5 great facts about cryptocurrency

The cryptocurrency world is becoming more visible as a result of global recognition and countries competing for digital currency leadership.

The inventor of Bitcoin is unknown.

The person or organization that created the 'bitcoin' is unknown, which is the most popular and surprising fact about the cryptocurrency world. Many people have claimed to be the ones who started it, but none of them were credible sources.

'Satoshi Nakamoto' is the name given to the person who invented bitcoins. According to popular belief, it is an acronym for the world's leading technology companies, Samsung, Toshiba, Nakamichi, and Motorola.

Cryptocurrency is beneficial to e-Commerce.

Internet access is widely available even in third-world countries where opening a bank account could be difficult. Cryptocurrency could help e-Commerce reach a broader and more diverse audience if it offers digital currencies as a payment option. Most regular chores and shopping have gone digital, and cryptocurrency would only accelerate this trend. Because cryptocurrency is decentralized, there is no need for middlemen in transactions, allowing e-Commerce to be more autonomous.

Cryptocurrency cannot be physically prohibited.

Many countries around the world have discussed prohibiting the use of cryptocurrencies; however, despite their desire to do so, it is physically impossible. Why? Because anyone can obtain a cryptocurrency wallet. Countries can, of course, impose regulations, but the cryptocurrency market itself cannot be prohibited.

There are currently over 7,000 cryptocurrencies.

More tokens are appearing left and right as cryptocurrencies gain traction over the years. There are currently over 7,000 cryptocurrencies that can be traded and mined in the market. They are also referred to as altcoins, which are any type of cryptocurrency other than Bitcoin.

Because there are so many cryptocurrencies now, and the competition is fiercer, developers must be creative when coming up with names. This is why, among other things, there are digital assets called Cabbage, Dogecoin, Wrapped Bitcoin, Saitama, and The Sandbox.

However, there are nearly 2,000 defunct altcoins. These projects failed because their developers abandoned them or they were exposed as scams.

In the world of cryptocurrency, international transactions do not require exchange.

Because cryptocurrency has no borders, your company does not need to deal with foreign exchange.