When it comes to fascinating facts about cryptocurrency it always appears to be the most mysterious & daunting industry to get your hands on!
Indeed cryptocurrency has huge demand among people who are strong believers in digital currency but it’s not bad to have your facts clear even if you’re sure about investing in this volatile industry.
After all, It’s always better to get your facts clear, Right!
So, to make your understanding better & make you aware of the fascinating unknown facts about cryptocurrency in India let’s jump to the 12 interesting facts about cryptocurrency.
- They are extremely Volatile
If you’re a legit follower of the cryptocurrency or the type of cryptocurrency then you must be aware of the fact that cryptocurrency is pretty volatile in nature.
The reason why the cryptocurrency is so rapidly changing is that its trading takes place on a number of different cryptocurrency exchanges rather than a single central exchange resulting in a rapidly changing price value.
- Cryptocurrency has no fundamental backing
Unlike other authoritative and valued currencies in the world, cryptocurrency doesn’t possess any regulatory body or centralized bank to guarantee the flow and regulation of this digital currency among people.
Indeed it carries a high risk of value fluctuation whereas you can estimate the worth value of cryptocurrency by looking at the history of public trading stocks & economic performance of the country with regards to the GDP.
- Blockchain Technology the Real Gem
If you only relate Blockchain as one of the procedures or part of the technology then you’re mistaken, my friend. This indeed the most said but unsaid fact about cryptocurrency that needs your attention is that the Blockchain is the foundation upon which many cryptocurrencies like Bitcoin are built.
It’s a digital decentralized yet giant hub of a ledger recording all the produced entities, transitions, payments, and much more.
- Let’s Decentralized
The fact that cryptocurrency is decentralized is what makes it such a fascinating fact about cryptocurrency.
Because of no centralized big data center making it safe from hackers attacks of taking control over any type of cryptocurrency across the globe and making it secure technology to appeal to a larger stake of investors & individuals showing interest in this.
- No entry in some countries
Because of its uncontrolled and decentralized character many country governments have
Banned the usage and trade of digital currency making it a hot fact about cryptocurrency.
Many countries like Algeria, Bolivia, Bangladesh, Nepal, Morocco, Kyrgyzstan, Egypt, Qatar, Tunisia, and Ecuador have banned the exchange and services of cryptocurrency.
According to some reports in November 2021 around 51 countries have taken the step to ban cryptocurrency either implicitly or totally.
- More than 1300 cryptocurrencies are available
The increasing craze of cryptocurrency makes its miner produce new types of cryptocurrency every single day.
But not all cryptocurrencies have the same valuation. Bitcoin is the leading among all types of cryptocurrencies.
Don’t get shocked by this fact about cryptocurrency that China controls around 75% of the mining network across the globe.
- The barrier to entry is relatively low
It’s also worth bringing out this fascinating fact about cryptocurrency is that blockchain technology could change the whole scenario of the financial service industry. There is no entry-level barrier that exists.
If you have enough time, money, and a team that understands how to code, you can potentially write blockchain and introduce the world to the new type of cryptocurrency to market.
- Not everyone is a fan of Virtual currency
Of Course, you know the fact about cryptocurrency that not everyone is a crazy fan of digital currency like you.
Some of the renowned entities in the market have a view that there is no way cryptocurrency is replacing physical money. Of Course it can be a way to transmit money digitally or can become a temporary medium but not more than that.
- The anonymous creator
Can you give me the legit name of the creator who created or discovered the first Cryptocurrency Bitcoin?
I know the answer you must have heard about the name but don’t know whether it’s true or not. I understand nobody else has the proof either.
However, people do refer to the inventor as Satoshi Nakamoto. And you will be surprised to know the fact about cryptocurrency is that there is a rumor too that the name has been picked from the acronym from the leading Tech companies: Samsung-Toshiba-Nakamichi-Motorola.
- The limited Bitcoin
If you think you can buy unlimited Bitcoin and own multiple cryptocurrencies overnight then my friend you are in a big dilemma.
Just like crude oil it is too limited in resources and continues to increase in value while the supply goes down.
- It can’t be banned
If you have read above then you must be knowing many countries have banned cryptocurrency. Despite their desire to ban cryptocurrency, it’s physically impossible.
Because of the cryptocurrency wallet accessibility by anyone. Of Course, countries can set regulations on the uses or flow of it but can’t totally ban it.
- They are taxable
The most exciting Fact about cryptocurrency appealing the tax agencies worldwide are trying to make sure they are getting their piece of cake on their plate.
Of Course, the tax is charged according to the country you live in, while many countries expect you to pay tax on your cryptocurrency profits.