Blog

Nov 15

2019

Five things you didn't know about cryptocurrencies

Cryptocurrency and Blockchain Technology have been clouded by several Myths and Misunderstandings. This is generally a function of spread of misinformation by those who do not fully understand the concept and ideology and those who have for one reason or the other had a total misinterpretation of The blockchain technology. Here are 5 things you didn't know about Cryptocurrencies:

 

1. Cryptocurrency is Not Blockchain:

several people have had the misconception that whenever we talk about Cryptocurrencies, it largely means the same thing with blockchain, as wide as this ideology has spread, it is not true. Blockchain technology still remains uniquely different from crypto currencies as it's the technology that powers the Blockchain Network, while cryptocurrencies are encrypted digital currencies.

 

2. Bitcoin is not different from Cryptocurrencies: 

As simple as it looks, most people still see bitcoin as something else entirely different from cryptocurrencies. The fact still remains that there are over 4800 cryptocurrencies in the world (according to Coinmarketcap rankings) and bitcoin is one of them, the first actually.

 

3. Cryptocurrencies is Simple: 

It's been a known fact that the technicality of blockchain technology has been one of the major reasons people shy away from the ecosystem. However this should not also apply to cryptocurrencies as it's one of the simplest digital currencies to have and transact with. All that is required is a compatible wallet and you're good to go.

 

4. Buying/Selling Cryptocurrencies is Simple:

Before now, most people have been laden with the burden of not knowing where and/or how to either buy or sell their cryptocurrencies. This problem have been solved by the innovative services of Bitfxt Exchange, with Bitfxt, you can easily buy or sell cryptocurrencies, and even withdraw to your bank account.

 

5. Cryptocurrencies are not mystical:

The legends and myths surrounding the cryptocurrency ecosystem has led some to believe that Cryptocurrencies are mystical substances, moreover the digital nature of crypto currency have in one way or the other fueled this belief. However, crypto currencies are digital currencies with no trace of mysticism or legends. They are computer coded transactions compilations and generation currencies that can be traded on several crypto currency exchanges, including Bitfxt.com

 

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