Cryptocurrency: Here Are 6 Facts You Need to Know | ForexProp

Cryptocurrency: Here Are 6 Facts You Need to Know | ForexProp

For many people, the cryptocurrency business is a mysterious one.

People are getting more and more interested in digital currencies and trying their luck by investing in them.

But there are likely some things about the world of digital currency that you didn't know.

We're here to tell you some important things about cryptocurrency that you should know.

  • The total amount of bitcoin is limited

You're right. If you thought you could buy an infinite amount of crypto, you were wrong. Like gold or oil, there is a limited amount of cryptocurrency.

This is why the value of currencies like bitcoin keeps going up even as their supply goes down.

Investors know that at some point in the future, there will be no more bitcoins or other alternative currencies.


  • Nobody knows who came up with bitcoin

So who is the person that’s created this virtual currency market? Well, nobody knows for sure.

The most surprising thing about cryptocurrency is that no one knows who or what came up with "bitcoin."

But people call the person who made bitcoin Satoshi Nakamoto.

People often think that the name stands for the names of four major tech companies: Samsung, Toshiba, Nakamichi, and Motorola.

  • Physically, cryptocurrency can't be banned

Many countries around the world have talked about banning cryptocurrencies, but it's physically impossible for them to do so.

Why? Anyone can get a cryptocurrency wallet. Countries can, of course, make rules, but they can't ban the cryptocurrency market itself.

Alergia, Cambodia, Bolivia, Educator, Bangladesh, and Nepal are among the countries that have taken away the rights to use cryptocurrencies.

  • There are more than 5,000 different currencies

Everyone wants to get involved with cryptocurrencies. This is why there are always new currencies in the market.

There are more than 5,000 different currencies in the world right now. Most of these currencies don't have much value, and they never will.

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But there is always someone hoping to find a diamond in the rough. That is, not all altcoins are worthless.

There are more than 5,000 cryptocurrencies, and some of them are funny, like Coinye, which is named after Kanye West, PizzaCoin, and Cabbage.

  • China is the biggest crypto miner

Who would have thought that would happen? Mining cryptocurrency is the process of checking transactions before they are added to the Blockchain's ledger.

It's a very profitable part of the business, and China runs about 75% of the mining network right now.

  • Crypto is taxable

Obviously, it depends on where you live. But now that cryptocurrencies are widely used, tax agencies around the world are trying to get their share of the virtual pie.

Many countries want you to pay tax on the money you make from cryptocurrency.

In the U.S., the IRS won a court case against Coinbase, which meant that Coinbase had to give the IRS information about more than 14,000 users who had yearly transactions of more than $20,000 between 2013 and 2015. So, check the rules in your country twice.


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