Today such a time has come that the person who sees that person is running behind the cryptocurrency today. In a short time, cryptocurrency has earned a lot of names in financial marketing because of how cryptocurrency is digital, and it would be available only on the online platform.
It is such a money transaction with no physical work, which means you cannot take physical in it. Other currencies like Rupee in India, USA Dollar, Euro in Europe, etc., have been implemented and used by governments in all countries. I am also taking this currency that can be used worldwide because the government does not have any hand over cryptocurrency.
This currency is decentralized, so the government or agency does not have any hand on it, and it cannot regulate any value. Today, through this post, we will explain to you in detail what cryptocurrency is. Let us know what cryptocurrency is…
What is Crypto Currency?
Friends, today we will tell you about cryptocurrency, what cryptocurrency is. Cryptocurrency is also called digital currency because it is a digital asset. Any person can use it to buy or service things, and crypto is used in this currency.
It is in an electronic system, and any person can use it to do goods and services instead of regular currency through the Internet. It is that cryptocurrency is being misused in today’s time. In today’s time, there is more than 1000 cryptocurrency running inside the whole world. Some of the cryptos are very important, the cryptocurrency we talk about today among them, and the most famous cryptocurrency is bitcoin. It was first celebrated, and today it is the most used currency.
Origin of cryptocurrency
This new world of cryptocurrency has come only in the 21st century. It is derived from the Greek word “cryptos,” which means hidden or secret, and from Latin “currency,” meaning “to drive.”
Invest in Cryptocurrencies
If you want to invest in kindly currencies, you have to choose the right platform of cryptocurrency. If you do not choose the right platform, you may have to pay more fees when trading for it. Today the most famous cryptocurrency platform in our country is Wazirx. It is such a cryptocurrency, investing and trading in it is very easy, its founder is Indian, in this, you can invest money according to your wish by trusting it.
Value of Cryptocurrencies
Cryptocurrencies cannot be printed like or in the form of notes and coins. But still, its value is considered the same as that of the note. You can buy goods with cryptocurrency, and you can trade. Apart from this, you can also invest in them anywhere. But you cannot keep it imprisoned in the safe of your house. No, you can mortgage it in the bank’s locker. It can only be saved online as a digit. Cryptocurrency is also called digital money, virtual money electronic money. If we talk about the value of cryptocurrency, then its value is much more than the physical currency. The value of some cryptocurrencies is even thousands of times more than the dollar. That is, volatility can often be seen in the market of cryptocurrencies. Its price is never the same in the market, and it is constantly changing.
Functions of cryptocurrency
Cryptocurrency is not regulated by any central authority, i.e., government or organization, entirely decentralized. Apart from this, one’s creation investment transaction is also done on the Internet, for India from today, the government or the Reserve Bank does not even know how it is made, how its value increases or how it is exchanged because this whole network It is based on the Internet and the transaction information is saved and confident in it, no single person or any organization can monitor it, and work can be done in many places simultaneously.
Types of Cryptocurrencies
If seen, today there are many cryptocurrencies present in our country. Some of them are very important and perform very well, which you can use in the same way as bitcoin cryptocurrency. Let’s know the types of cryptocurrency…
1. Bitcoin ( BTC )
If today we tell you about cryptocurrency, there is no talk of bitcoin in the field of cryptocurrency. Then it is not quite right because bitcoin is a cryptocurrency puzzle crypto all over the world. Santoshi Nakamoto created it in 2009, and it is an acid digital currency, which is used only to buy goods and services online because it is a decentralized currency. There is no hand of the government or any institution on it. Today the value of bitcoin has increased a lot. Almost 1 point gets close to 13 lakh rupees.
2. Ethereum (ETC)
Like Bitcoin, Ethereum is also a free computing online platform based on an open-source, decentralized blockchain. Its founder is Vitalik Buterin. Apart from this, cryptocurrency token is also called Ether. It is such a platform that helps users create digital tokens, with the help of which it is used as a currency. Classic ( ETH )
This currency is considered to be the most popular after bitcoin.
3. Litecoin ( LTC ) –
Litecoin is a decentralized peer-to-peer cryptocurrency based on an open-source cryptographic platform. It was started in 2011. Litecoin uses script instead of SHA-256 (source hash algorithm) to prove the work algorithm. In addition, transactions work four times faster than bitcoin.
4. Dogecoin (Doge)
There is a hilarious story to make DogeCoin, and it is exciting. It was compared to the dog by bitcoin to make fun of it, but later it has taken the form of cryptocurrency. Today its founder is Billy Markus. Dogecoin has also used the same scrypt algorithm as litecoin. In today’s time, the market value of DogeCoin is more than $197 million. Today it is accepted by more than 200 merchants all over the world.
5. Faircoin (FAIR)
Faircoin is part of a much larger grand socially conscious vision, a Spain-based cooperative organization. It is also known as Catalan Integral Cooperative (CIC). It uses bitcoin’s blockchain technology but with a more socially constructive design. Like other cryptocurrencies, fair coin minimum and meaning new do not depend on them. In a fair coin, proof of cooperation is used in exchange for proof of stake and proof of work to verify coins.
