What Are Some Things That You Should Know About Cryptocurrencies?

Cryptocurrencies have taken over the world and are expected to rise in the upcoming years. As of 2021, there are approximately 7 million crypto usersand that number is increasing by the thousands each day. The reason why so many people are fond of them is that they are superior to regular payment methods as they are far more secure, offer instant online transactions, and allow users to void unnecessary fees. 

With that being said, we wanted to help you get more familiar with these digital assets by naming some interesting things that you should know about them. Without any further ado, let’s start breaking down the details. 

They Do Not Have a Physical Shape

Unlike FIAT currencies, like the dollar, or the British pound, cryptocurrencies do not have a physical form. If you see a Bitcoin or Tether chip or something, it is definitely fake. As we just said, cryptocurrencies are digital assets, hence they are only present on the Internet. 

There Are Two Types of Cryptocurrencies

There may be around 2,000 cryptocurrencies on the market, but not all of them are the same. Basically, there are two types of cryptocurrencies – highly volatile and stablecoins. Highly volatile cryptocurrencies are subject to massivegrowths in value, which is why they are used for making a profit. 

On the other hand, stablecoins are not extremely valuable, but they are tied to an outside asset which makes them stable and thus, they are not subject to market volatility. Stablecoins are the perfect choice if you are looking to trade them for services and/or products. 

Trading Sites is Where You Buy/Sell Them

If you are looking to sell or buy cryptocurrencies, then trading sites such as Bitcoin Code will help you do that.  They can help you trade successfully even if you don’t have any experience in crypto trading thanks to the AI-based trading nsystem.  You can read this Bitcoin Code review to find out more about the platform and the registration process. 

Generally,  the registration is simple and traders of all ages and skills can complete it with ease. One thing that is worth a mention is that you might be asked to verify your account before you can start your trading journey.

Bitcoin is the Most Dominant Cryptocurrency

As we mentioned earlier, there are around 2,000 cryptocurrencies on the market. Some of them are profitable, some of them are not. But, the number 1 spot goes to Bitcoin, which is the most dominant cryptocurrency on the market. 

Bitcoin is actually the first digital asset to be invented, which was back in 2008. Its creator is only known as Satoshi Nakamoto. The real identity of Satoshi remains a mystery to this day. Bitcoin was the first cryptocurrency to utilize blockchain technology and after many people saw its potential, they followed suit. 

Bitcoin’s biggest rise in value vas in April 2021, when it managed to go over $63,000 in value. 

Ethereum Plans To Replace the Internet 

The second most dominant cryptocurrency on the market is Ethereum, but this crypto is totally different from Bitcoin. This is not just a cryptocurrency; it is a whole network. Ethereum is a system that has its own crypto, called Ether. The network supports other tokens, Bitcoin and NFTs included. 

The goal of Ethereum is to completely replace the Internet in the future. Why? Because as the creators of Ethereum state, the Internet is controlled from one centre, which is why we are witnessing so many scams and hacks. Ethereum is a decentralized network that offers security and transparency, two features that will keep all of its users safe and will minimize those scams.