You are about to invest in cryptocurrency or you have already begun with your crypto investment. As we all know that the crypto market is a volatile one which means cryptocurrency prices tend to fluctuate drastically from time to time. As a cryptocurrency user, you should be up-to-date on cryptocurrency news and events that occur around the world regularly. It is very important to understand the trends of the crypto world to be a successful one in this domain.
Facts That Are Very Common but Cryptocurrency Users Should Know
You might follow various sources to get the news and updates about cryptocurrency but it is not certain that all news you consume is true because the cryptocurrency market is full of fake news. Or many sources will try to give you very in-depth information and the latest crypto news as well but there is some basic information that can be very crucial for your trading profile. Let’s talk about 10 crypto facts that you should know and keep in mind:
Initial Coin Offering Is Not the Cryptocurrency
In cryptocurrency, ICO or initial coin offering just means a way to raise funds for cryptocurrency development. It is an easy and effective method to raise money for cryptocurrency projects but this does not mean it is cryptocurrency itself as it has nothing to do with cryptocurrency once you complete the ICO process.
Free Cryptocurrency Is Illegal Cryptocurrency
Free cryptocurrency is a cryptocurrency that was provided for free by its developers to attract more users, and it can be a very successful strategy as a lot of cryptocurrencies has skyrocketed after giving away their cryptocurrency or token for free to their community which are also called bounty program in cryptocurrency space. But still, it is not legal to get these cryptos as a cryptocurrency is a form of asset and it needs to be paid before you can own them.
How Is The Value Of Cryptocurrency Maintained?
Cryptocurrency has its value and this is done by cryptocurrency following the basic principle: supply & demand. With cryptocurrency, there are a limited number of units that can be mined or issued and cryptocurrencies are moving away from being centralized cryptocurrency to become decentralized cryptocurrencies. A finite supply of cryptocurrency will create scarcity which is also known as deflation.
What Are The Advantages Of Using Cryptocurrency?
Speed: Cryptocurrency became popular for its speed of transaction. You can do a transaction with cryptocurrency and it will be sent to you and confirmed within minutes or seconds. You can do cryptocurrency transactions from anywhere in the world to anyone.
Free: Cryptocurrency has zero or low fees, unlike bank payment. You won’t be charged for cryptocurrency transactions and you are only paying for electric consumption used.
Decentralized: Decentralized cryptocurrency means cryptocurrency does not rely on a third party to manage the transaction and this is how cryptocurrency is being protected from other cryptocurrency theft. Data and information of cryptocurrency are stored in cryptocurrency’s network nodes which makes cryptocurrency unchangeable.
What Is Crypto’s Current Situation?
In today’s world cryptocurrency transactions are very popular. Cryptocurrency has grown significantly over the previous few years and started booming the market in 2017. Cryptocurrency prices reached their peak in December 2017 and January 2018 with growing crypto transactions on major cryptocurrency exchanges like Binance, OKEx, Bitfinex, and many more. More cryptocurrency users are joining the cryptocurrency network as cryptocurrency is being spread to people from all over the world. 1 out of 10 online stores now accept cryptocurrency, with more countries and merchants accepting cryptocurrency in their business/online store. Talking about cryptocurrency no one can deny the fact of how cryptocurrency evolved over the years. Today, cryptocurrency use has become more practical and facilitating transactions is made easier with new user-friendly cryptocurrency wallets like TPR wallet as an alternative payment method. According to a Gartner report, crypto payment processors are undoubtedly rising to the occasion, giving businesses access to a trillion-dollar market cap and beyond.
Cryptocurrency may still be new at this point but cryptocurrency has a good future, cryptocurrency has a huge potential to grow in the market.
Cryptocurrency Is Safer Than Your Bank Account Or Credit Card
Yes, cryptocurrency is more safe and secure than any other banking system in the world. Because of its technology, it is 100% safe, cryptocurrency uses cryptography that means cryptocurrency is secure and cryptocurrency is also decentralized. Crypto exchanges are the time bomb for cryptocurrency but these exchanges will soon be a thing of the past because cryptocurrency can now be used in eCommerce stores to buy any product or service you need with cryptocurrency.
Scams in Cryptocurrency
There have been several high-profile frauds and scams as digital currencies have grown in popularity. In many cases, these assaults were launched against digital currency exchanges. Criminals took advantage of flaws in wallets and other components of the crypto industry in other situations. Investors concerned about the protection of digital assets should keep in mind that hackers, thefts, and fraud are all possibilities. It’s important to remember that, while a blockchain network’s encryption and mining network are resistant to attacks, single points of failure, such as a cryptocurrency exchange’s website or a single user, are vulnerable to malicious actors.
Few Things Keep In Mind To Keep Your Crypto Safe
- Never grant remote access to your machine to support employees (or anybody else for that matter). This offers the scammer complete control of your computer, online financial accounts, and digital life.
- Do not give out your security codes or passwords for 2-Factor Authentication. NEVER!
- If you receive an outbound call requesting confidential personal information it should never be accepted. Keep in aware that scammers can spoof actual phone numbers when making outbound calls.
- Never provide cryptocurrency to a claimed support agent’s external address.
- You should never give out your passwords or security codes to anyone else or a third party.
- Under the pretence of address verification, never send cryptocurrency to giveaways.
- Any attempts at phishing or scamming should be reported as soon as possible.
Cryptocurrency is something that should be used as an alternative currency or business, not as a get rich quick scheme. If cryptocurrency does not show its value in the real world or if it doesn’t have any utility, then there is no need to invest in cryptocurrency. To understand cryptocurrency better, do some research about cryptocurrency before you invest in cryptocurrency so that there are fewer chances of losing your money?