There’s a lot to know about crypto, and even more people don’t know. In this blog post, we’ll go over seven things you may not have learned about crypto. From its origins to how it works today, we’ll cover everything you need to be in the loop on crypto. So, whether you’re a complete beginner or an experienced user, read on for some interesting insights into the world of crypto!
- Secrets of satoshi:
If we look at the origins of crypto, we can better understand the technology that makes it possible to communicate in complete secrecy. You might not know who Satoshi Nakamoto is, but you’re probably already aware of his (or her) legacy. If you’ve ever used crypto or heard someone talk about it, the chances are that he’s the person responsible for its creation. Satoshi Nakamoto is a pseudonym, and we don’t know much about him; we only know that he (they) is Japanese and has an advanced understanding of computers.
He announced Bitcoin in 2009 through a mailing list, and since then, he’s disappeared without anyone knowing his true identity. Satoshi was a developer who developed Bitcoin in response to the 2008 recession caused by the banks and financial institutions. They aimed to create an alternative to fiat currencies such as USD, GBP, and EUR that would be free from the control of these centralized bodies.
- Cryptocurrencies aren’t just for investing:
There are quite a few practical uses for virtual currencies, including the following:
Sending money across borders can end up being expensive, especially if you’re sending it internationally. However, with cryptocurrencies, the process is simple and cheap. All you have to do is find someone you know who owns the currency of your destination country (or vice versa) and transfer! You could even open an online store and start accepting cryptocurrency as a form of payment!
- Online purchases:
With cryptocurrencies, you carry out online shopping with cryptocurrency and buy anything from anyone in the world, so long as they accept it as a means of payment. All you have to do is find someone online who wants your money, and they’ll happily set up an order. Oh, and most cryptocurrencies are anonymous, so if you’re purchasing something illegal, it’s even better because nobody will be able to trace the transaction back to you!
- No more banking fees:
With traditional banks, if you use an ATM that your bank doesn’t own, they charge you a fee for using their machine. If you transfer money internationally using a wire service like Western Union, you’ll pay big bucks to convert your money and send it overseas. With cryptocurrencies, all of these fees are cut down by a mile! Plus, there’s no need for an in-person meeting. Just set up your order and buy your cryptocurrency online, then transfer it to the seller, and they’ll give you what you’re paying for.
- Bitcoin isn’t the only cryptocurrency out there:
Many different cryptocurrencies are available! Although Bitcoin is the most famous brand, there are several other popular alternatives. Litecoin and Ethereum are two of the most well-known altcoins out there. Ethereum 2.0 is the new cryptocurrency on the block that is, of course, catching the attention of big investors. If you’re looking for a new coin to invest in, why not check out there? There are 959 cryptocurrencies as of today, each with its unique features. There’s only one that isn’t traded for another cryptocurrency or just used as a placeholder on Cryptopia. If you’re new to cryptocurrency trading and want to find out where the other cryptos are trading, check out Coinmarketcap.
- Cryptocurrencies are decentralized:
Crypto is a digital currency created and stored electronically. It means it isn’t tangible, which makes it difficult to understand compared to traditional money. Meaning they’re not regulated or controlled by any government or financial institution; there’s no third party or middle man. Cryptocurrencies are created for various purposes, but their primary goal is to be used as an electronic medium of exchange. It means that cryptocurrency transactions are direct, peer-to-peer transactions between two parties. Decentralization of crypto also allows it to be more secure as there’s no third party for a hacker to hack into. Crypto also can provide internet users with decentralized alternatives to services like PayPal or Western Union, which charge high fees on transactions.
- Choose your purpose: