Few facts that many people may have been unaware about cryptocurrency. Hope this sheds some light on a few questions and answers anything you may have wondered.
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- Did you know that Bitcoin was developed by a person or group of people known as Satoshi Nakamoto in 2009 then he/they vanished off the internet in late 2010 ad no one has heard from them since. “Only a few people had little communication through email and forums. Satoshi’s Bitcoin wallet holds around 980,000 bitcoins, which makes him one of the riches people on the planet”.
- If you lose your address which is also known as your private key. You lose your bitcoin wallet with your bitcoin in it. Research shows that “60% of all bitcoin addresses are ghosts,
- which means a huge chunk of people using bitcoin have lost their addresses and have no way to access their wallets”. Quoted from simplilearn if you would like to read more on bitcoin
- Beware of Cryptojacking: Just like anything in the world it comes with its own scammers. These scammers can gain access to your computer or phones processing for mining of cryptocurrency. They will do without your approval and this is called cryptojacking where scammers put malicious code in your device.
- China is the biggest miner of cryptocurrency. Mining is the process of verifying various forms of transactions before they are put on the blockchain’s distributed ledger. China controls around 75% control over the mining network.
- Despite how popular cryptocurrency has been becoming lately and how how bitcoin has risen, there are still a few places that want nothing to do with cryptocurrency and it is banned. From the list on expresscomputere.in. The list says Algeria, Bolivia, Bangladesh and a few more. But anyone can have access online to a wallet so I’m not sure if these places just block those sites or just won’t let them enjoy spending the money I’m really not sure how they can stop someone completely guess that is something I will have to look up next. Well without reading pages and pages I skimmed through and seen one that made the most sense on how they could ban it, places where they don’t allow cryptocurrency they just consider it to be a not authorized method of payment. That would be the only way I could see how they could stop someone sort of because they still can get access to it online either way and use it as a form of payment online to another country that allows the use of cryptocurrency.
- On that , the best thing is with dealing with things in different countries, foreign exchange, there are not any borders like on land it is all digital so there is not foreign exchange.
- The cryptocurrency that is not actually a cryptocurrency, Etherium. All the other cryptocurrencies came out after Bitcoin like Litecoin, Ripple. But this type of coin is not even a actually cryptocurrency.
9. Bet you nor many people did not know the first Bitcoin transaction was to purchase two pizzas. The two pizzas were bought for 10,000 btc, in 2010 when that amount of bitcoin was worth 25 USD. The guy who got the pizza way over paid but how was he to know that in a few years btc would multiply in value.
10. Last I want to let you know how you can earn bitcoin if that is something you would like to do. All the times I mentioned taking surveys and did you know you can take surveys and earn bitcoin? Timebucks. Do all the same stuff you would do to get normal cash from surveys, playing and downloading games, but get bitcoin instead of cash. You can also do online shopping and earn bitcoin. Lolli is a site to earn cash or bitcoin back for shopping. You can start to mine bitcoin also or open a crypto interest account to earn bitcoin.
Well that’s it for today hope you are all healthy and stay that way. Sorry it took so long. I went through a mental block last few days. I love learning about all this as much as writing for you all to learn about it, but for some reason last few days just wasn’t able to read a paragraph or The subject I tried to work on I couldn’t find as much information as I wanted to on it for you. I will keep on my posts as much as I possibly can.