What is Cryptocurrency

What is Cryptocurrency ? If you are looking for detailed information about Crypto Currency. Then you are reading the right article. In this article, you will know very well what is Cryptocurrency. How to buy cryptocurrency?

How is cryptocurrency trading? The detailed procedure in this regard is being given in the article. Crypto is virtual currency. It can be used through digital medium only. We can transact by touching the commonly used currency. But it is impossible to touch Cryptocurrency. Now the day is not far when we will be able to use digital currency in general. In the growing era of digitization, it is natural for currency to be digital. Crypto currency is also called digital money in other languages.

Rupee in India, Dollar in United States of America, Euro in Europe, etc. are implemented and used by governments all over the country, similarly these currencies are also used all over the world. But here it is to be understood that the government has no hand over these cryptocurrencies because they are Decentralized Currency, so they do not have the authority of any agency or government or any board, due to which its value is not regulated.

Let’s know, what is cryptocurrency? What is the use of this? Is it safe to use? How can crypto currency be used?

What is Crypto Currency :

What is Crypto Currency: Cryptocurrency has also been named as Digital Currency. This principal is a digital asset in a way. It is used to buy Goods and Services through online medium. Apart from India, more importance is being given to this currency in other countries.

Cryptocurrencies are getting a huge boost in the trading sector. Digital currency is a Peer to Peer Electronic System. Which is easily used through the Internet. At present, the use of digital currency in buying Goods and Services has started increasing instead of regular currencies. It is impossible to use commonly used currency through banks and without informing the bank. But Digital Currency can also be used in transactions without informing the bank. Cryptocurrency started with bitcoin and which is used on the blockchain method.

There are over 11,000 cryptocurrencies in existence around the world. The origin of all these is considered to be Bitcoin. Cryptography method is used to create cryptocurrency. Blockchain Network System is used to move it.

If we do Cryptocurrency first then it would be Bitcoin, Bitcoin is a digital currency and there are no coins or notes in it. There is no government, financial institution in controlling it. No account numbers, social codes or names are assigned to bitcoin owners, thus the owner, buyer, seller, are all anonymous.

Bitcoin uses blockchain technology and encryption keys to connect buyers and sellers. And, like diamond or gold, a bitcoin is ‘mined’ by cryptographers.

What is bitcoin? :

To know what is bitcoin, it is very important to understand that the basic form of cryptocurrency is bitcoin. Actually “Crypto” is an English language word and its Hindi translation is “secret”. BTC is used on the method of cryptography. Cryptography means the art of solving coding language. Bitcoin can be saved only in Digital Wallet. Its transaction is possible only through the Internet. Bitcoin only comes in the 0 to 1 series.

Actually bitcoin was created by Satoshi Nakamoto in 2008. But in 2009 it was launched as open source software. The smallest unit of bitcoin is a satoshi and there are 100 million satoshis in a bitcoin.

Types of cryptocurrencies :

As time goes on adopting cryptocurrencies. Similarly, the amount of cryptocurrency has also started increasing. If seen, it has been launched in large quantities. Which are being used in addition to Bitcoin. If seen, there is only one type of crypto currency. Differently launched in the market cannot classify its type. We are telling you the names of some such coins which are currently good performers in crypto trading like:

Bitcoin (BTC) : What is Crypto Currency

If we talk about Cryptocurrency and there is no talk of Bitcoin then it is not possible at all. Because bitcoin is the first cryptocurrency from the world. Which was created by Satoshi Nakamoto in 2009.

This is a digital currency which is used only online to buy goods and services. It is a De-centralized currency which means that the Government or any institution has no hand over it.

If we talk about today, then its value has increased a lot, which is now around 13 Lacks, the value of a coin. From this you can find out about its present importance.

Ethereum (ETH) : What is Crypto Currency

Like Bitcoin, Ethereum is also an open-source, decentralized blockchain-based computing platform. The name of its founder is Vitalik Buterin. Its Cryptocurrency token is also called ‘Ether’.

This platform helps its users to create a digital token, with the help of which it can be used as a currency. Recently, due to a Hard Fork, Ethereum has been divided into two parts, Ethereum (ETH) and Etherim Classic (ETC). It is the second most famous cryptocurrency after bitcoin.

Litecoin (LTC) : What is Crypto Currency

Litecoin is also a decentralized peer-to-peer cryptocurrency, which is an open source software released under the MIT/X11 license in October, 2011 by Charles Lee, who has previously been a Google Employee.

