7 Quick Things to Know About Cryptocurrency
yptocurrency have been the emerging field of investing and digital way of paying cash to the products been bought. Most popular cryptocurrency named bitcoin have created a havoc among the minds of businessmen’s and investors. They have been widely used as a medium to generate, stock and deliver distributed ledgers to their end users. Certain aesthetics in Bitcoins believe that cryptocurrency would be the digital currency of the future to replace USD, Euro and INR. However, there are several sceptics who believe they wouldn’t rise as they are not real currencies.
Further, cryptocurrency have not been regularized by a government, company or an individual. Thus, investors, common man would not have to pay tax in debt and settle your taxes by the usage of bitcoins.
Listed below are the 7 things you must be knowing.
- Limited Number of Bitcoin Supply– The total estimate of producing bitcoins have been limited to 21 million. As per statistics, there are roughly 16.8 millions of cryptocurrencies already produced in the year 2017.
- Strongest Cryptocurrency – Bitcoins have been the strongest cryptocurrencies in the market. The value of a single bitcoin is worth 25,000$ and would increase strongly to 80% by 2021.
- Privacy & Security – Cryptocurrencies are highly anonymous and difficult to be traced back. The transactions made via bitcoins do not reveal the identity of end users.
- Is Bitcoins Legal? – Bitcoins are not illegal to use. However, several government regulations have been possessed over the usage of them. Several places such as Saudi Arabia and the middle east have banned the usage of bitcoins. Whereas, few countries like in Israel & Italy collects taxes on successful bitcoins bought by the consumer.
- Future of Cryptocurrency – The advancements taking place are very bright and there are several tech startups working upon the idea of crypto being bought on trading domains. However, since cryptocurrency are very difficult to track and gives rise to many illegal activities.
- Energy Consumption – Bitcoins are produced by mining activities. A miner would approximately require 210 KwH power to extract 3 Lakhs bitcoins per day. As per research, an average household would consume the same power in an entire week!
- Economic Importance – As bitcoins are of high popularity and steady income growth. Investors are highly compensating the usage of cryptocurrency as their mode of investments and ROI with the startups. Startups are now finding investments pitch much easier with use of these bitcoins.
Well, we are pretty sure that these valuable facts have led you to know much better about the crypto’s. The future advancements of bitcoins are now making developers, designers and startups to facilitate the usage in their business needs.
Bitcoin is Exciting me Because it Shows How Cheap Transactions Can Be – Bill Gates
Lastly, Bitcoins are highly risky to trade without the proper sound knowledge of how it works. Mainly because they are highly volatile to fluctuations and can be hacked easily by malware algorithms. One must be highly aware about the consequences that can be faced by trading on such platforms.