10 impressive facts about Cryptocurrency
Most of you already heard a lot about crypto currency. It’s trending now right? I also heard and read something about it. It’s called the revolution of finance. Financial freedom easy with it. This times it’s growing too much that dollar getting down value.
First there is Bitcoin and Ethereum. Than litecoin comes. They all are cryptocurrency and have same functional process. In this article I’m going to tell you 10 impressing facts about cryptocurrency.
1. Creator of Bitcoin maintains anonymity
Satoshi Nakamoto, the creator of Bitcoin has an identity that still eludes the world. The name appears to be a pseudonym. He (assuming it is a ”he”) is said to produce approximately 3,600 Bitcoins every 24 hours in a digital block mining process.
- Bitcoin transactions are literally impossible to trace
Bitcoin is popular for its use in dark web transactions. Many illegal purchases of items such as weapons, narcotics, and contrabands are made using Bitcoin. This is because there would be no evidence of transaction. Most times, the entities involved are anonymous to one another.
- Bitcoin is a legal means of exchange
Cryptocurrency is legal tender just like other popular means of exchange. Wirex, a U.K. company that provides virtual payment solutions has announced its collaboration with SBI Holdings, a Japanese corporation to manufacture Bitcoin prepaid payment cards for Japanese customers. A big Real Estate firm in the U.K. also announced recently, that they will only receive Bitcoin as payment for services rendered.
- Transactions are transparent
Blockchain is the virtual wallet where Bitcoin is stored. All transactions that occur in Bitcoin can always be viewed in Blockchain. Any interested individual can see the process. Status of transactions can also be viewed. This ensures transparency.
- There is no monopoly over Bitcoin
Cryptocurrency is digital and no single entity has the capability to influence its use. Bitcoin is mined and its control depend on miners and users of the platform. Some governments have tried to regulate its use but their efforts have not yielded positively.
The Last one is really important:
10. A Bitcoin transaction is irreversible
Be careful while spending your Bitcoin. It is not easy to collect. While transacting on your Blockchain account, be sure of the decimated value of Bitcoin you are sending to a merchant. If you send more than the required value, the transaction cannot be reversed!
I hope this article helps you a lot to know something that cryptocurrency have. There also a lot important fact going on about cryptocurrency. Go on, research about.