Cryptocurrency technology is an amazing part of modern life. The idea of being able to have a separate currency that’s actually usable would have been unthinkable a few decades ago. Now we have a huge range of them!
Yet crypto is still very misunderstood by the general public. In this article, we’re going to put paid to some common misunderstandings and offer you some fascinating true facts about cryptocurrency.
Are you ready to start learning some amazing crypto facts? Then read on!
1. New Coins Are Released All the Time
Some people think that cryptocurrency is interchangeable with the word Bitcoin. This isn’t correct: there are a ton of different cryptocurrencies out there, such as Ethereum, Litecoin, and Chainlink.
More coins are coming out all the time. In 2021, we’ve seen coins like Swipe, Kava, and Fetch.ai becoming more well-known. Many of these coins won’t reach the same level of popularity as Bitcoin, but some may do!
2. Cryptocurrency Is Older Than You Think
Cryptocurrency might seem like a brand new invention, but Bitcoin has been around for 12 years at the time of writing! However, the history of cryptocurrency goes back further than that.
A cryptographer called David Chaum theorized about cryptocurrency all the way back in 1983!
3. No One Knows Who Invented Bitcoin
Bitcoin was the first functional cryptocurrency, so you might expect the inventor to be well-known, rich, and famous. They may well be rich and famous, but we have no way of knowing because we don’t know who the inventor is.
They go by the name of Satoshi Nakamoto, but this isn’t their real name as far as we know. They could be anyone from anywhere on Earth.
4. It’s Near-Impossible to Ban Crypto
Some countries have tried to ban crypto, with China being one of the most recent countries to do so. However, banning crypto is very, very hard.
You often have to verify your ID on exchanges, but you can still buy crypto from anonymous sellers without verifying your ID. All you need to have is a Bitcoin wallet, and there’s no way to ban someone from getting these. All someone would need to do is access a VPN and spoof their location, and that’s only if wallet providers’ websites were blocked in that country.
There’s no stopping crypto, no matter how hard governments may try.
5. You Can Use Crypto at Multiple Stores
Crypto is becoming a lot more widely accepted than it used to be. Crypto used to be well-known for its use on online marketplaces, but today, companies including Walmart, Microsoft, and Starbucks either accept Bitcoin or will let you convert Bitcoin to another form of payment.
Many companies focused on privacy, such as VPN providers, also allow you to pay with Bitcoin.
Cryptocurrency Technology Is Always Progressing
Cryptocurrency technology isn’t static: it’s always improving and gaining new functionalities. If you’ve never bought crypto, now is a great time to give it a try. Why not see what all the fuss is about?
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