Contents
Cryptocurrency is constantly a hot topic and it’s always making headlines. Although most people are familiar with cryptocurrency and have a general knowledge about it, there are some little known facts that may surprise you. For instance, the Canadian Bitcoin price is different than it is in the US or in other parts of the world. Not only that, but there are thousands of different types of cryptocurrency in existence. If you are curious about learning more about cryptocurrency, be sure to keep reading.
#1 Thousands of Cryptocurrency Exist
As mentioned previously, there are over 12,000 different types of cryptocurrency in the world. Although you may not be able to purchase all of them on an exchange like you do with most, they do exist. Some of them require you to have their own wallets in order to purchase. The reason there are so many types of cryptocurrency out there is because new cryptocurrency is easy to create. Despite the fact that there are so many different types of crypto, only about 20 different types of crypto make up over 80% of the crypto market.
#2 Price Is Different Around the World
It is a common misconception that the price of cryptocurrency is going to be the same around the world. This simply cannot work because of the fact that crypto is a decentralized digital currency. As a result, it’s not linked to any particular exchange. Believe it or not—the price of Bitcoin in the US could be different than the Canadian Bitcoin price. For the most part, the price of Bitcoin and any other type of cryptocurrency for that matter, all depends on supply on demand as well as the market itself.
#3 There Are Limited Amounts of Bitcoin
Many people would be surprised to learn that there is a limited amount of Bitcoin available—somewhere around 21 million. This means that at some point or another, there will be no more Bitcoin left to mine. As of recently, there are only about 2 million Bitcoin left to be mined. Mining involves using computing power via something called proof of work. As a reward for mining Bitcoin, you get to keep some of it. For many people, mining for Bitcoin is a popular activity that can eventually lead to wealth.
#4 There Are Joke Cryptocurrencies
Dogecoin is a form of cryptocurrency that started off as a joke based on a meme of a surprised Shiba Inu dog. It was meant to be an ironic comment on how quickly cryptocurrency was starting to take off. Surprisingly, Dogecoin eventually gained success, mostly due to the support of Elon Musk who is very powerful in the world of cryptocurrency and has a lot of influence over it. Over the years, the market capitalization of Dogecoin has continued to grow and it is now one of the most popular forms of cryptocurrency.
#5 Cryptocurrency Is Banned in Some Countries
Although cryptocurrency may be wildly successful in most places, it has actually been banned in a few countries. The bans differ in that some countries simply don’t accept cryptocurrency as a form of payment, while others have banned it altogether. Despite how hard they try however, it can be pretty difficult to ban cryptocurrency despite efforts to shut down exchanges and regulate access to service providers. Not only that, but cryptocurrency is said to be the currency of the future and whether they like it or not, these countries may inevitably be forced to accept cryptocurrency.