In today’s times, when the world is rapidly approaching digitalisation. The concept of digital currency is also becoming popular. In a country, most digital mediums of money exchange are managed by the central government. However, it is not the case with cryptocurrency. It is a digital medium of exchange that the central government does not manage; the distributed ledger technology runs it.
Cryptocurrency is becoming popular in Australia, with Bitcoin as the most popular coin. The Australian cryptocurrency exchange is important for the world market because more than 60% of the Australian population is involved in cryptocurrency. This percentage covers almost 5 million Australians. With time, more and more people are getting involved with it on a global level.
One significant fact about this currency is that it is not available in physical form; it works through a blockchain. The following points will explain all the essential facts about cryptocurrency:
It is limited
Many people think that cryptocurrency is unlimited, but it is not. It is a limited currency. For example, just like gold, the value of bitcoin also increases and decreases. It is bound to come to an end. Similarly, other cryptocurrencies are also limited in quantity. Hence, you can’t purchase crypto endlessly because it has an end.
It can’t be banned
There have been many rumours and attempts to ban cryptocurrency. But it is not present physically; hence, it can not be banned physically. It is because people can get access to a crypto wallet easily. Although some countries have made strict rules around its use, it doesn’t affect the crypto market.
5,000 currencies
With technological advancements, people are becoming more aware of technology and digitalisation of processes. This advancement has also led the youth towards cryptocurrency. There are around 5,000 currencies worldwide, and each of them has different values in the market; some are highly valued, while some don’t have any value at all. However, some people keep analysing these currencies and seek the ignored and undervalued one that has the potential to be the best of all.
China is the biggest crypto-miner
Crypto-mining is studying and verifying transactions before their influence on the blockchain ledger. Many people are involved with this process as an occupation. In the whole world, China handles 75% of the crypto-mining process. There are many other countries, but China manages most of them.
Taxability
In recent years, cryptocurrency is becoming a mainstream affair, which is why it has also become taxable. However, these tax rules vary from country to country. In Australia, a person who invests in fiat currencies won’t have to pay any tax. Although the tax officials state that every time a person makes capital gains or losses, it must be reported so that they can track it. For taxable currencies, the Australian government also has many policies and benefits.
Creator
There are many theories about the creator of bitcoin. But the truth is that no one actually knows who created bitcoin. Some people believe that a person called Satoshi Nakamoto created it while some people believe that the name Satoshi Nakamoto is nothing but an acronym for the leading companies Samsung, Toshiba, Nakamichi, and Motorola. However, these are just theories.
The points mentioned above consist of some essential facts about cryptocurrency. In some countries, you will have to pay some tax out of your capital profit, but the Australian cryptocurrency exchange is quite different, as you don’t have to pay any tax on fiat currencies. If you are interested in investing in cryptocurrencies, you must study them and invest only after careful analysis.
