Cryptocurrency has become the talk of the town these days. It has also received plenty of attention through various sources. Cryptocurrency works in the form of a medium of monetary exchange through strong cryptography that helps in securing all financial transactions. It works as digital money and stands out as an alternative option for the money. One of the most popular cryptocurrencies is Bitcoin and through software and applications, such as Bitcoin Up, you can trade or invest in cryptocurrencies with no hassle.
Cryptocurrency: Things you must know!
Cryptocurrency is virtually and anonymously secure because it’s not centralized by the banks or the government. But whether you are an expert or a beginner in the realm of cryptocurrency, there are several things you may not know about it. These things are:
- Ethereum is not a cryptocurrency: After Bitcoin, many other cryptocurrencies, such as Monero, Litecoin, and Ripple, were introduced. But what about Ethereum? Well, this kind of coin is not exactly a cryptocurrency. Ethereum is nothing but a contract-built program, which is created to construct Blockchain platforms. For example, if there was only one type of currency to provide funds for manufacturing a home, it will be a currency that will operate just like Ethereum.
- The FBI has Bitcoin: Yes, you heard it right. The Federal Bureau of Investigation or FBI has one of the largest bitcoin wallets of all time. They only have the wallet to capture the assets of individuals who conduct illegal activities with blockchain technology. They keep everything under their radar and monitor every trade or investment made.
- The First Bitcoin purchase was for buying Pizza: A Hungarian programmer named Laszlo Hanyecz bought the first Bitcoin in 2010. He only purchased two pizzas from Papa John’s. The programmer sends his Bitcoins to a collector who helped in purchasing him. That time, he paid around 10,000 Bitcoin to buy two pizzas. In today’s market, 10,000 Bitcoin is $180-million, but in 2010, it was just $30. If you’ve been sitting on the fence about investing in bitcoins, it’s never too late.
- No one can ban Bitcoin or cryptocurrency: Bitcoin and all the other cryptocurrencies brought plenty of controversies. Many individuals have claimed that cryptocurrency might get banned. All the digital currencies, including Bitcoin, work pretty differently when compared with the traditional banking system. For such reasons, it caused many financial institutions to lose their trust in cryptocurrency. The fundamental design can be regulated, not banned. If you have a Bitcoin wallet and an excellent internet connection, you can do business through Bitcoin.
- There are no more than 21-million Bitcoins: In today’s world, there have been around 16.3-million Bitcoins that have been mined and are traded across the globe. But the supply of Bitcoin is finite, not infinite. 2140 will be the last time when Bitcoin will get mined. Once 21-million Bitcoins get mined, there will be no more Bitcoins left.
Ending Note
Bitcoin or cryptocurrency is being used by many investors and business owners across the globe. It is still gaining plenty of recognition, even when Bitcoin is limited in supply. But there have been many things you may not know about it. Try doing some research on it before you take any step further. Navigating the blockchain space and the constant crypto updates online can be intimidating and difficult to understand, especially if you are a beginner. Consider checking a crypto glossary for traders easily accessible online, so that you can keep up with tips and insight provided by professional investors.