Cryptocurrency: Everything We Need To Know.

Cryptocurrency

A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers.

CC means (Cryptocurrency) can also replace today’s currency in times to come.

There is no control over any third party such as a central bank, agency, rich investor, or any country on cryptocurrency. CC does not follow the traditional banking system.

A cryptocurrency is a virtual currency that was introduced in 2009 and the first cryptocurrency was the most popular Bitcoin. it is not like a common currency.

In this, the way of a transaction is virtual through the computer, so there is not much fear of theft in this.

And it is not that only Bitcoin is such a cryptocurrency. there are more than 6000 different cryptocurrencies.

But the most popular of them is Bitcoin. therefore you will see this on top of Google trading.

There are Some popular CCs like Bitcoin, such as Libra, Litecoin, Ripple, Ethereum, Dogecoin, Tether, etc. You can also invest in them just like Bitcoin.

Today, bitcoin is the most popular cryptocurrency.

You can guess this by the fact that today many companies around the world have started accepting bitcoin payments. and in the coming times, the popularity of these companies will be huge.

Cryptocurrency is not a new concept. big companies such as Facebook, PayPal, Walmart, and Amazon are associated with CC, and celebrities like Elon Musk, Mike Tyson, Kanye West, and Jack Dorsey are associated with it.

The USA, China, Japan, Spain, and Romania, have the highest number of cryptocurrency users in the world.

Types of Cryptocurrency

There are more than 6000 CCs which it is not possible to tell about, but some of them are popular and can be described here.

Bitcoin

Bitcoin is known as Cryptocurrency, which was first described in 1998 by Wei Dai on the cypherpunks mailing list.

However, the first Bitcoin specification and proof of concept were published in 2008 by Satoshi Nakamoto.

Bitcoin Cash

Bitcoin Cash is a CC that is a fork of Bitcoin Cash a spin-off or altcoin that was created in 2017.

In November 2018, bitcoin cash split into two cryptocurrencies. Bitcoin Cash, and Bitcoin SV.

Dogecoin

This Dogecoin came into the market after a viral dog meme from years ago, hit a new all-time high Friday afternoon.

And was created in 2013 by software engineers Billy Markus, and Jackson Palmer as a faster but “fun” alternative to Bitcoin.

Ethereum

Ethereum is also known as Ether, co-founder is Vitalik Buterin and was just 19 years old when he created Ethereum technology.

Unlike Bitcoin, Ether focuses not as much on digital currency as it does on decentralized applications (phone apps). and you could think of Ethereum as an app store.

Litecoin

Charlie Lee was the founder of Litecoin, (LTC) is one non-Bitcoin crypto that has managed to stand up to the competition.

Bitcoin uses the longstanding SHA-256 algorithm, and Litecoin uses a newer algorithm called Scrypt.

Ripple

Ripple is built on an open-source protocol made in Ripple Labs Inc., a US-based technology company, which was released in 2012.

Ripple aims to enable secure instant and almost free financial transactions of any size at no charge.

Tether

Tether is a CC with a token issued by Tether Limited.

On 30 April 2019, Tether Limited’s lawyer claimed that each tether was backed by only $0.74 in cash and cash equivalents.

You can get an idea of the growth of cryptocurrency in this way, On 5 April 2021, the total market cap of CC surpassed USD 2 trillion for the first time.

What is Cryptocurrency Exchange?

The Cryptocurrency exchange is a platform (website) that facilitates the trading of cryptocurrencies for other assets including digital, and Fiat currencies.

Where you can buy, sell, or cryptocurrencies for other digital currencies or traditional currencies like US dollars or euros.

News

Notice: In early 2018, Bloomberg News (a software, data, and media company) reported the largest virtual currency exchange is based on the volume and estimated revenue data collected by coinmarketcap.

A Cryptocurrency Exchange In India

In India, there are top 5 CC exchanges include:

Wazirx: Wazirx was launched in 2018, by Shetty (founder, and CEO of wazirx). Wazirx has more than 100 + cryptocurrencies that are listed.

Zebpay: this is one of the oldest cryptocurrency exchange platforms based in Singapore founded in 2015. Its Indian operations are carried out from Ahmedabad.

