The one you look at today is running after cryptocurrencies. In a very short time, cryptocurrency has made its power strong in the financial market. Since cryptocurrency can also be called digital money because it is only available online and we cannot physically transact it.
Other currencies such as rupees in India, dollars in USA, Euro in Europe, etc. are implemented by governments all over the country and used in the same way, these currencies are also used all over the world. But the point to understand here is that the government does not have any hand over these cryptocurrencies because they are decentralized currencies, so there is no authority of any agency or government or any board over them, due to which its value cannot be regulated.
So I thought why not give you people all the information about what cryptocurrency is today. Since this topic is being discussed extensively, it becomes your right to know about it and educate others. So without delay, let’s know what this cryptocurrency is and how many types of it are available.
What is Cryptocurrency?
Cryptocurrency is also known as a digital currency. It is a type of digital asset that is used for the purchase of things or for services. Cryptography is used in these currencies.
It is a peer-to-peer electronic system that we can use to purchase goods and services in place of regular currencies through the Internet. In this system, the government can do this without informing the banks, so some people believe that cryptocurrency can also be used in the wrong way.
If we do cryptocurrency first, it will be bitcoin that was first brought to the world for these purposes. If we look at today, there are more than 1000 cryptocurrencies all over the world, but only a few of them are more important, which we will learn about later on.
Cryptography is used to create a Cryptocurrency.
If we talk about all the cryptocurrencies, then the first of them that became famous is Bitcoin. It was created first and is also used the most. There has been a lot of contradictions about Bitcoin, but today Bitcoin is at the top of cryptocurrencies.
Here’s going to tell you about some other cryptocurrencies that you might already know about.
How to Invest in Cryptocurrency?
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 the present time is “Wazirx”.
It is very easy to invest and trade in it and its founder is also an Indian. I have also invested in it and have done so for many years. You can also invest your money in it if you want.
Types of Cryptocurrency
There are a lot of cryptocurrencies, but there are only a few of them that are doing well and which you can use in addition to Bitcoin.
1. Bitcoin (BTC)
If we talk about cryptocurrency and if we don’t talk about Bitcoin, then it is not possible at all. Bitcoin is the world’s first cryptocurrency. It was created by Satoshi Nakamoto in 2009.
It is a digital currency that is used only to buy goods and services online. It is a decentralized currency which means that the government or any institution has no hand in it.
If we talk about today, then its value has now increased significantly, which is now close to about 13 Lacks of the value of a coin. This allows you to find out about the importance of its presence.
2. Ethereum (ETH)
Just like Bitcoin, Ethereum is also an open-source, decentralized blockchain-based computing platform. Its founder’s name is Vitalik Buterin. Its cryptocurrency token is also known as ‘Ether’.
This platform helps its users to create a digital token, with the help of which it can be used on the currency. Recently, by having a Hard Fork, Ethereum has been divided into two parts Ethereum (ETH) and Ethereum Classic (ETC). This is the second most famous cryptocurrency after Bitcoin.
3. Litecoin (LTC)
Litecoin is also a decentralized peer-to-peer cryptocurrency, 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 very big hand behind its formation and a lot of its features are similar to bitcoin. The time of Litecoin’s block generation is 4 times less than that of Bitcoin. So the transactions are completed very quickly. It uses the Scrypt algorithm to mine.
4. Dogecoin (Doge)
The story of the becoming of Dogecoin is quite interesting. It was compared to a dog to make a joke of Bitcoin, which later took the form of a cryptocurrency. Its founder’s name is Billy Markus. Just like Litecoin, it also uses the Scrypt algorithm.
Today, Dogecoin’s market value is more than $197 million and is accepted for more than 200 merchants worldwide. Mining is also much quicker than others.
Benefits of CryptoCurrency
Now let’s know about some of the benefits of Cryptocurrency:-
- The chances of getting fraud in cryptocurrency are very low.
- Talking about cryptocurrencies, they are more secure than normal digital payments.
- There are also a lot of transaction fees in it, if we talk about other payment options.
- In this, accounts are very secure because different types of cryptography algorithms are used in it.
Disadvantages of Cryptocurrency
Now let’s know about the disadvantages of Cryptocurrency:-
- In cryptocurrency, once the transaction is complete, it is impossible to reverse it because there are no options.
- If your wallet’s ID is lost, it is lost forever because it is not possible to get it again. In such a situation, all your money that is in your wallet is lost forever.