Cryptocurrency is increasingly becoming a household name.
From the largest cryptos by market caps such as Bitcoin and Ethereum and new cryptos on the block like Tron, Ripple, and Electroneum, more and more people are embracing the digital currency revolution.
No doubt, cryptocurrencies are among the most talked-about topics globally. However, there are other things which you might not know that can still surprise you. Cryptos may be surrounding by never-ending questions, but this post will help you get more familiar with them.
So, let’s get into it!
Anonymous and Virtually Secure
As a medium of monetary exchange, cryptocurrency uses a strong cryptography for securing any financial transactions. You may consider it as an alternative form of money. It still remains to be anonymous, but its virtual security is unquestionable.
The digital currency is said to be not regulated by the banks or the government. In other words, no third-party is involved in the transaction because the money can be transferred from one account to another account.
More Powerful Than Google
Well, it’s really surprising to know that cryptocurrency like Bitcoin became more powerful than Google. It might not be more powerful in the overall sense. But, if you will consider the power generated by the computers connected to the blockchain of Bitcoin, it really surpassed the servers of Google.
Bitcoin beat Google somewhere in the region of 100 times. Around 200 kWh is needed to mine a single Bitcoin. This amount of energy is similar to what you will need to power a house that is average-sized for the entire month. When all Bitcoin transactions are processed in one day, it will need about 76 million kWh.
Bitcoin’s Limit Is Space
Little did you know that the limit of Bitcoin is about 21 million units? Before Bitcoin hits the aforementioned peak, it’s limit was space. Interestingly, a transaction was completed on the far side of the Armstrong limit, which is 20 km above the earth, thanks to Genesis mining.
Once the Bitcoin symbol’s 3D model is printed, a paper wallet is placed inside. After that, it was hooked to a weather balloon. After the vessel is being officially in space, a send button is hit by the ground team. Then, the funds will beam up to the Bitcoin user’s wallet.
Since 2016 when a blockchain satellite was sent into space, information can be sent and received in different parts of the world in a matter of seconds.
Lost Private Key Means Lost Bitcoin
Once you lost your private key, expect that you will also lose your Bitcoins. For example, you threw your hard disc that contains the Bitcoin private keys, and you failed to retrieve that hard disc, then you will lose the amount in your fund.
Without those private keys, no one can use the funds. While there are several ways, you can recover lost cryptos, about 25% of Bitcoin have been lost. So, the best thing you can do is always to keep a copy of the private keys along with the crypto address.
It Is Impossible to Ban Bitcoin
Guess what? Cryptos like Bitcoin can’t be banned. So, you will still enjoy using Bitcoin-Upsoftware no matter what happens.
Visit the official trading site.
Since cryptocurrencies and Bitcoin work differently compared to the traditional banking system, government officials and bankers do not trust digital currencies. It’s good to know that while the fundamental design is being regulated, it is impossible to be banned. As long as you have a Bitcoin wallet and an internet connection, you can transact using this digital currency.
After reading the post, another valuable idea made you more interested to cryptocurrencies.