Cryptocurrency is a growing field and many people are familiar with this new technology, especially with Bitcoin as it is the most popular one. However, few of them have understand the details and know the basics. Here are some useful and interesting facts that will make you quite aware of some hidden but important facts about cryptocurrencies.
Conceptual illustration of altcoins cryptocurrency logos coming out of a smartphone screen
There are more than 4000 cryptocurrencies.
Cryptocurrencies are launching in the market quite frequently and the number of crypto coins recently surpassed 4,000. As previously mentioned, Bitcoin is the most prominent and valuable one. It currently has a market cap of around $200 billion, whereas Ethereum, which is considered the second most popular cryptocurrency, has a market cap of almost $32 billion. Many of these new crypto coins have peculiar and funny names such as Cabbage, Pizza Coin, Coinye and so on.
Even though there are too many crypto coins and sometimes it is hard to monitor your holdings, but you can always use a crypto portfolio tracker.
Crypto Kitties are a unique phenomenon in the crypto world
CryptoKitties is a game based on the Ethereum blockchain. It allows players to sell, buy and breed these virtual creatures. This game is also extremely popular in the crypto community. CryptoKitties is one of the most unique implementations of the blockchain technology.
Cryptocurrencies are still illegal in some countries.
Some governments consider cryptocurrencies as a threat for the economy. There are even countries such as Sudan that imprison people who are engaged with cryptocurrencies. Most of the countries that ban the use are Muslim countries. They do not accept cryptocurrencies because of religious explanations.
Volatiliy.
Cryptocurrencies are known for their high volatility. This is caused by lack of mass adoption and institutional capital as well as the young age of the crypto market. Even though measures are being taken to combat volatility, it is still a lingering issue. For instance, in 2009 one BTC was sitting at $0.003, by the end of 2017 the value was $19,900. The current Bitcoin price is $10,500 and it reached here from $3500 in only half a year.
Who owns Bitcoin?
It is known to all, that Satoshi Nakamoto created bitcoin but we don’t know whether it is an individual, a big company or a group of people that stand behind it. This idea came from the thing that Satoshi has not confirmed his ownership yet which arises the doubts that bitcoin belongs to no one.
If you lose your crypto wallet, You lose your money.
Private keys keeping your funds secure are very important. If you lose your private key, all your cryptocurrencies will disappear in the whole massive crypto-void.
China is the largest miner.
Crypto mining is not as easy as it was some years ago. Today being a successful crypto miner requires much more time and resources than it would need before. When talking about crypto mining, consider that China stays the largest miner, holding about 75% of the Bitcoin network.
The largest ICO in history.
A blockchain-based storage and crypto called Filecoin is the largest in ICO history. In 2017 it raised so much that hit $257m and the amazing thing is that the $200m they gained in the first 30 minutes. Now that’s a record that will hardly be possible to beat.
These facts about cryptocurrency are very interesting. Yet, crypto investment is much more exciting and profitable. If you’re interested in investing in crypto coins and monitoring them use a cryptocurrency portfolio tracker. In order to do this efficiently take a look at this comprehensive cryptocurrency portfolio management guide.
