8 Facts About Cryptocurrency That’ll Surprise You

Over 3.2% of Canadians now own Bitcoin. It has grown from a niche topic at dinner parties to a serious option for investing your hard-earned cash. 

But before you get involved with crypto, you must understand some of the facts about these currencies and the crypto technology that underpins it all. 

As a starting point, here are eight fascinating facts about cryptocurrency.  

1. Cryptocurrency Started 14 Years Ago

In 2008 as a reaction to the banking crash of that year, a mystery person named Satoshi Nakamoto launched the first cryptocurrency. The first currency is still the most famous one: Bitcoin. 

2. There Are Over 10,000 Cryptocurrencies on the Market

Most people, when pressed, can probably and a handful of cryptocurrencies. But did you know that over 10,000 types of cryptocurrency are on the market?

The biggest lesson from this is to do your research when investing if you aren’t familiar with the name of the cryptocurrency. 

3. There Are Now Cryptocurrency ATMs

Did you know that there are thousands of special ATMs for cryptocurrencies?

However, unlike a normal ATM where you withdraw cash, these ATMs allow you to buy Bitcoins directly using your bank debit card. Or you can use a protocol such as The Graph. Here’s more information on how to buy Graph. 

4. A Cryptocurrency Might Be a Unicorn

No, we aren’t referring to those magical horse-like creatures with horns.

A unicorn is a financial term for private startups valued at over $1 billion. Some cryptocurrencies have reached this magic number, so you might hear them referred to as unicorns. 

5. Vietnam Uses Crypto More Than Any Other Country

It might surprise you that the US and China don’t rank highest in cryptocurrency transactions.

That award goes to Vietnam. The Vietnamese have one of the most positive attitudes to crypto. Predominantly, the younger generation invests heavily in new crypto markets. 

6. There Are Only 21,000,000 Bitcoins

The investor of Bitcoin wanted to create a currency that would have a finite number of coins floating around the market.

So there are only 21,000,000 Bitcoins in existence, and each one requires computer power to mine. Although only 10% is left to mine, that could take until 2140! 

7. Scammers May Steal Your Computer Processing Power

Most of us assume that cryptocurrency scammers would target your Crypto wallet. However, that’s not what happens to most victims.

Scammers tend to add malicious code to your computer and use that to mine Bitcoin. That’s known as Cryptojacking. Always make sure your computer’s security is up to date! 

8. Cryptocurrency Is Highly Volatile

Some people have made millions from crypto, so it’s a tempting prospect for any investor.

However, cryptocurrency’s price is highly volatile, which means it’s one of the most high-risk ways to invest your money. Before investing in crypto, ask yourself if you can afford to lose that money. 

Eight Facts About Cryptocurrency

These facts about cryptocurrency explain why some people love investing in this fun, albeit high-risk venture. Is it the right investment choice for you? Always do thorough research before attempting to answer that question.

For more interesting financial facts, why not browse through the latest articles in our business section.