Cryptocurrency is projected to be the next monetary system by many financial experts and what makes it remarkable is that this is barely a decade-old, but it has presented one of the most astonishing ecosystems in the world of finance.
In this article compiled by piyasacilar, we will show you some of the most exciting facts about cryptocurrency that will be leaving you in awe.
- GHOST FOUNDER- Actually, the conceptualization and idea of digital currency emerged three decades ago when the computer era started to take over the world. However, it was formally introduced in the world of finance in 2009 when the actual code and program was developed but until now nobody in the cryptocurrency industry figures out who owned the code and the program. The owner of bitcoin, the popular term of cryptocurrency has not been identified up to this day and nobody claimed ownership of the code but what makes it remarkable is that it is open for everyone.
- VOLATILITY- When it first started, bitcoin or cryptocurrency is worth a merely $0.003 however by the end of December 2017, its value catapulted to $17,900 which drew mixed reactions and huge interest in investors and people involved with trade and finance. However, due to some issues and a series of setbacks that involves security, its value dropped to $6,000 in the early part of 2018 which solidified the proof of its volatility that’s why despite the huge interest, it also drew backlash because of its unpredictability which dramatically changes that causes gains and losses in its stocks and assets and what makes it more volatile is that there’s no central bank or regulatory body that controls it.
- SATOSHI- Did you know that bitcoins or cryptocurrency that are in small fractions or of small value is called “Satoshi”. This term is used to allow investors to purchase 1/10 of bitcoin thus using the term is popularly used in the world of cryptocurrency. In some cryptocurrency companies such as Ethereum, you can buy a half or one-fourth of a $100 bitcoin value to provide a chance to people who want to start a small-scale investment in the cryptocurrency industry.
- BITCOIN PAID FOR A PIZZA- Somebody in 2010 bought a pizza worth 10,000-bitcoins worth two boxes of it which proves that despite its volatility, bitcoin or cryptocurrency can generally penetrate the market in a very general manner. If that person used his 10,000 bitcoins last year, it would have translated to a whopping $179,000,000 in terms of real money due to the sudden surge of bitcoin’s value in the stock market and this could have bought a big-time company or even make a person an instant millionaire.
- NEVER LOSE YOUR WALLET- In the world of cryptocurrency, if you lose your digital wallet used in it, you will also lose your bitcoins as well because of the absence of a central point or a main operating system that generates and stored your codes. If you ever lose your digital wallet or cryptocurrency code, then it’s gone for good.
- GROWING NUMBERS- Currently, there are 1,500 registered cryptocurrencies around the world and growing rapidly as we speak because of the growing number of industries that showed interest in investing in digital currency.