6. Ripple (xRP)
It is a real-time gross settlement system for every single blockchain network. Ripple was established in 2012 by a U.S.-based company, and ripple labs inc. had created. It is also a cryptocurrency as well as a cryptocurrency exchange.
7. Tether (USDT)
Tether was launched in 2014 under the name Real Coin. But in December 2014, it changed its name to tether. It was always designed to be priced at $1.00.
8. Namecoin (NMC)
It is based on the bitcoin cryptocurrency. It uses the proof of work algorithm. The name coin has to store the data in its blockchain translation database. It’s censorship resistant which its domain name .bit is. However, it is a top-level domain like .com and .net. ICANN does not have any control over this cryptocurrency.
9. peercoin (PPC)
Peer Coin is wholly based on the Bitcoin protocol itself, and it contains a lot of source code. In this, to verify the transaction, the proof of work and the proof of stake system are considered. As the name suggests, peercoin is also a peer-to-peer cryptocurrency. The source code is released inside it under the MIT / S11 software license like bitcoin.
How does cryptocurrency work?
Cryptocurrency is digital money; you cannot touch it, you cannot even carry it in your pocket because it is in digital form, and this whole process is online, and it is secured by cryptography. Cryptocurrency is based on Blockchain technology, and it does not have any central authority. Cryptocurrency is a new digital system that does not depend on banks to do any work, and cryptocurrency is also used online for goods and services.
Alibag tow current came in 2009, in less than a decade, today billions of dollars in cryptocurrency are happening all over the world, you must have ever heard about Batman. It was the first cryptocurrency that people accepted and used it. Started taking Then came a lot more cryptocurrencies, which have gradually become very popular. Today, people are using cryptocurrency to profit maximum in online trends.
Benefits of cryptocurrency
Today, you all know that any commodity has both its advantages and disadvantages. We are giving you information about the benefits of cryptocurrency know.
- Cryptocurrency is a digital currency, so the chances of fraud are minimized.
- Investing in input currency is very beneficial when you have more money because the prices jump a lot in it.
- With most cryptocurrency wallets available, online shopping money transactions have become very easy.
- No authority can control cryptocurrency, due to which the risk of depreciation due to demonetization and karma is not exposed to all of us.
- There are many such countries where capital does not control. It is not yet the time that how much money can be sent from outside the country and how much money can be called. That is why buying cryptocurrency is easily outside the country, and it is sent from and from where money can be transferred to him.
- The most significant advantage of cryptocurrency is for people who want to keep their money hidden, so cryptocurrency has emerged as the best platform to keep money hidden.
- Cryptocurrency is entirely safe in that you need to have EarthEducation because this currency is based on the blockchain itself. The entire blockchain has to be mined to do any translation.
Disadvantages of cryptocurrency
Following are the disadvantages of cryptocurrency.
- The most significant disadvantage of cryptocurrency is that there is no physical existence because it cannot be printed, meaning neither a currency note can be printed nor a bank account or bank passbook can be issued.
- There is no country government organization to control cryptocurrency. There is always a jump in its price; sometimes, it also sees a lot of falls, so investing in cryptocurrency is always a risky thing.
- Cryptocurrency can also be easily used for wrong things like buying arms, drug supply, black marketing, etc. It is used only between two people, so it can also prove very dangerous.
- The danger of hacking cryptocurrency is always there. Hacking the blockchain is not that easy because hacking cannot be ruled out due to the lack of value of this currency despite all the security arrangements in it.
- Another disadvantage is that you cannot get that transaction back if you have done any transaction by mistake. You lose a lot in this.
Is CryptoCurrency Legal?
In today’s time, it will not be suitable to legalize cryptocurrency because it may or may not be legal in a way. Because it has a different status in different countries of the whole world. In some countries, it is legally recognized, and in some places, it is not considered legal. But within the last two to three years, it is being accepted due to the increasing popularity of cryptocurrency. That is why many countries have made it legal. In this, cryptocurrency is very much in vogue in our country today.
Is cryptocurrency legal in India?
Bitcoin and many other cryptocurrency currencies are not illegal in our country. Still, they are not regulated yet, which means if anything goes wrong in taking cryptocurrency. You go to the government of any authority institution bank. If you want, you cannot go to them even if you want because the government has not yet given legal rights to cryptocurrency. The number of personal cryptocurrency exchanges in India is increasing day by day. Still, the government does not have any official data, and the government does not have any information about the number of investors associated with these exchanges.
Today, through this article, we have given information about cryptocurrency to all of you. You must have liked all this information, and you can also join our comment section for more information related to this.
What is Crypto Currency?
Is cryptocurrency considered legal in India?
Is Cryptocurrency Fully Decentralised?
Can cryptocurrency also be used as money?