WHAT IS A CRYPTOCURRENCY AND BY WHAT OTHER NAME IS IT KNOWN?

WHAT IS CRYPTOCURRENCY? CRYPTOCURRENCY WALLET?


Recently, there has been a big jump in the price of bitcoin. You must also have heard about it, then you must also know what cryptocurrency is.


WHAT IS A CRYPTOCURRENCY AND BY WHAT OTHER NAME IS IT KNOWN?

What is a cryptocurrency?


Cryptocurrency is a type of digital currency built on an algorithm developed by a computer. It is an independent currency that is not owned by anyone. Cryptography is used for this. It is used to purchase goods online or to purchase a service through the Internet.


There are many countries in the whole world and different types of currencies run in all countries. Such as our rupees in India, dollars in America and some other countries, dongs in Vietnam, etc.


Today we are going to talk through this article about Bitcoin and other cryptocurrencies like it.


Even if you do not know much about cryptocurrency, stay away from this post so that by the end you will get to know everything about it and you can understand how it works.


In today's article, we are going to give you information about this subject in detail. It will also tell what is its other name, in which country this currency is run, how many types of it, etc.


If you want to get complete and detailed information about cryptocurrency, then please read this important article written by us till the end.


What is a cryptocurrency wallet?


At this time, the era of the Internet is going on, under which many such payments are made, which are done through the Internet itself.


A cryptocurrency wallet is also like that. It is used to protect your cryptocurrency.


It is a type of software, in which you have to generate a code with any of your private numbers and after that, your cryptocurrency wallet is ready by closing and you can keep all your types of cryptocurrency in it.


You have to remember that you should always remember your code, otherwise you will not be able to use your cryptocurrency.


When did crypto currency begin?


Do you know when the cryptocurrency was born, if not, we would like to tell you about your information? The cryptocurrency started in 2009.


Which was known as bitcoin at that time.


Bitcoin was created by an algorithm engineer from Japan named Satoshi Mankato.


Since the year 2009, there have been about 1000 types of cryptocurrencies that work as fully electronic systems.


When was cryptocurrency first used?


It was first used as bitcoin only. The cryptocurrency was first used on 22 May 2010.


Which was bought by giving 10,000 bitcoins to a pizza.


At the time when giving 10,000 bitcoins or buying pizza, the price of one bitcoin was about 10 cents or less.


But today the price of this cryptocurrency has increased by a thousand times and due to most purchases by cryptocurrency, its price is increasing even more.


Other than cryptocurrency, popular currency?


As we told you above, from the year 2009 till now, almost 1000 types of cryptocurrency have arrived.


These currencies are being used very much nowadays. The following are some other currencies besides cryptocurrency.


  • BITCOIN
  • VOICECOIN
  • MONROECOIN
  • SISCOINCOIN
  • RED COIN
  • CIACOIN


Bitcoin


Bitcoin is the first digital currency, also known as a global decentralized currency.


Bitcoin can be used anywhere, anywhere.


Using this method, the exchange of money is done very fast, it can only happen between two people, that is, it does not require any other person.


Litecoin 


Litecoin was launched in 2011.


It is a currency that was one of the first cryptocurrencies to follow the path of bitcoin.


This currency is called "Silver to Bitcoin Gold".


The man who created it is Charlie Lee, an MIT graduate and former Google engineer.


Litecoin is based on an open-source global payment network that works on any decontrols system, i.e. it is not owned by anyone.


By the way, Litecoin is like bitcoin in many ways, but it has a fast block generation rate and hence it helps in making a fast transaction.


You must know this as of January 2021, Litecoin has a market cap of $ 10.1 billion and $ 153.88 per token value. This made it the sixth-largest cryptocurrency in the world.


Stellar 


Steller is an open blockchain network designed to provide enterprise solutions by connecting financial institutions for the purpose of large transactions.


Huge transactions usually take place between banks and investment firms, which have to be completed in a short period of time. Apart from this, this transaction lasts for several days.


Because of this, now this process can be done almost immediately without a mediator and nothing is spent for the transaction.


Steller is a currency that has established itself as an enterprise blockchain for institutional transactions.


It is still an open blockchain that can be used by anyone. Its system allows transactions between any currency all over the world.


Steller's basic currency is Lumens (XLM).


