What is cryptocurrency? Nowadays everyone is running after cryptocurrencies. Cryptocurrency has made its place in the financial market in a very short time.
Crypto currency is also called digital money. It is available only online and we cannot do physical transactions with it.
Other currencies such as Rupees in India, Dollar in the USA, Euro in Europe etc. are applied and used by governments all over the country. In the same way, all these currencies are used in the whole world.
But it is a matter of fact that the government does not have any hands on these cryptocurrencies. This is Decentrallized Currency. Therefore, there is no authority of any agency or government or any board over them. Because of which the value of this cannot be regulated.
In this post of ours today, we will give you What is Cryptocurrency – About to tell you. So friends, read this post till the end to know about Cryptocurrency. Let’s see What is cryptocurrency
What is cryptocurrency?
Cryptocurrency is also called digital currency. This is a kind of Digital Asset. Which is used for everything shopping or services. Cryptography is used in these currencies.
This is a Peer Peer Electronic System, used the Internet to purchase Goods and Services in place of regular currencies.
In this arrangement, it can also be done without informing the Government Banks. But some people believe that Cryptocurrency can also be used in a wrong way.
If we first talk about Cryptocurrency, then Bitcoin was first brought to the world for this purpose. If we see today, more than 1000 Cryptocurrency are available all over the world. Cryptography is used to create cryptocurrency.
If we talk about all cryptocurrency, then the first one of them which is famous is Bitcoin. It was made first and it is used the most. There has been a lot of controveries about Bitcoin. But today Bitcoin is at the top of Cryptocurrencies.
Types of Cryptocurrencies
1. Bitcoin (BTC)
Talk about Cryptocurrency and it is not possible at all, if not the case of Bitcoin Bitcoin is the first Cryptocurrency in the world. Which was created by Satoshi Nakamoto in 2009.
It is a digital currency which is used to buy goods and services online. It is also a de-centrallized currency. That is, there is no hand of government or any institution on this.
If we talk about today, then its value has now increased significantly, which is close to the value of 13 Lacks of a coin.
Like Bitcoin, Ethereum is also an open-source, decentralized blockchain-based computing platform. Vitalik Buterin is the name of its founder.
Its Cryptocurrency token is also called ‘Ether’. This platform helps its users to create digital token. With the help of which currency is used.
3. Litecoin (LTC)]
Litecoin is also a decentralized peer-to-peer cryptocurrency which is a open source software . Through this, who was previously under a Google Employee under the MIT / X11 license, Charles Lee in October 2011.
Bitcoin has a huge hand behind its creation and many of its features come from Bitcoin. Therefore, Transaction is completed very quickly. Scrypt algorithm is used.
4. Dogecoin (Doge)
The story of the formation of Dogecoin is quite interesting. This was compared to the dog for mocking Bitcoin. Which later took the form of Cryptocurrency. Billy Markus is the name of the founder. Like Litecoin, it also uses Scrypt Algorithm.
5. Faircoin (FAIR)
Faircoin is part of a grand socially-conscious vision. Which is a Spain-based co-operative organization and also known as Catalan Integral Cooperative, or CIC.
This is Bitcoin’s blockchain technology But a more socially-constructive design is used. Like other cryptocurrencies, Faircoin does not depend on mining or minting of new coins at all.
6. Dash (DASH)
Its first names were XCoin and Darkcoin, Dash. Which means ‘Digital’ and ‘Cash’. It is an open source, peer-to-peer cryptocurrency. Just like Bitcoin. But it has more features available in comparison to Bitcoin.
7. Peercoin (PPC)
Peercoin is completely based on the Bitcoin protocol. And in which many source code is found in both. It does not remain dependent on the proof of work to verify the transaction.
Peercoin also uses the SHA-256 algorithm, similar to Bitcoin.
8. Ripple (XRP)
Ripple was released in 2012 and is based on the distributed open source protocol. Ripple is a real-time gross settlement system (RTGS) that runs its own cryptocurrency. Which is also called Ripples (XRP).
9. Monero (XMR)
It actually originated from Bytecoin’s fork in 2014 and since then it is of popular benefit. This cryptocurrency is available in all systems such as Windows, Mac Linux, Android , and works in FreeBSD.
Advantages of CryptoCurrency
1.There are less chances of fraud in cryptocurrency.
2. If we talk about cryptocurrency, then it is more secure than normal digital payment.
3. If we talk about other payment options, then the transaction fees in this is also very low,
4. The account in this is very secure, because different types of Cryptography Algorithm are used in it.
Disadvantages of Cryptocurrency
1. In cryptocurrency it is impossible to reverse once the transaction is completed. Because it does not have any options.
2. If your Wallet ID is lost, then it is lost forever. Because it is not possible to get it again.
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