Although it has been in the industry for a while now, Cryptocurrency is still a new topic in some parts of the world. And since it’s not a conventional subject, it may be difficult to understand how it works. Cryptocurrency has indeed changed the world of digital money transactions. Although the crypto market has been on its ups and downs ever since it was first made available to the public, its visibility remains constant. And people are still investing their funds on it.
AWESOME FACTS ABOUT CRYPTOCURRENCY
Marking its eleventh year last October 2019, enthusiasts celebrated the birth of Cryptocurrency and honored the founder Satoshi Nakamoto for the discovery. An alias for a person or a group, Satoshi Nakamoto accidentally discovered a process of Bitcoin mining through peer-to-peer digital cash transactions without the use of a centralised monetary system.
It was May 22, 2010, when the first-ever exchange of Bitcoin for a physical product was recorded. According to the story, a developer paid over 10,000 Bitcoins to a pizza parlor for two boxes of pizza. To this day, May 22 is known to be “Bitcoin Pizza Day.”
Owner Of Bitcoin
Satoshi Nakamoto may be accredited for the birth of Bitcoin and cryptocurrency. But they never file for the patent of the original code of Bitcoin mining. This means cryptocurrency belongs to everyone, but it also doesn’t belong to anyone.
The term Cryptocurrency is attached to the word decentralised. The advantage of a cryptocurrency is that no bank nor the government can be able to make a profit out of it. And having no direct location of money storage, allows it to become less threatened by cybercrimes.
Cryptocurrency is open for business 24/7 and available all over the world. And although the primary purpose is to create a decentralised monetary system for everyone, some country considers it as illegal. Here are the six countries that ban Bitcoin and other cryptocurrencies: