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Cryptocurrency is designed for digital transactions and it’s based on blockchain technology. However, in recent times crypto is being traded and used as a means of generating money. Sadly, this means of digital trade has not been embraced or deemed legal by many countries. Oftentimes, it’s because of the high risk surrounding the entire process. But those who seem to be making profits from it testify that it’s worth the time, energy, and effort. So, we compiled 100 facts about crypto to help you understand what exactly it means.
1. A cryptocurrency uses an online ledger with strong cryptography to secure online transactions— Ledger is a record-keeping system while cryptography is a secure communications technique.
2. Currently, there are more than 7,300 cryptocurrencies in existence.
3. According to Bitcoin protocol the limit is set at 21 million.
4. Blockchain is a decentralized technology spread across many computers that manage and record transactions.
5. Did you know that Ethereum fees are called gas? This is simply the cost necessary to perform a transaction on Ethereum.
6. Did you know that crypto kitties are one of the first blockchain games?
7. Recently, Dogecoin is one of the money-generating cryptocurrencies in the market, it had high returns as well as the high risk involved.
8. Surprisingly, the creator of Bitcoin remains anonymous— Satoshi Nakamoto is the pseudonym who penned the original Bitcoin whitepaper, however, his true identity isn’t known.
9. Elon Musk has impacted the world of cryptocurrency more than anyone else— He is the founder, CEO and Chief Engineer at SpaceX and more. He has over a 55million followers on Twitter, hence, his positive tweets about cryptocurrencies influence the market positively and vice versa.
10. Cryptocurrencies have been banned by most countries like turkey. This is because it’s under no supervision by any legal company.
11. The leading cryptocurrency mining country is China.
12. The price of cryptocurrency is extremely volatile— This minute it’s high and the next it falls low beyond expectations.
13. Oftentimes, cryptocurrency miners pay taxes for every crypto gained. These are certain fees paid to the government other than transaction fees.
14. If you happen to lose the private key to your crypto wallet, the chances of getting it back are close to never. A Crypto wallet is where your coins are stored and only you have the access to it.
15. Although cryptocurrency is secured, it’s still exposed to crypto scammers. Hence, beware.
16. The introduction of new cryptocurrencies is on the increase.
17. Anyone can create a crypto token using an existing blockchain like Ethereum.
18. The creation of crypto coins requires a new blockchain— This is a system that maintains records of transactions in cryptocurrencies.
19. ICO stands for “initial coin offering”
20. ICO is a fundraising method, utilized by companies who want to offer products and services. It’s related to cryptocurrencies and blockchain space.
21. The Bitcoin whitepaper was released on 31 October 2008 by an anonymous person or group that goes by the pseudonym ‘Satoshi Nakamoto’
22. The popularly known Bitcoin cryptocurrency came into existence in 2009.
23. Initially, Bitcoin was launched as an alternative to traditional banks following the 2008/9 economic crisis, which affected the economy negatively.
24. Bitcoin is the most popular cryptocurrency mined today.
25. Surprisingly, you can buy a fraction of Bitcoin— 0.00000001 BTC.
26. Cryptocurrency transactions are more secure than traditional payment systems. This is because it makes use of the ledger record system.
27. The smallest unit of account for Bitcoin is known as ‘a Satoshi’ or ‘SAT’— Named after Satoshi Nakamoto, the creator of the protocol used in Bitcoin cryptocurrency.
28. Interestingly, anyone can contribute to the development of Bitcoin—it’s an open system.
29. Did you know that the Bitcoin blockchain has never been hacked? This is because it had a tight security system.
30. Anyone with internet access can mine Bitcoin irrespective of the government bans— Bitcoin may be banned physically but not digitally.
31. The addition of newly processed blocks to the previous chain of transactions is the term “Blockchain”.
32. Those who process block networks are called miners.
33. What you receive after mining is a crypto coin.
34. Majority of cryptocurrency came into existence through mining— A process of generating cryptocurrency.
35. The amount of Bitcoin reward per block is cut in half every 210,000 blocks, which happens roughly every four years.
36. Sadly, once the 21 million Bitcoin limit is reached, no more Bitcoin will exist— Generally, 21 million is the limit for Bitcoin.
37. The largest Bitcoin wallet belongs to Huobi Exchange with an estimated value of $2.2billion— It’s a Seychelles-based cryptocurrency exchange founded in China and has branches in other countries.
38. BTC represents Bitcoin Core’s ticker symbol, better still an abbreviated form of Bitcoin.
39. Did you know that the first commercial Bitcoin transaction was for pizza? On May 22, 2010, Florida-based Laszlo Hanyecz traded his Bitcoins to get two pizzas from a local pizza store.
40. Profit is the main reason many trade cryptocurrencies— Oftentimes, crypto has high returns.
41. Ethereum is beyond a coin, it can be used to execute smart contracts— Smart contracts are designed with terms of the agreement between buyer and seller. Its code exists across the decentralized blockchain.
42. More than 15,000 different cryptocurrencies are traded publicly.
43. Interestingly, many view cryptocurrencies like Bitcoin as the currency of the future. In other words, they believe it will be legalized someday.