BuyUcoin: It provides a convenient and trustworthy forum for several cryptocurrencies such as bitcoin, Ethereum, etc,

CoinDCX: It was launched on 7, April 2018, to offer a user-friendly experience where users can access a wide variety of financial products.

Bitbns: In this, you can trade more than 80 cryptocurrencies. and Gaurav Dahake was the founder of Bitbns.

Pros and Cons

Consumers can transact with it and there is no 3rd party contribution, no countries control it, and secure payment, between the transactions.

It also has many disadvantages and many advantages mean pros and cons.

Pros

• There is no third-party interface like government, broker, even country, etc, and no fee to receive bitcoin, many wallets let you control how large a fee to pay when spending.

• Transaction records from Cryptocurrency are stored in a ledger (the blockchain), which means that the data is available to anyone at any time, or for anyone to see, and its transaction is fully algorithm-secure.

• 24-hour accessibility This accessibility is a key feature for the adoption of Bitcoin and is being used across the world to provide opportunities.

• CC transaction processes are a safeguard against fraud, and account tampering, and guarantors of consumer privacy.

Cons

• There is no government intervention in this, so there are many illegal activities in it such as smuggling, hacking computers, etc.

• Cryptocurrency will be subject to cybersecurity breaches and may fall into the hands of hackers.

• In this, due to no third party, or government interface, if there is a problem in your money transactions, then you will be responsible for it yourself.

• The most vital is price volatility cryptocurrency value remains to changes every 30 seconds according to the demand, then creates confusion at the time of refund.

Cryptocurrency In India

A concrete bill has not yet been passed by the government regarding cryptocurrencies in India.

(1) Note: Is Cryptocurrency legal in India? Yes, this is legal in India, but the government does not even recognize it.

This means whatever you will be trading or purchasing through bitcoins. In this, all the risk will be yours.

(2) On 5 April 2018, the RBI (Reserve Bank of India) issued a notice to all the banks in which it was mentioned that you will not give your service to all identities who are dealing in cryptocurrency.

Which means you cannot withdraw your money from a cryptocurrency exchange in a bank account.

(3) The cryptocurrency exchange challenged this in the Supreme Court and after running for 2 years, the cryptocurrency exchange won the case and RBI had to remove its guidelines.

(4) But in March 2020. Reserve Bank of India (RBI) again expressed its concern that there is no financial stability in cryptocurrency.

Because of this RBI has started working on its virtual currency.

During the Covid, most of India was locked down again. and it is a sentiment that has fueled the rapid growth in the use of cryptocurrency in the country again.

And now India’s popular form of payment is gradually becoming right based on cryptocurrency.

The reason for such slow speed of cryptocurrency in India is it’s illegal.

The government is working to make some of its rules and regulations but it has not achieved any results.

6. How many Cryptocurrencies are there, and what price?

There are 5040 different virtual currencies traded publicly, according to coinmarketcap. com, a market research site.

And the first number comes with Bitcoin $43,092.85, and the last but not least is Mycro $0.1760.

The total value of all cryptocurrencies on 12 May 2021 was more than 2.40 trillion dollars. and total crypto market volume over the last 24 hours is $230.99 B, which makes a 5.58% decrease.

7. How to buy?

This question is asked by many people, but before buying any cryptocurrency think about what you know about it.

Notice: And if you are thinking about getting rich in Bitcoin overnight, then forget it.

In such a situation, you will have a definite loss, and if you invest in it by reading, or thinking carefully, then you can also earn from it.

• Apps: such as WazirX, CoinSwitch, Zebpay, Bitbns, CoinDCX, etc. In which you can trade on more than 100 different cryptocurrencies.

Down Line

A cryptocurrency exchange is a platform (website), which means where you can buy, sell, or cryptocurrencies for other digital currency or traditional currency like US dollars or euros.

Bitcoin is known as Cryptocurrency, which was first described in 1998 by Wei Dai on the cypherpunks mailing list.

The most vital cons are, price volatility cryptocurrency value changes every 30 seconds according to the demand, then creates confusion at the time of refund.

Transaction records, – (means data is available to anyone at any time, or for anyone to see, and its transaction is fully algorithm secure)