Most often, people hear about cryptocurrency after they have heard about the most famous one, Bitcoin. Bitcoin is an autonomous digital currency created in January of 2009 by Satoshi Nakamoto, who still cannot be identified to the current day.
Bitcoin doesn’t work as a traditional online payment mechanism. Instead, it offers lower transaction fees as well as several other great options to investors. Usually, governments issue their own currency in the market that flows throughout the country. This means that the government holds the sole authority to balance the structure of money.
However, Bitcoin works on a decentralized basis which means that no central banks or central government authorities have control over cryptocurrency, and they have no right at all to access it or any of the transactions. As time goes on, there are more and more people becoming interested in cryptocurrency including Bitcoin and have begun investing in them. Check out Cointext.com to learn more. To get you started, here are some facts you should know about Bitcoin.
Cryptocurrency has a limited amount of supply
If you have just entered into the cryptocurrency world, it is likely that you think you will be able to continuously buy an endless amount of cryptocurrency. However, this couldn’t be more untrue. All cryptocurrencies are limited which is why they keep increasing in value as there is less supply available.
It works this way in both demand and supply mode. For example, if the supply decreases due to things such as a shortage of resources, productivity, and high cost, its price will fluctuate greatly. Hence why people constantly speak about the volatility of Bitcoin and other cryptocurrencies.
No one knows who created Bitcoin
In Greek terminology, the word “crypto” means “hidden or private”. That is ironic considering the mystery surrounding Bitcoin’s founder. So, who is this mystical person that has created this soaring digital currency that is taking over the world?
The most surprising thing that people find when learning about Bitcoin is that the person or organization that invented Bitcoin is completely anonymous. People believe that the creator of Bitcoin is Satoshi Nakamoto whose identity is completely unknown.
There has been significant speculation over time regarding who created Bitcoin. However, nothing has ever been proven. Hopefully, one day, we will know who to thank for this great digital currency.
Cryptocurrency cannot be physically banned
Many countries worldwide have discussed and planned to ban cryptocurrency as a whole so that the usage cannot affect the economic condition of a particular country. However, it is actually physically impossible to ban cryptocurrency. This is because anyone in the world who desires to get a crypto wallet can easily do just that.
It is well-known that countries can make regulations at any time. However, the cryptocurrency market itself cannot be banned.
The bottom line
There is plenty to know about Bitcoin and other forms of cryptocurrency. Over time, hopefully, there will be more to learn and know about so we can gain a detailed overview of cryptocurrency as a whole.
