Cryptocurrency Facts You Should Know
The cryptocurrency world is becoming more visible as a result of global recognition and countries competing for digital currency leadership. It is impossible to dismiss.
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#1 You won't be able to lose your digital wallet.
When dealing with cryptocurrency, you must have a crypto wallet (digital wallet) with public and private keys. You are given a private key to gain access to it, and if you lose your private key, the chances of recovering it are slim to none.
Your digital funds will vanish into a vast crypto void. Because blockchain technology reduces the possibility of hacking, you are solely responsible for the loss of your digital money.
A credit card/debit card loss can still be traced back or recreated at the bank by providing identification proof, but when it comes to cryptocurrency, you must be extremely cautious.
#2 Watch out for ‘Cryptojacking’!
Though cryptocurrency is quite a secure option for investment due to its wallet security, but it is still vulnerable to scammers who mine cryptocurrency using the processing power of your computer or phone. They do this without your permission for their own benefit. This is known as 'Cryptojacking', and it occurs when scammers install malicious code on your device.
How can you tell if your device is infected? Your phone or computer will become slower, and your battery will discharge more quickly.
#3 The inventor of Bitcoin is unknown.
The person or organization that created the 'bitcoin' is unknown, which is the most popular and surprising fact about the cryptocurrency world. Many people have claimed to be the ones who started it, but none of them were credible sources.
'Satoshi Nakamoto' is the name given to the person who invented bitcoins. According to popular belief, it is an acronym for the world's leading technology companies, Samsung, Toshiba, Nakamichi, and Motorola.