1)- Digital currencies are volatile.
The first thing you’ll notice if you are into cryptocurrencies is that they are extremely volatile. This is due to the fact that digital currency trading takes place on various cryptocurrency stock market rather than a centralized exchange place, leading to increased volatility.
2)- Cryptocurrencies do not have basic support.
Unlike the USD in your wallet or other currencies in the world, digital currencies are not supported by a central bank or government.
3)- Blockchain is where true value lies.
Blockchain technology is the infrastructure that is built behind cryptocurrencies such as bitcoin. It is a digital and decentralized ledger that records payment and transfer transactions securely and efficiently.
4)- “Miners” play an important role.
Crypto mining involves the use of high-power display cards to solve complex mathematical equations on a competitive basis to validate and log transactions.
5)- Decentralization is the key.
There is no center where information is stored and therefore there is no data center where cybercriminals can take over. This makes blockchain a particularly secure technology that is highly attractive to large businesses.
6)- There are more than 1,300 cryptocurrencies.
Bitcoin was the first cryptocurrency to be launched and currently accounts for 54% of the total market capitalization of all cryptocurrencies at $ 589 billion. However, it is not alone in the market. There are over 1,300 cryptocurrencies available to traders to purchase.
7)- Blockchain technology is being tested by several businesses.
200 organizations joined the Enterprise Ethereum Alliance to test a version of Ethereum’s blockchain on small-scale projects. Affiliated companies include Microsoft, JPMorgan Chase, and MasterCard.
8)- Once you lose your private key, you have no chance of getting it back.
When trading with cryptocurrency, you keep a crypto wallet with both public and private keys. You are given a private key to gain access, and if you lose your private key, you cannot recover it.
9)- It is very easy to manufacture.
If you have the time, money and a team that understands coding, you can bring a new cryptocurrency to the market. 50 to 100 new cryptocurrencies are launched every month, completed with blockchain technology. Each of these is a potential threat to existing cryptocurrencies.
10)- Cryptocurrencies are banned in some countries.
In some countries, you may face with the law not only for illegal transactions with cryptocurrencies, but also because of using it. Due to their unregulated and decentralized nature, some countries have banned the use of digital currencies.
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