44. Central banks can’t regulate cryptocurrencies supply— Central banks are banks owned by the government of a country.
45. 0.00000001 BTC is the smallest account for Bitcoin.
46. To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency.
47. Real money can be used to buy cryptocurrencies.
48. Cryptocurrencies operate on software networks, where myriad computers run separate copies of the same program.
49. Networks of computers running separate copies of the same program in bitcoin parlance, it’s a “decentralized” network.
50. There is no middle man practice in cryptocurrencies— Crypto transactions are between a buyer and the seller only.
51. Cryptocurrencies are used for asset transfer— assets are valuable property.
52. Transactions using cryptocurrencies are more confidential— Secret!
53. In cryptocurrency each transaction you make is a unique exchange bet. This is achieved because it’s decentralized and offers a large amount of anonymity.
54. In cryptocurrency you are the sole owner of your wallet, with no interference.
55. There are currently over 1200 unique cryptocurrencies or altcoins in circulation worldwide.
56. Cryptocurrencies transactions are highly secured. Hence, fraudulent activity is minimized.
57. Cryptocurrencies transaction charges are less compared with the traditional financial system.
58. Digital data transfer and the internet are the media facilitating the exchange in cryptocurrencies.
59. By using cryptocurrencies, cross-border transactions can be carried out without complications— It has no specific country currency attached.
60. Cryptocurrencies transaction systems are transparent. This implies that it shows you detailed information about every transaction.
61. Did you know that If you want to entrust the responsibility of maintaining your crypto wallet to a third party, you must pay for the service?
62. To some extent one cryptocurrency price influences another and vice versa.
63. Did you know that when you perform a transaction in cryptocurrency, you cannot reverse it? That’s the way it was designed. However, it can only be refunded by the person receiving the funds.
64. Decentralization in cryptocurrencies involves only two parties in the transaction—the sender and receiver.
65. Cryptocurrencies have high transaction speed when compared with traditional banks that take up to 3 working days.
66. Oftentimes, cryptocurrencies are subjected to cyber security breaches— This is a hack method that leads to unauthorized access to computer data, applications, networks or devices.
67. Cryptocurrencies lack inherent values, therefore subjected to frequent changes— Their prices aren’t fixed.
68. There is a high risk involved in cryptocurrency because it isn’t under any regulations.
69. Recently, lots of businesses are beginning to accept cryptocurrencies as a form of payment.
70. To carry our payment using Bitcoin you must have a corresponding wallet app on your smartphone beforehand.
71. Cryptocurrencies make it easier for users to manage, access, and transact money.
72. Transactions using cryptocurrencies are flexible and easy to carry out. Anyone can mine cryptocurrency following the laid rules.
73. Blockchain technology is behind cryptocurrency security— A record of past and current transactions.
74. Certain cryptocurrencies are quite expensive to purchase— This includes Ethereum (ETH), Maker (MKR), PAX Gold (PAXG), and Binance Coin (BNB).
75. The continuity of cryptocurrency isn’t guaranteed, although we hope for the best. This means it can crash at any time.
76. Cryptocurrencies are said to encourage criminal activities due to the anonymity involved.
77. According to the experts of cryptocurrency, there is no buyer protection or other legal claims and protections around its transaction.
78. To avoid great loss, have a motive for engaging each trade—greed shouldn’t be a motivator in cryptocurrency.
79. Cryptocurrencies trade isn’t always a win-win trade, there are also losses involved.
80. In cryptocurrency trade, your gain can multiple within minutes, similar to your loss. Hence, be mindful of your trade decisions.
81. Cryptocurrencies gain is a gradual process. It’s never a quick money scheme.
82. You must be knowledgeable about the cryptocurrency network to be able to carry out a successful transaction.
83. Your investment should be based upon affordability, not cheap price.
84. High return equates to high risk— It’s a 50/50 trading principle.
85. The higher the daily trading volume, the more suitable an asset is for long-term investments.
86. Long-term investment cryptocurrencies include Ethereum(ETH), Factor (FCT), Monero (XRM), and Dash.
87. Cryptocurrencies are unpredictable!
88. It’s always advisable that you trade with more than one cryptocurrency, because if one crypto coin price falls you can be sure of another.
89. Many investors are attracted to ICOs because of high returns.
90. Always have a strategy for trading cryptocurrencies. For instance, it’s wrong to trade with all your funds.
91. To make it again, learn from other investors’ mistakes. You can’t succeed alone. Therefore, always check out the mistakes of others and learn.
92. Set a limit to the amount you invest in cryptocurrency.
93. As a beginner be careful how you trade with bots. Oftentimes, there are just scams in disguise.
94. Always carry out a background check before investing in any cryptocurrencies opportunity.
95. You can buy and sell your cryptocurrency.
96. Reliable crypto wallets include Ledger, Trezor, Exodus, or MetaMask.
97. Emails persuading you to click on links or install spyware on your computer might be a scam in disguise. Ensure you verify!
98. It’s risky to invest too much in one single cryptocurrency— Diversify!
99. As a beginning, ensure you get a mentor to put you through to avoid making irreversible mistakes.
100. Trading cryptocurrency for gain isn’t all that easy. It takes practice with time to achieve meaningful gains.
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