Cryptocurrencies have been all over the place in the past year, not just for any reason, but for a very good reason.
It’s hard to ignore the surge in popularity cryptocurrencies have seen over the past year. It doesn’t matter if you’re a developer, freelance writer, an artisan, or are just curious. Everyone has been talking about this and they will keep talking about it. Arming yourself with a surface knowledge of it won’t be a bad thing, you know😉.
There are some things you didn’t know about cryptocurrencies, and we are here to tell you a few of them, for you to contribute to the discussion when you are caught up in a crypto conversation.
- The word “crypto” comes from the Greek κρυπτός (kryptos), which means “hidden” or “secret.” Cryptocurrency is basically digital money that uses encryption techniques to regulate the creation of new units, control the transfer of funds, and verify transactions.
- In 2009, when bitcoin was invented and released, it was worth less than a dollar. Today, you can buy over $1000 worth of bitcoin with just one dollar. In 2010, bitcoin broke into the mainstream when someone traded 10,000 bitcoins for two pizzas. Today, those 10,000 bitcoins would be worth $80 million or more.
- Ethereum, commonly known as ETH, is the world’s second-largest cryptocurrency behind Bitcoin.
- There’s no central bank or government backing up cryptocurrency. Some people like this because it takes power away from centralised institutions and puts it back into the hands of individuals—but others are wary of what happens if a hacker gets a hold of too much cryptocurrency, or if an exchange goes down for whatever reason and leaves users without access to their funds.
- Cryptocurrency is a type of digital currency, meaning that it only exists in electronic form and is not printed on bills or coins. It’s based on cryptography, which is the process of converting information into codes so that it can be transmitted securely.
- They are taxable.
- When you own cryptocurrency, it’s actually stored in a digital wallet -like SekiApp– that exists either online or on your personal computer or mobile device.
- The “supposed” creator of Bitcoin, Satoshi Nakamoto, is probably not actually a real person.
- Shitcoin refers to a cryptocurrency with little to no value or a digital currency that has no immediate, discernible purpose.
- You can buy cryptocurrency with your naira on SekiApp! You can also use Bitcoin to pay for your bills- airtime, cable subscriptions etc.
All in all, cryptocurrencies are a great space to explore. There’s a sense of excitement surrounding every aspect of it and that’s what keeps it alive. The more engaged the community is, the faster these technologies will develop. The more you know about the facts surrounding it, the more you can engage too. So be enthusiastic, passionate, and most importantly: keep an open mind. Start your crypto journey on SekiApp today!