Are you considering jumping onto the cryptocurrency bandwagon? Crypto is booming, and everyone from average citizens to celebrities and governmental figures is trying to take advantage of the benefits early.
If you are wondering if now is the right time to buy Bitcoin or other cryptocurrencies, here are seven facts about crypto that may surprise you:
Cryptocurrency Is Older Than You Think
Bitcoin was created in 2009, but the idea of digital currency has been around for decades. In 1982, a research paper called “A New Age Computer Economy” defined a digital money system that could store and transfer value without being connected to any central bank or government-controlled agency.
In 1989, an organization called Digicash realized the potential and created the first commercial electronic currency network in North America. However, it was short-lived and never took off due to security flaws with its software.
Fast forward 25 years later: cryptocurrency has taken an older idea and has now revolutionized the way that we do business.
Bitcoin’s Mysterious Founder
Bitcoin was created in 2008 by an unknown person or group of people under the alias “Satoshi Nakamoto” and was released as open-source software in 2009.
Since then, many people have come forward claiming to be the founder of Bitcoin, but Nakamoto has never been identified and their true identity remains unknown. Some speculate that Satoshi’s surname is Japanese for “central origin,” suggesting a tie with financial institutions such as banks.
Crypto Is Free From Influence
Cryptocurrency is not backed by any government, bank, or corporation. It’s decentralized and free from outside interference or control. Cryptocurrencies are also decentralized in that, unlike fiat money and traditional currencies, they’re not based on the physical properties of rare metals such as gold or silver.
This means that there’s no central authority to regulate them, which is why you’ll find many governments sceptical about their use.
Cryptocurrency Is Powered by a “Blockchain”
Blockchain is a digital ledger that contains the entire history of each cryptocurrency transaction. It’s shared across all computers participating in a network and constantly reconciled. Hence, it has no central point of failure, meaning that hackers can’t attack one system to gain control over everything.
Mining Cryptocurrency Doesn’t Require Massive Supercomputers
Bitcoin “miners” use computers to compete with other mining computers in solving complicated math problems. This process requires computer power and energy, which has caused many critics to argue that it wastes more electricity than a country such as Denmark.
However, this process can be done with just regular computers and is not limited to supercomputers or specialized mining rigs such as graphics cards. This means that anyone with the time and willingness to spend on computer power can participate in cryptocurrency mining and generate their own coins, making digital currency accessible to many people.
There Are a Lot of Cryptocurrency Types
Bitcoin is one of the most popular types, but it’s not the only cryptocurrency. There are over a thousand different cryptocurrencies available on exchanges and they’re all very unique, depending on their features.
For example, Litecoin was created with shorter transaction times in mind for smaller transactions such as buying coffee or paying for lunch, while Bitcoin is more for big purchases like houses or cars. There are also various cryptocurrencies and coins that serve all kinds of specific and broad purposes.
Cryptocurrency Is Still Outlawed in Some Countries
Cryptocurrency is often viewed negatively by governments, mainly as a potential way for criminals to move and launder money illegally. This has led to scepticism by many governments. Many authoritarian governments have banned cryptocurrency transactions and mining due to their decentralized nature.
In some countries, cryptocurrency is only illegal if used in criminal activity, but it’s still not regulated and any transactions are considered risky as there’s no central authority to protect them from fraud or theft.
Are You Ready to Ride the Cryptocurrency Rocket?
No matter how you feel about cryptocurrency, it’s here and may be here to stay. Many countries are now considering accepting cryptocurrency as a legal form of tender, and it’s possible that others will follow suit.
The best way to get involved in cryptocurrency is to spend time researching the different digital currencies available and how each works. Whether you want to buy Bitcoin, Litecoin, or Ethereum, there’s a lot of digital currency out there to get familiar with and no one wants to be left behind in this new possible wave of the future!
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