7 Hidden Truths about Cryptocurrency

  1. Digital assets like cryptocurrencies are highly volatile - If you are hyperactive in the Crypto space, you may have noticed that cryptocurrencies are wildly volatile.

For example : Bitcoin (BTC) hit an all-time high of $69,044 on Nov.10, 2021, and since then has declined by a significant percentage of 72.4%, and is currently priced at $18,886 at the time of writing this piece.

Also, the global crypto market capitalization has dramatically declined from its all-time high of over $3 trillion in Nov. 2021 to over $962 billion currently. That goes to show how wildly volatile these digital currencies.

  1. They are not backed by any government or traditional financial institutions - Unlike the Naira, US Dollars and other global fiat currencies, cryptocurrencies are not backed by a central bank or government. This makes it pretty much impossible to value cryptocurrencies in a traditional sense.

  2. Decentralization is the future of finance - In blockchain technology, there is no central hub or server where information regarding financial transactions are stored unlike the traditional financial institutions. More so, decentralization has made financial services available to the un-banked populace via dApps (Decentralized applications).

  3. The biggest miners of cryptocurrency in the world is China - Mining of cryptocurrency is the process of verifying various forms of transactions before they are added on the blockchain’s distributed ledger.

  4. The person who invented Bitcoin is unknown - This happens to be the most popular and surprising fact about the cryptocurrency world. The organization or person who created Bitcoin is unknown. A lot of people refer to the creator of Bitcoin as Satoshi Nakamoto.

  5. There are more than 12,000 cryptocurrencies in existence - Currently, there are more than 12,000 digital currencies in existence. There are many coins and tokens available because it’s way easier to create a new cryptocurrency and list it on an exchange. Some of them require their own wallets.

  6. NFTs are not considered as cryptocurrencies - Even though they are considered as digital assets, they are not cryptocurrencies. They are non-fungible tokens that can’t be replicated unlike cryptocurrencies. Instead, they are similar to artwork or collectibles that may have prospects of growing in value.


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