HomeCryptocurrency10 Surprising Facts About Cryptocurrency You Didn't Know About

10 Surprising Facts About Cryptocurrency You Didn’t Know About

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Due to globalization, crypto currency is not mysterious anymore; it has faded away with time due to globalization. Basically, crypto currency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double spend.

An important feature of crypto currencies is that they are not issued or controlled by a general authority. Crypto currency is immune from government interference or manipulation.

Cryptocurrency Surprising FACTS

Anonymous creator:-

The person behind the creation of crypto currency is unknown, but people refer to the creator of bitcoin as Satoshi Nakamoto. A popular belief is that the name is an acronym for leading tech companies like Samsung, Toshiba, Nakamichi, and Motorola.

 The amount of crypto currency is limited:-

Just like other valuable items like gold, coal, etc., crypto currency is a limited resource. Similarly, like other commodities, the value of crypto currency keeps on increasing.

 Cryptocurrencies are taxable: 

Just like other currencies, tax agencies also input taxes on earnings from the crypto market. The tax rates differ from country to country. e.g. in one of the developing countries, as per 2022-23 in February, announced a 30% tax on income from these transactions, which includes a 1% deduction at source.

Miners are true heroes:

Miner details like using high power computers to solve complex mathematical equations in order to verify and long transactions. Mining is referred to as extremely rewarding. China accounts for 70% of crypto mining.

 Priority for decentralization:

The feature that separates crypto from other currencies is that there is no authority interfering or manipulating. The power is decentralized. As there is no central hub, there are few chances for cyber-crimes.

 Ecommerce can enjoy higher authority:

With this advantage, Internet connectivity is easily available all over the world. With this advantage cryptocurrency could help Ecommerce reach worldwide people if they provide digital currencies as payment options. There isn’t a need for a middleman in transactions, so e-commerce reaches a higher authority.

 Countries that have banned crypto currency:

As always, it depends upon countries whether they are willing to adopt it or not, the same way, crypto is not adopted by many countries, or if it has been banned.

Nepal, Bangladesh, Ecuador, Cambodia, Algeria, Bolivia.

Ethereum! The next big crypto:

Ethereum is the second most popular and valued cryptocurrency after Bitcoin. Ethereum was created by a crypto researcher in 2013, went live in mid-2015, and now it has over a million transactions per day.

The story of the first spend:

Would you spend your bitcoin on pizza? Well, it’s a very popular story. The first transaction of bitcoin was done for pizza. A man in Florida paid 10,000 bitcoin for pizza. It is widely considered the inauguration of the first transaction.

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