6 Facts Of Cryptocurrency You Must Want To Know

There is a little mystery about cryptocurrencies that many people don’t know about. The more the market is increasing as well as the more investors are increasing and showing interest in buying and selling. They are facing risk and gaining profits over time. 

There are also some elements of the domain of digital currencies which we need to know. Let’s get some crucial information about bitcoin.

Impossible To Get Banned

Many countries around the world are discussing cryptocurrency bans. But despite their desire to ban them, this is physically impossible. Because crypto wallet is available for everyone. Of course, countries can regulate, but they cannot ban the cryptocurrency market itself. Countries that have revoked the right to use cryptocurrencies include Allergic, Cambodia, Bolivia, educators, Bangladesh, and Nepal.

A Cap On The Overall Supply Of Bitcoin

By encouraging you to reconsider your belief that you can buy unlimited amounts of cryptocurrency. Like gold and oil, cryptocurrencies are finite resources. This explains why currencies like Bitcoin continue to increase in value even as the available supply dwindles. recognizing.

The Creator Of Bitcoin Is Still Not Known

So who is the creator of this cryptocurrency market? No one is aware of this. The most surprising aspect of cryptocurrency is that no one knows who or what invented the cryptocurrency “Bitcoin”. But Satoshi Nakamoto is the name of the person who invented The name is considered by many to be an acronym for his big four tech companies: Samsung, Toshiba, and Motorola.

Bitcoin Cannot Be Physically Outlawed

It is quite unattainable to outlaw cryptocurrencies even though many countries have considered doing it. What is the reason behind it? Since cryptocurrencies wallets can be obtained by anyone and the limitations of the countries are limited so the cryptocurrency market can not mark itself as outlawed.

Availability Of More Than 5,000 Different Currencies

Everyone admires getting into cryptocurrency. In this sense, new currencies are appearing in the industry every day. There are currently over 5,000 different currencies around the world. Of course, most of these currencies are worthless. But there will always be diamonds in the rough that people want. 

China Is The Largest Cryptocurrency Mining

We would have never imagined that china is the largest cryptocurrency miner because of the process of verifying the transactions before they are positioned on the register.

It is an incredible money-making part of the business. Now we all know that china covers 75% of the mining grid.

Are They Taxable?

Yes, it is based on relying on which country you are living in but since cryptocurrencies have joined the mainstream industries, tax agencies are trying to make sure worldwide that they get the chance on it. Many countries expect us to pay taxes on cryptocurrency profits. In the U.S, the IRS won a case against the coin base, demanding coin base give information about 14,000 users who had transactions yearly over $20,000 between 2013 and 2015. 


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