Cryptocurrency has taken the world by storm. Most people celebrate their introduction, while others fear its existence. A decentralized digital currency makes internet transactions transparent. This online transaction is fast, untraceable, and safe from political influence. Cryptocurrency has become a popular discussion among people. Cryptocurrency has become especially popular among online casino players in South Africa. It has the potential to revolutionize worldwide economics. Here are the 10 facts about Cryptocurrency that only a few people know. no deposit bonus casino south Africa in Casinoslots-sa.co.za
1. Cryptocurrency Value Is Incredibly Volatile
The factors that dictate the value of Cryptocurrencies are unpredictable. Cryptocurrency can be extremely sensitive to external changes, which reflects drastically in its value. The rapid rise and drop in the currency has benefited many while failed others. Its volatility is what draws people away from investing in it.
2. Unknown Creator
The inventor of Bitcoin is still unknown. In 2009 a person or a group of people introduced Bitcoin, which is a cryptocurrency. No one has heard from them since then and no one knows whether they are dead or alive. Bitcoin was the first ever introduction to digitalized currencies. In respect to Satoshi, you can purchase Satoshi coin, which is the smallest unit of Bitcoin.
Vit Jedlicka, a politician founded a nation between Croatia and Serbia called Liberland. The official currency of this state is Bitcoin. This was a result of the government’s firm belief in the success of Cryptocurrency.
4. Energy Consumption
All the Bitcoin mining farms together consume more electricity than the state of Ireland. Ireland consumes 5000 kilowatt per hour of electricity and all the Bitcoin mining farms consume a whopping 60 terawatt per hour of electricity.
5. Expensive Mining
Processing Bitcoins requires servers that use a lot of time and electricity, which costs a lot of money. This data mining system is timely and expensive. You can mine Bitcoin by solving a cryptographic puzzle. Since this puzzle is difficult to solve and requires a lot of computing power, investors have to spend a lot on computing servers.
After you confirm a transaction, you cannot reverse it. This feature of Cryptocurrency makes you vulnerable to hackers or scammers. So be careful and deal only with legitimate and recognized sources in order to mitigate risk.
7. Can Not Be Banned
Crypto, since it is decentralized, means that you cannot physically ban it with the help of any governing authority. It operates from the internet so anyone can purchase a wallet. All you need is an internet connection.
8. There Are over 5000 Different Cryptocurrencies
Everyday, new Cryptocurrencies keep popping up. These Altcoins (alternative to Bitcoin) are not worth as much as the Bitcoin, which has remained on top for a while now. However, the volatility of Cryptocurrency gives them significance. It is possible for anyone of them to overtake major coins like Bitcoin, Ripple, or Ethereum. When players tried the no deposit bonus in South Africa casinos at Casinoslots-sa.co.za, they paid with Ethereum to continue playing.
9. Cryptocurrency is banned in few countries
Some countries are not on onboard with the ventures of Cryptocurrency. The idea of decentralization and autonomy does not pair well with the ideologies of a few governments. You cannot physically ban transactions but some countries don’t allow trading, buying, and selling with digitalized currencies. These countries include Bolivia, Nepal, Morocco, Ecuador.
10.Transactions are fast and global
You can transfer your coins instantly and anywhere around the world without any problem. Cryptocurrency is independent of the location and unregulated by any policies. This makes the technology amazing for online businesses like ecommerce or freelancing.
Cryptocurrency can change the dynamics of running businesses or handling cash flow. It optimizes all operations that include cash-flow. You are living in a time where you have the opportunity to take advantage of this. The facts speak for themselves; it will be foolish not to capitalize on the rewards of this advanced currency.