Facts About Cryptocurrencies You Never Knew

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The Facts About Cryptocurrencies You Need To Know

Apart from the fact that they are digital currencies and everyone is currently raving about them, digital currencies are being referred to as the future platform for global transactions. Amongst the pioneering crypto coins, we have Litecoin, Bitcoins and more recently ripples, verge, bitcoin cash, ethereum and a host of other crypto currencies.

The reasons why these coins are fast gaining popularity is not farfetched because with the advantage of providing a medium for carrying out faster global transactions, everyone is literally jumping on the band wagon.

This said, here are facts you never knew about cryptocurrencies

Cryptocurrencies didn’t just start with bitcoins, Litecoins, ethereum and the likes. The history of crypto currencies dates way back even to the 90’s. When crypto currencies were first introduced, people were of course skeptical about investing in them and true enough, their skepticism was confirmed when the entire process of exchange became fraught with fraud. The earliest types of crypto currencies were quite number, the notable ones being flooz and digicash.

Cryptocurrency doesn’t start and end with bitcoins. Though they are the most popular cryptocurrencies known in the modern crypto system, there are as at the first day of the New Year over 1300 crypto currencies in existence over the world.

They are faster than the traditional means of exchange we had. If you think western union is the fastest exchange means you ever used, that means you haven’t tried cryptocurrencies just yet! They are ten times faster as a means of exchange than your usual transfer medium.

No one specifically knows the face behind the name Satoshi Nakamoto, the creator of Bitcoin. There have been several speculations but the name owner has managed to remain anonymous.

Every day, about 3,600 bitcoins are mined

Cryptocurrencies are legal tenders. Over the years, people have wondered if the transactions conducted with the use of cryptocurrencies are legal, well, yes they are and companies are beginning to consider the use of cryptocurrencies as payment for services rendered.

People are advised to thread with caution when transferring their crypto currencies as most if not all of them are irreversible so you have to be careful while spending your Bitcoin. Ensure that you have calculated properly the value you are buying or the value you are selling before you finalize the transaction.

Perhaps the most interesting feature just yet about cryptocurrencies is the fact that they are digital and cannot be influenced by any entity, government or otherwise. Cryptocurrencies are mined and its control largely depends on the miners and those who are using the particular crypto. It is devoid of any control from any government!

The use of cryptocurrencies offer comfort and transparency. Your transactions are contained on the blockchain and you can easily monitor your activities.

Contrary to the opinion that there is no limit to the amount of bitcoins that can exist, there is actually a limit and it is put at 21 million.

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