With cryptocurrencies on the rise and people trying to gain more knowledge about this non-fiat, decentralized currency, and about trusted cryptocurrency exchanges, below are cryptocurrency fun facts you should definitely know about.
Cryptocurrency fun facts
1. Cryptojacking is a thing
Cryptojacking is a new category of cybercrime that has to do with mining a user’s cryptocurrency operations without said user’s consent. In simpler terms, it’s “stealing”. Only, on a much more complicated, digitized environment.
Malware is what’s behind most cryptojacking, and it may not really be after a user’s data. Instead, what it does is it hijacks the account’s processing power. In doing so, it can mine crypto-coins without the knowledge of the account’s user.
How will you be able to tell if you’ve been hacked? Slower functions on your electronic device. And the solution? Have your crypto-exchange account, along with your crypto wallet, have a separate 2-factor authentication option for all transactions that transpire in these cryptocurrency mediums.
2. Crypto wallets are yours alone
Crypto wallets are yours alone. And chances are, they will always be. Which is ironic, considering that the first fun fact on here talks about cryptojacking.
Cryptocurrency wallets are armed with private keys, and these are tailored towards and per user. This implies that your private key is yours and yours alone to access. The only way for hackers to get a hold of it is if you willingly give it to them.
In the event that you lose your private key, it will simply dissolve into the great spectrum of the cryptocurrency void.
3. 1,300 cryptocurrencies
The world has more than 1,300 cryptocurrencies in the running, and many speculate that this number will continue to rise. That’s 1,300 to choose from for your crypto-investing. Still, if you are new to the digital currency realm, try your hand at major crypto-coins first.
4. The role of crypto miners
Crypto miners are responsible for earning cryptocurrencies without actually having to exchange them with fiat currency. No need to “pay” for the cryptocurrency one mines.
It isn’t for everybody, as “miner” is NOT synonymous to “user”. Crypto mining requires a lot of hard work. However, miners join in anyway, as their hard work (completing transactions for what are, essentially, “blocks”) is rewarded with crypto tokens.
If you have an ASIC or an Application-Specific Integrated Circuit, or anything similar, you can start the painstaking task of crypto mining.
5. Merchant-to-cryptocurrency ventures
Experts have been wondering what cryptocurrency could mean with regards to actual assets. “Real” resources such as commodities and the like. Well, the answer to this age-old crypto-question may finally be getting an answer starting now.
There are small projects being run by partnerships between big-fish conglomerations and cryptocurrency groups. The aim of these projects is to test out how cryptocurrency can be exchanged for actual goods. How cryptocurrency can be used to purchase said actual goods.
In case this takes shape, it will be a definite game-changer. The question of scalability (especially for Bitcoins and current non-scalable cryptocurrencies) could be taken into consideration. Either that or the demand for digital currencies will skyrocket into the coming years. All the more reason to invest in cryptocurrency while it is yet day.
Story by Helen Bell
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AFP
