Some interesting facts on crypto currencies with words of caution
Interesting Facts on cryptocurrencies globally:
- There are over 15000 different types of cryptocurrencies in the world as of this moment.
2. Every day hundreds of new cryptocurrencies are added to this universe.
3. As of date, more than 436 crypto exchanges are in existence worldwide.
4. Bitcoin is the biggest and most traded cryptocurrency. It has over 40% market share in overall market cap of all cryptocurrencies taken together.
5. The current market cap of Bitcoin (aggregate value of all the bitcoins in the world) is Rs. 80000000000000/- (INR 80 lakh crore!) Compare it with the annual budget of the Indian Union Government at just Rs. 34 lakh crore.
6. Second biggest cryptocurrency is Ethereum with a market cap half of Bitcoin.
7. El Salvador became the first country in the world to adopt Bitcoin as legal tender. It plans to build the world’s first Bitcoin City.
Word of caution to prospective investors
Small cryptocurrencies are highly fluctuating in price. Several smaller cryptos rise by up to 300–400% in a single day. Similarly, several smaller crypto coins lose up to 99% of their value every day and disappear.
So, don’t be greedy. Don’t jump into this vast ocean because your friends, colleagues or relatives are making money from it. Keep your greed and emotions under control. Money making is that not easy, friends. If it were so, no one would be poor in this world. The reality is not necessarily what you see or hear every day through paid advertisements or people around you. Millions of people worldwide have lost their every penny by speculating in crypto assets.
CA Mahesh Bansal
