You’ve heard words like Bitcoin and cryptocurrency before, right? These things are gaining in popularity. Perhaps you kind of know what they are, or maybe you have minimal knowledge about these topics. If you have become curious about finding out more about what cryptocurrency is then here are some definitions and interesting facts about it that may help you learn more about what it is.
What Is Cryptocurrency Exactly?
Cryptocurrency is kind of like money in that it can be used for paying for things that you are buying such as products or services. Where it differs from money has to do with the fact that where you can use cash to pay for things offline and online, cryptocurrency is something that is only used for paying for products or services online.
What Is Blockchain?
Another word that you may have heard of that has to do with cryptocurrency is blockchain. Blockchain can be described as “a decentralized technology spread across many computers that manages and records transactions”.
Are There Different Cryptocurrencies?
You have probably heard of Bitcoin, but did you know that there are actually tons of different cryptocurrencies? There are over 2200 different types of cryptocurrencies!
Platforms For Cryptocurrency
There are companies that have created platforms for cryptocurrency. For example, swyftx is a company that has created a platform where you can exchange cryptocurrency. So, if you are interested in finding out more about cryptocurrencies and how to use them, you may want to look into platforms that can help you.
Bitcoin
Bitcoin is a cryptocurrency that is one of the quite popular ones. Did you know that the person or people that invented this type of cryptocurrency are unknown? The inventor or inventors of Bitcoin do go by a pseudonym though which is Satoshi Nakamoto.
Some Countries Have Banned It
There are places that have banned cryptocurrency. Some of these places include Ecuador and Bolivia. While some countries have banned cryptocurrency, the United States actually owns Bitcoin.
The Amount Of A Cryptocurrency Like Bitcoin Is Not Unlimited
For a cryptocurrency like Bitcoin, there is not an unlimited amount, and it cannot just be created as banks do with money. There are 21 million coins and it is projected that the last coin will be mined in 2140.
The topic of cryptocurrency can seem like one that is quite hard to understand. Hopefully, after reading these facts though, you now have a better understanding of cryptocurrency, various terms that are related to it and have found out some interesting pieces of information that have to do with it. If you are looking for investment ideas, then cryptocurrency is an option. If you are considering investing in cryptocurrency, make sure to find out all the information that you can before you start because you want to make sure you understand it. Also, since there are platforms that can help you with these types of investments, then you may also want to do your research to see if this is the right option for you if you are going to start investing in cryptocurrency.