct impact on the value of digital money. They are extremely volatile, the value can swing drastically in your favour and sometimes against you.

6. Cryptocurrency Can’t Be Physically Banned

Many countries worldwide have discussed banning cryptocurrencies; however, despite their desire to ban them, it’s physically impossible. Why? Because anyone can get a crypto wallet.

Despite this, in countries like Algeria, Bolivia, Ecuador, Nepal, Bangladesh, Pakistan, Cambodia, cryptocurrency is considered to be illegal.

7. China Is The Biggest Miner Of Cryptocurrency

Mining of cryptocurrency is the process of verifying various forms of transactions before they are put on the Blockchain’s distributed ledger. It's a lucrative business and China controls around 75% control over the mining network

I hate to close this thread without mentioning the ways you can buy Cryptocurrencies.

Here is a list of suggested platforms yu can get it.

Binance( @binance)
Coinbase( @coinbase)
Luno( @LunoGlobal)
Buycoins( @buycoins_africa)

DISCLAIMER

DISCLAIMER: I am not affiliated with any of the companies listed above. They are just suggestions. Kindly do your research to know which fits your needs.

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