Cryptocurrency Facts You Need to Know

By now, pretty much everyone on planet earth who hasn’t been living under a rock has heard of this amazing phenomenon known as digital currency, and if you haven’t, you need to. Even if you aren’t particularly internet savvy or even currency savvy, pretty much everyone has heard the word Bitcoin at least once in their life and has wanted to learn more, well here is your chance. Bitcoin has taken the world by storm since its inception in 2009 and following its launch, several other forms of cryptocurrency came onto the scene.

It is highly likely that if you’ve ever heard of cryptocurrency, you’re ready to learn more. So, let’s take a look at some of the must-know crypto facts that will guide and influence you on your journey to financial success. It is a constant journey of learning, trial and error, and even some downfalls in the market, but that doesn’t mean you should give up at all.

Instead, you should take the opportunity to continue learning. If you’re already a crypto pro, click here. However, if you are looking to learn a little bit more about cryptocurrency as a whole, keep reading this insightful article.

1. Cryptocurrency is extremely volatile

The way cryptocurrency is talked about and how popular it is, you would think that it is a highly remarkable and completely safe form of investment, however, that could not be further from the truth. The highs are very, very high, but the lows are extremely low, and that is the reason so many people become wary of it after time. There are many factors that impact cryptocurrency rises and falls, so much so that people will avoid it due to that risk alone.

Investing in cryptocurrencies is certainly a high-risk investment that isn’t for everyone, so think wisely and consider your options before you begin your cryptocurrency journey. It is normal for people to steer away from cryptocurrency due to its volatility, so don’t become embarrassed if you think the risk is too much for you to handle.

2. Bitcoin and Pizza become one

On May 22nd of 2010, a certain Bitcoin developer managed to spend 10,000 BTC on two pizza in which he had purchased from Papa John’s. At the time, it seemed quite funny and also seemed like a good decision, however, if it had have been kept, during the height of Bitcoin, it would have been worth around $179m. In hindsight, maybe it wasn’t such a great idea after all.

Now, May 22nd of every year is Bitcoin Pizza Day, so don’t forget to celebrate.

3. Lose your wallet, lose your money

Did you know that if you lose your cryptocurrency wallet, you will also lose your cryptocurrency? If you lose your private key to your wallet, this means that all of the cryptocurrency you had stored inside will also be lost. Once you have lost them, they will forever disappear into the crypto-void and go to die with all other lost cryptocurrencies.