If you think about the growing and rapidly spreading assets worldwide then the first thing to spring up in your head would be none but Bitcoins. However, according to the experts, the crypto realm is quite difficult to understand without taking some time out from your regular schedule and try to perform necessary researches. Click here.
Considering the above fact, you should not jump into the investment parts in cryptocurrencies at once. Instead, you can simply take your time to gain some of the basic knowledge on bitcoins and then you are all set for huge investments and handling large sum profits. The following piece consists of a few fun facts and figures based on the real life statics of bitcoins. If you want to take part in the investment game then check these out now!
Limited market cap of BTCIf you want to face facts based on popular cryptocurrencies like bitcoins then here is the most basic fact, did you know that bitcoins cannot be always available in the market? Yes, it is right that there would come someday when no investor would be able to trade in bitcoins as no new assets would be coming into the market anymore. It is because, Nakamoto had set the market cap of bitcoins to 21 million which about to end soon.
The same as gold and other metals, bitcoins and other cryptocurrencies are available in limited amounts. Because of this, bitcoin value skyrockets when the supply goes down.
Nakamoto- the mysterious man in the crypto realm Being a crazy fan of the crypto market, you must be accustomed to the name of Satoshi Nakamoto by now. But, the real fact is that no one knows about the person or organization who founded bitcoin. Many think the term is an abbreviation for the top four IT companies, Samsung, Toshiba, Nakamichi, and Motorola.
- Banned in Some Countries
Cryptocurrency cannot be banned physically. Some countries from around the world desire to ban the trading of Cryptos because it is a digital currency that allows anyone to create an account and open a crypto wallet. Crypto markets can be regulated but not banned by any country. Several countries have put restrictions on the usage of cryptocurrencies, including Bangladesh, Alergia, Cambodia, Bolivia, Educator, and Nepal.
- Over 12000 Cryptocurrencies are Available
Till now, there are more than 12000 cryptocurrencies worldwide. It is hard to buy every crypto coin from an exchange. You will need to open wallets to trade some cryptocurrencies. The list of cryptocurrencies continues to be expanded as more are created and made available for use. In September 2022, the top 20 digital currencies represented over 87% of the total market value of all crypto assets.
- Dogecoin started as a Joke.
In 2021, the crypto market introduced Dogecoin (DOGE). It became the hottest cryptocurrency because of a tweet from Elon Musk. Recently, the price of Dogecoin has pumped over 25%. However, this cryptocurrency started as a joke. The thing is that there are thousands of cryptocurrencies available in the crypto world which needs to be introduced. It became a popular meme coin back in 2013.
- Cryptos are Taxable
Some countries ask for tax on cryptocurrencies as it has entered mainstream markets. Tax agencies also want a small piece of this virtual pie. So, make sure you double-check that your country does ask for taxes on your cryptocurrency profits.
- Most cryptocurrency miners are from China.
Solving mathematical challenges to validate bitcoin transactions is the process of mining cryptocurrency. 75% of the cryptocurrency mining network is under the control of China.
- Ethereum Not for Payments Only
Ethereum is another popular cryptocurrency after bitcoin. It is mostly used to process payments and send money on the blockchain network. Ethereum’s native coin, ether, can be used for transactions, but the underlying technology is more than just a means of exchange.
- Highly Volatile Assets
The value of cryptocurrencies fluctuates wildly. Wide price swings are a common feature of cryptocurrency values. A coin frequently loses 30% to 50% of its value overnight before recording significant gains a few days later. People are attempting to estimate the worth of various coins because it is a new asset class. In addition, there is a lot of trendiness attached to cryptocurrencies due to all the news coverage they have received. It means that if something becomes unpopular, it could depreciate quickly; causing losses you might not be able to recover.
You can check official site to learn how to invest in bitcoins. Also, be cautious when you buy any new assets. Also, consider your risk tolerance before moving forward and use the appropriate strategy during the investment.
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