1. What are cryptocurrencies?
Cryptocurrency is a new sort of digital money that competes with the US dollar and other established currencies. Bitcoin is the biggest and oldest cryptocurrency.
2. The Unknown Creator
Satoshi Nakamoto is known for being the brains behind Bitcoin. While numerous people have alleged to be Nakamoto, no one knows who they really are.
3. Extreme volatility
The stock market’s daily price fluctuations in 2008 were much higher than Bitcoin’s extraordinary daily price changes since 2020.
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When programmers perform complex equations, they upload them to the blockchain, which is a public ledger that keeps track of all Bitcoin transactions.
5. Only a finite amount are available
The total amount of Bitcoins that may be mined is limited to 21 million. One explanation for why some people feel Bitcoin’s value will rise over time is its restricted quantity.
6. What are digital wallets
Bitcoins are entirely digital and are stored in password-protected applications known as wallets. There’s no way to get your Bitcoin back or challenge a transaction once you’ve given it to someone else.
7. Taxable currency
Rather than treating Bitcoin as cash, the IRS regards it as property. Bitcoin is considered taxable income if you get it as a form of remuneration.
8. Passwords are important
Make Sure You Don’t Forget Your Password. Because users forget their passwords, over 20% of Bitcoin, worth around $140 billion, is lost permanently.
9. There is no everlasting worth
Unlike bonds and stocks, Bitcoin has no inherent value dependent on corporate profits or cash flows. But like with traditional cash, it has value as long as people accept it as currency.
10. Increasing Demand
Organizations and wealthy investors are increasingly buying Bitcoin as an alternative asset class to gold.