Top 10 Cryptocurrency Facts You Must Know
Top 10 Cryptocurrency Facts You Must Know
Historically, no asset has been a more prominent creator of long-term money than the stock market. Over a period, stocks have produced a 7% annualized return, which includes the dividend reinvestment and is modified for inflation. This implies an investor can double their money around once every decade, which is quite impressive.
However, cryptocurrencies — digital currencies that use encryption to create money and confirm transactions — have left the stock market in the dirt since they were introduced in the commercial market over a decade ago. Virtual currency investors have, in several cases, seen a lifetime’s worth of profits over time as short as 11 months.
However, before you consider jumping into the cryptocurrency rage, here are 10 facts you should know.
You Can’t Lose Your Wallet
When trading in cryptocurrency, you own a crypto wallet (digital wallet) that holds public and prive keys. You are given a private key to obtain access to it, and if you happen to misplace your private key, the odds of getting it back are close to never.
Your digital funds will dissolve into a large crypto-void. There is a minimal risk of hacking due to the blockchain technology, so you are the sole one liable for losing your digital money.
A credit card/debit card loss can yet be tracked back or made again at the Bank by giving your identification documentation. But, with cryptocurrency, you need to be very careful.
Blockchain is where the real value lies
Despite the importance given to virtual trading currencies, it’s really what holds cryptocurrencies that is especially valuable.
Blockchain technology is the foundation on which cryptocurrencies are founded on. It’s a digital and decentralized book that lists payment and transfer activities securely and effectively. It’s additionally the significant reason why big businesses are so enthusiastic about entering this market.
Decentralization Is Key
What makes blockchain technology so exciting is the fact that it’s decentralized. In different words, there is no central hub where this data is stored, and hence no major data centre where cybercriminals can invade and obtain control of a specific digital currency.
Instead, servers and hard drives over the globe include bits and pieces of data about a distinct blockchain network, but not sufficient to cripple it should the data inside slip into the wrong hands. This makes blockchain an exceptionally safe technology, which is fascinating to big businesses.
Cryptocurrency Can’t Be Physically Banned
The most-discussed news of ‘banning’ cryptocurrency is based on reasons like- central banks losing sales and no government authority due to decentralized administration.
Nevertheless, despite the ban, it is ‘physically’ unlikely to ban cryptocurrency as anyone can receive a crypto wallet. There can be laws, but you can’t suspend the cryptocurrency market.
The FBI has Bitcoin
Some years ago, the FBI closed down the Silk Road, which was a substantial black market website where Bitcoin was often utilized to make multiple purchases. The FBI obtained all the Bitcoins that were circling the website, which is about 1.5% of all the world’s Bitcoin.
That may not seem like a tremendous amount, but looking at the big picture, 1.5% is considered a significant amount for one entity to own.
Pizza Is Popularly Used To Determine The Growth of the Market
This is a common story usually told in the Crypto-context. Long story short, on May 22 2010, a Bitcoin developer spent 10,000 BTC for two pizzas he bought from Papa John’s. Last year, at the top of Bitcoin’s bullish run, that amount would have nearly been worth around $179m!
It isn’t easy to understand how far Bitcoin and the market, in general, have indeed come. But, this example sure does clear some air.
By the way, May 22 is presently celebrated as Bitcoin Pizza Day, so don’t forget to mark your calendar!
Crypto Is Even Good for Games
After CryptoKitties determined to be flourishing in the mainstream spotlight in 2017, a wave of digital collectables made on blockchain technology followed. This increasing trend made it quite evident that blockchain and gaming make a classic match.
While blockchain technology offers a substantial reward system for players to accumulate digital collectables making the game rewarding, the gamification method, on the other hand, generates a friendly atmosphere for training and mass adoption of usage of cryptocurrency.
When it attains to crypto games, Japan heads the pack with an approximated net value of over $40 billion. Besides, proficient blockchain researchers have prophesied that with developing smartphone penetration throughout the globe, the crypto gaming enterprise could take off even further in 2020 and ahead.
India isn’t far behind too, with the success of our very own BizzGaming that is all set to have over 1 million users by 205!
International Transactions Without Exchange
Your business does not need to deal with a foreign exchange if they are utilizing cryptocurrency as there are no boundaries. It is a digital marketplace that does not operate with a centralized economy.
Bitcoin utilizes innovative technology to build an entirely new type of payments structure. Coins are contained in digital “wallets,” guarded using high-level cryptographic techniques. To create a payment, international or national, the wallet owner directly sends coins straight to the recipient’s wallet. Payment transactions are gathered in “blocks,” which are authorized by the association of bitcoin users. A validated “block” is affixed to a “chain” of blocks: once affixed, it cannot be replaced. The “blockchain” is, therefore, a comprehensive and permanent record of all payment transactions.
Bitcoin is just one among the over 5000 cryptocurrency
According to crypto market capitalization aggregators, there are much more than 5,000 cryptocurrencies, in reality, today and above 20,000 diverse types of markets.
BTC is the oldest and most recognized digital asset, and most everything else has been usually suggested as an “altcoin.” The term relates to any of the thousands of popular cryptocurrencies that intend to work beside bitcoin and each other, or are striving for the ultimate domination.
With the inclusion of BizzCoin in the midst, altcoins surely are giving a tough fight to the age-old player.
The Crypto-world is astonishing and completely worth the hype generated around it. Whether you’re a follower or not, you exist through a time of unimaginable global change, motivated by the demand for more and better access to more superior, quicker, and more safe economic operations.
If you’re planning on being part of this world, BizzCoin, the latest and most advanced cryptocurrency is the way to go.