Bitcoin has a big hand behind its creation and many of its features are similar to Bitcoin. Litecoin’s block generation time is 4 times less than that of Bitcoin. That’s why transactions are completed very quickly in this. Scrypt algorithm is used in this to do mining.

Dogecoin (Doge) : What is Crypto Currency

The story of the formation of Dogecoin is quite interesting. It was compared to a dog to make fun of Bitcoin, which later took the form of a Cryptocurrency. Its founder’s name is Billy Markus. Like Litecoin, Scrypt Algorithm is also used in this.

Today Dogecoin’s market value is more than $197 million and it is accepted in more than 201 merchants all over the world. In this also mining is very quick as compared to others.

Tether (USDT) : What is Crypto Currency

Tether is the largest stablecoin with a market cap of $78 billion

It uses the blockchain technology of bitcoin. Stablecoins reduce the volatility associated with the US dollar and euro, and are one of the most popular options for those who want to invest in cryptocurrencies but are reluctant to encounter volatility.

Binance Coin (BNB) : What is Crypto Currency

This cryptocurrency is the native cryptocurrency of the Binance crypto exchange, which is the world’s largest exchange by volume.

Binance was only launched in 2017 but has expanded very quickly by facilitating trading on its platform. What is Crypto Currency

Solana (SOL) : What is Crypto Currency

Recently, Solana has been facing a downtrend, but the crypto is on the third spot in this list because of its extremely successful 2021. SOL has proven itself to be one of the fastest growing cryptos in the market. Furthermore, there can be no disagreement that SOL is the biggest competitor to Ethereum. SOL token has reportedly gained 13,662% in 2021.

Ripple (XRP) : What is Crypto Currency

Ripple was released in 2012 and it is based on distributed open source protocol, Ripple is a real-time gross settlement system (RTGS) which runs its own cryptocurrency which is also called Ripples (XRP).

This is very much and famous Cryptocurrency and whose overall market cap is about $ 10 billion. According to their officials, Ripple provides users with “secure, instant and nearly free global financial transactions of any size and without any chargebacks”.

Polygon : What is Crypto Currency

This year’s prospects can be considered quite good. And experts believe that the credit goes to Ethereum. Crypto is all set to transition to version ETH 2.0, which relies heavily on layer-2 solutions like Polygon. It could also indicate that Polygon has the edge to experience an increase in value, and is a good option to buy and hold.

Invest Money in Cryptocurrency :

Investing in cryptocurrencies is very easy. For this you need to choose a right platform. The Guideline, Terms and Conditions related to cryptocurrency should be read carefully on the right platform. Because trading in crypto currency can be risky. Various platforms have been prepared for cryptocurrency trending in other countries including India. Choosing the right platform is very important to get the information related to it.

To invest in Cryptocurrencies, you have to choose the right platform. Because if the right platform is not chosen then you may have to pay more fees while trading. Similarly, the most popular Cryptocurrency platform in India at present is “Wazirx”.

Investing and trading in it is very easy and its founder is also an Indian. I have also invested in it and have done so for many years. If you want too, you can invest your money in it.

Benefits of Crypto Currency :

See, it is like this, that there has been a change in the currency from time to time. Presently digital platforms are developing and any currency can be easily moved on these digital platforms. So that’s cryptocurrency. That’s why according to the time its many benefits are going to be available to the common man. And those who do trading. They are going to benefit a lot from cryptocurrencies. Let us see some of the advantages:

• Cryptocurrency hinges on a secure system. That’s why the chances of getting fraud are very less.
• Cryptocurrencies are easier to exchange than regular currency.
• Payment of cryptocurrency through digital means is considered secure.
• Talking about online transaction feeds, it is limited in cryptocurrencies.
• Account created for cryptocurrency remains secure.
• It is very easy to use in currency trading.
• Big platforms are finding a way to access it.
• Currently major platforms like Microsoft Telsa are supporting cryptocurrency exchanges.

Disadvantages of Crypto Currency :

Any monetization has to face resistance to adapt to the new format. It will definitely take time for people to adopt crypto currency. Because it cannot be touched. It can only be used in digital wallets. That’s why most countries consider it appropriate to delay its implementation. However, the craze of cryptocurrency is going to increase in the coming times and some disadvantages associated with it have also come to the fore like:-

• It is very difficult to reverse a cryptocurrency transaction once it is completed.
• The developers have not been able to find any option to reverse the digital currency yet.
• As you have come to know, that it is saved in the digital wallet and if you forget the digital password or the security associated with it. or gets lost. So it will be difficult to find it.
• So keeping the ID secure is a challenge.
• It is currently not possible to recover digital currency in case of a forgotten Wallet ID password.

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