In the last few months, we have heard how Bitcoin, Etherum and other cryptocurrencies have been rising in value and making people a lot of money.
Maybe you have considered investing in the cryptocurrency mania.
Some financial experts have stated that investors should be careful. Many expect the bottom to drop and the prices will fall drastically.
Now, I will not predict what is going to happen with cryptocurrency prices. But I am going to give you some facts you should know. And, if you want to keep up-to-date on crypto prices, you can at this link.
These facts should help you decide if investing in a cryptocurrency is right for you.
Cryptocurrency Facts #1: Digital Money
Cryptocurrency is digital money that is created using blockchain technology and managed with top-of-the-line encryption.
To store your cryptocurrency, you use a digital wallet. That wallet has its own digital address that allows you to accept, spend or transfer your cryptocurrency.
Cryptocurrency Facts #2: The First
The first cryptocurrency was Bitcoin. It was created in 2008 and went public in 2009.
Cryptocurrency Facts #3: How Many?
Currently, there are over 1,100 various cryptocurrencies.
Cryptocurrency Facts #4: How New Crypto Is Created
Unlike the dollar that seems to be printed without the actual backing of any precious metals, the majority or cryptocurrency is created when a person accepts, spends or transfers their cryptocurrency.
The reason is, when a transaction is made, the crypto community allows their computers to be a part of the transaction by performing computations. When the transaction is complete, the owners of the computers who helped process the transaction are awarded with newly made cryptocurrency.
Now some people have this thought that they could just “hook in” to the crypto community and let their computers mine cryptocurrency through computation. But the energy use alone can cost more than what the person receives.
You essentially must “go green” by using solar or wind energy to make crypto mining profitable.
Cryptocurrency Facts #5: Number Of Bitcoin Created Daily
The statistics are amazing!
Each day, approximately 3,600 new Bitcoins are created using blockchain technology.
Consider this… Just looking at the current price of Bitcoin, that is 34,790,400.
That is a lot of money being made daily.
Cryptocurrency Facts #6: Hoarders
It has been determined that over 60% of the Bitcoins in accounts have never been used in any way.
So anyone out there sitting on a Bitcoin, I DO accept Bitcoin donations…
Cryptocurrency Facts #7: The Big Loser
There have been some people who have become millionaires thanks to cryptocurrency. But 1 man lost big.
It seems James Howell threw his hard drive in the trash. He forgot he had over 7 ½ Million $ in Bitcoin on the drive.
James had a very bad day.
Cryptocurrency Facts #8: The Crypto ATM
Vancouver, Canada is the first location of a Bitcoin cash machine. You simply enter your wallet info and you can draw out cash which will be deleted from your Bitcoin stash.
Cryptocurrency Facts #9: Illegal
In 2013, Thailand made Bitcoin illegal in the country. But it has since been dropped and Thai natives can legally have Bitcoins.
Cryptocurrency Facts #10: Employment
The crypto industry currently employs over 2,000 people.
Cryptocurrency Facts #11: College Tuition
Several colleges will now accept Bitcoin as a method to pay your college tuition. That includes:
- New York’s King’s College
- The United Kingdom’s University of Cumbria
- and the University of Nicosia in Cyprus
Cryptocurrency Facts #12: Not Infinite
The majority of cryptocurrencies have a maximum amount of coins that can ever be mined. Once that amount gets close, it will be quite difficult for any computers attempting to mine.
Here are a few of the maximum crypto coins:
- Dash – 18,900,000
- Bitcoin – 21,000,000
- Litecoin – 84,000,000
- Leocoin – 1,000,000,000
Many people thought cryptocurrency was just a passing fad. But we now know that it is here to stay. I predict we will soon find many businesses accepting cryptocurrency.
Have you invested in crypto?
Do you have any questions?
You can post comments and questions below.
Hey, did you know my book To The Top is in audio? You can get it here.
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