Cryptocurrency        20 января 2020        2162         0

Five interesting facts about cryptocurrency

    Humanity began to use money a thousand years ago. Initially, these were various objects, then precious metals, and after them began to use paper bills. With the development of technology, a new type of money has appeared – cryptocurrency. In other words, it is digital money that exists only virtually, in electronic form.

    These are 5 facts about cryptocurrency and in particular about bitcoin.

     1 fact. Bitcoin (BTC) first appeared in 2009. The creator of this technology is a person under the pseudonym Satoshi Nakomoto, who has published documentation on how this system works. The most amazing thing is that no one knows who this person is. Throughout the entire existence of Bitcoin, many people seemed to be the only creators of the currency, but could not bring significant evidence. It is possible that Satoshi Nakomoto is not an individual, but some government organization or development team. We will never know this and the identity of the creator of the legendary cryptocurrency will remain a mystery.
     2 fact. The main feature of cryptocurrency is that transactions with their use are depersonalized, and there are completely anonymous cryptocurrencies and they cannot be tracked by the state, unlike the banking system. In the case of bitcoin, each user has his own electronic wallet with electronic money and all operations go directly from wallet to wallet. Plus, transactions with most cryptocurrencies are cheaper compared to banking, which charges a large transaction fee. Transfers between wallets take place almost instantly, faster than in other organizations.
     3 fact. Cryptocurrency is not stored in the physical version. This is the information that is in the code. But the money transferred for them is real!
     4 fact. Once Bitcoin was worth negligible, but now a lot. And a sufficient number of people who bought the currency, sold it at the peak of the take-off value of the rich. It’s true! A few facts inside the fact: initially the prices for bitcoins were less than a cent, popularity along with the cost grew. The peak of the high cost of bitcoin reached at the end of 2017. Then bitcoin cost almost 20 thousand dollars. And again, the cryptocurrency is experiencing a decline in prices and now its cost is equal to 8 thousand dollars, and a few months ago it was 3,500. A lot of people went bankrupt because of such instability. The main reason that cryptocurrency cannot replace ordinary (fiat) money is the rapid decline and rise in prices, which makes transactions with large settlements impossible.
     5 fact. Bitcoin is the most popular and expensive electronic currency in the world, but far from the only one. At the moment, there are about 2 thousand types of cryptocurrencies (altcoins), half of which are fraud (scam). But there are quite capable of overtaking bitcoin currency. They are developed by other groups of people, in their structure completely different systems. Such are: Etherium, Riple, Dash and others.

     Cryptocurrency is a fairly new and not fully understood economic system. With technological growth, the demand for electronic money will only increase.

    It is possible that in the future, bitcoin or other cryptocurrencies will crowd out banknotes from the global financial settlement market!

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