This currency was started by Jade McCleb, a founding member of Ripple Labs and developer of the Ripple protocol.


After some time he left his role with Ripple and co-founded the Stellar Development Foundation.


Stellar Lumens has a market capitalization of $ 6.1 billion and is valued at $ 0.27 as of January 2021.


Monero


This coin is also a type of cryptocurrency.


This currency is made up of a special type of algorithm. For this reason, it is also called a ring signature currency.


Mono is a fully private, secure and untraceable currency.


This open-source cryptocurrency was launched in April 2014 and soon grew in popularity in the cryptography community.


The development of this cryptocurrency is entirely based on donations and is community-driven.


The main objective of launching Monero was to provide scalability to it and no one should own it. That is, no one has control over it.


It provides privacy using a special technique known as "ring signature".


Due to such developed security mechanisms, Monero has developed a reproduction.


As of January 2021, Monroe had a market cap of $ 2.8 billion and a price per token of $ 158.37.


CiscoCoin 


This cryptocurrency is also called a revolutionary cryptocurrency because it is used to revolutionize the speed of financial transactions.


This coin acts like a blockchain in which is a part of bitcoin itself.


Syscoin is a global network, a distributed ledger and a decentralized database. It is also an altcoin, a digital currency and a traditional token.


Syscoin is merged with bitcoin, providing us with the most secure and scalable network in the world.


Etherium


This is the first option of bitcoin, which was developed to use it in its place.


It is a decentralized currency that is not owned by anyone.


The goal behind developing Ethereum was to conduct the transaction in a decentralized manner that would allow anyone in the world to get a free currency without noticing his country, his caste.


The application that works on Ethereum runs on its cryptographic token, that is, Ether. Ether was launched in 2015.


It is currently the second-largest digital currency by market cap after bitcoin. However, it is slightly behind the main cryptocurrency by a margin.


As of January 2021, ether's market cap is about 19% of the size of bitcoin.


WHETHER CRYPTOCURRENCY IS LEGALLY CORRECT OR NOT?


The decision of whether a cryptocurrency is legally correct depends on which country you live in and how you use it.


Nevertheless, its use is not valid in many countries. Cryptocurrency has been legally recognized in Japan.


In many countries, it has not yet been given any kind of recognition and in some countries, cryptocurrency has been ranked in the "grey zone".


That is, cryptocurrency has not been fully recognized nor has it been banned.


12 currency was the time in more discussion, when bitcoin was developing very much, who used to have this currency.


This made him even a millionaire in a few days because the profits from his use were very high.


That is why in the decision taken by the Supreme Court of India, cryptocurrency, i.e. the digital currency was recognized.


BENEFITS OF CRYPTOCURRENCY


There Are Many Benefits Of Cryptocurrency, Some Of Which Are Explained Below.


  • The biggest advantage of cryptocurrency is that due to being a digital currency, the chances of fraud in it are very less i.e.

  • The use of cryptocurrency leads to very high profits. Due to this, cryptocurrency was started according to the decision taken by the Supreme Court in India.

  • There is no governing body of cryptocurrency.

  • Therefore, there is no effect of demonetisation and devaluation of any kind of currency on it.

  • Cryptocurrency is also used to hide its money, which is its biggest advantage for such people.

  • By using cryptocurrency, most people do the work of giving tips to people on special occasions.


LOSSES DUE TO CRYPTOCURRENCY


  • There Are Many Types Of Losses, Fluctuations Etc. In The Price Of Crypto Currency From Time To Time, It Also Has Some Disadvantages Related To It, Which Is As Below.
  • In cryptocurrency, without any warning, its price falls by 40 to 50%, which causes a lot of loss.
  • The biggest loss was when the fall in April 2013 dropped the price of the cryptocurrency by about 70%, which was a $ 233 price of a cryptocurrency when it came down to $ 67.
  • The biggest disadvantage of cryptocurrency is that black marketing is very much done using it, that is, the sale and purchase of illegal weapons, the trade of drugs and many similar illegal acts.


Conclusion


Cryptocurrency is a type of digital currency. Through which we can do any type of shopping.


It is very safe. And about this, we gave information in full detail here and told what a cryptocurrency is.


Hope you like this article written by us.


So please do share this article with your friends so that they too can get information about cryptocurrency.

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