Bitcoin Cryptocurrencies

Facts and Figures About Bitcoins and Cryptocurrency

Different surveys show that investors from all over the globe are taking interest in crypto. To become successful as crypto investors they are looking for more and more ways and strategies of buying digital coins. There are different cryptocurrencies available in the market but survey data shows that Bitcoins are enjoying the prime position among all. Therefore, you can also make a strong digital asset out of cryptocurrencies or Bitcoin. So, if you have deep knowledge about the following 8 important facts and figures about these currencies:

  • It is not known yet who actually created bitcoins – Though Satoshi Nakamoto is regarded as the creator of bitcoins. Moreover, there still lies a mystery behind it. People often possess the notion that Mr. Nakamoto is an acronym of famous technological farms like Samsung, Nakamichi, Motorola and Toshiba. But, it is not like that.
  • Market value of cryptocurrencies is very volatile – Secondly, like the stock market, different external factors impact on the market value of cryptocurrencies or bitcoins. Thus, it makes its market very volatile making the idea of trader most important in this trading process. You would be only present digitally while doing crypto-trading. The dramatic change of values of cryptocurrencies sometimes might be in your favor and sometime totally causing you a huge loss.
  • You should be very careful about the security of your crypto wallet while handling – Thirdly, private and public keys are provided in the digital wallet for handling cryptocurrencies. Private Key is the most secretive part of crypto dealing and if you lose it once, chance of getting it back is almost zero. In that case the digital coins would just disappear which would create a huge crypto-void. Since the crypto-trading runs on the technology of blockchains, it is very hard to hack your crypto account and so if you lose the private key. Thus, it is your responsibility mostly. You should always choose a reliable crypto trading platform which would provide you with maximum safety against fraudsters.

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  • You should beware of Cryptojacking – Though crypto-investing is very safe if you keep your private key secure. But still there are scammers who can use your mobile and computer devices for mining your crypto fund which is known as crypto jacking. Fraud jammers set up some troublesome codes in the device from where you access your crypto account for their benefit.
  • You need to process data faster to gain in bitcoin mining – It takes a lot of money, time and electricity to perform the entire process of bitcoin mining. You need to have access to specific servers which are only used for bitcoin mining. The faster you are able to process the data, the faster the block would go to the main blockchain and so you would receive bitcoin rewards faster.
  • Meaning differs when you use ‘b’ and ‘B’ while writing bitcoins – Furthermore, if the term Bitcoins starts with capital ‘B’ then it stands for the ledger that stores the valuable information about transactions of cryptocurrencies. If the term is bitcoin starting with small ‘b’ then it refers to the crypto money which is used for the process of transaction.
  • There are many countries that have banned cryptocurrencies – Though digital assets can make people rich, they are often not accepted in many countries. Many countries have restrictions regarding the trading of cryptocurrencies. For example, in Turkey you cannot but anything with cryptocurrency as it is banned there. Nigeria has also banned trading related to cryptocurrencies. Despite of all these bans, it cannot be denied that bitcoins are huge success in crypto market and can provide huge economic strength and growth to any country.
  • Limitations of cryptocurrencies or bitcoins – The set of protocols for bitcoins state that its production is limited which is 21 million out of which 19 million bitcoins are already circulating in the market. Once the limit of one more million is reached, you would not be able to mine any more bitcoin.

So, if you are willing to test your luck in cryptocurrencies, knowing the above-mentioned facts would help you to achieve success in this field.

About the author

Venkatesan Prabu

Wikitechy Founder, Author, International Speaker, and Job Consultant. My role as the CEO of Wikitechy, I help businesses build their next generation digital platforms and help with their product innovation and growth strategy. I'm a frequent speaker at tech conferences and events.

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