what is cryptocurrency ?
Cryptocurrency in india legal or illegal
There was a time when there was no currency in the world. There was only transaction of goods in lieu of goods. But after that notes and coins came into existence. And the way the transaction slipped completely. These notes and coins are our main Currency today. But there is also a currency, which is completely Digital. This is called Cryptocurrency. But the question is, is this cryptocurrency after all? And how does it work? What are the advantages and disadvantages? Let us know in detail.
Cryptocurrency
Today, every country has its own Currency. As India has Rupees, the US has dollars, Saudi Arabia has riyals. Similarly, the rest of the countries also have their own currency.
But the question is, what happens Currency?
So the answer is, a money system which is recognized by a country and used by the people there as a medium of money. At the same time, one who has a Value is called Currency. That is, the one who can buy something or service is Currency.
For example, you can buy fruits with a 50 rupee note. That is why it is currency. But you can't buy anything from an old 500 rupee note. Because he is neither recognized by the Government nor has any Value. So, that is not currency. Currency are usually Print on paper or metal pieces (coins). That is why it is called Physical Currency. That is, it is possible to touch it and walk around with it in the purse. But that is not the case with Cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is a Digital Currency managed by a Decentralized System. Each transaction is Verification by Digital Signature. And with the help of Cryptography, his Record is kept. In other words, cryptocurrency is a Virtual Currency based on Blockchain Technology, protected by Cryptography. It is almost impossible to copy it.
In fact, cryptocurrency is a peer-to-peer cash system built on Computer Algorithm. That is, it does not exist Physically. It is just Online as Digits. And the most important thing is that it is completely Decentralized. That is, no country or Government has any control over it. That is why, initially, it was termed as illegal. But later, given the popularity of the Bitcoin, many countries Legal it. But many countries are still against it.
Cryptocurrency Value
However, Cryptocurrency are not Print as notes and coins. But it still has its own Value. That is, you can buy goods from Cryptocurrency. you can Trade. And you can also do Invest. But you can't keep it in your tijori. Nor can you keep it in the locker of the Bank. Because it stays online as Digits. That is why it is also called Digital Money, Virtual Money and Electronic Money.
Speaking of Cryptocurrency Value, its value is more than Physical Currencies. And some Top Cryptocurrencies Value thousands of times more than the dollar. But there is also a fact that this Value does not remain stable. That is, Cryptocurrency Market fluctuates very fast. So that its prices change several times a day.
How does Cryptocurrency work?
Cryptocurrencies actually work through Blockchain. That is, it maintains a record of transactions. It is also monitored by Powerful Computers, which is called Cryptocurrency Mining. And those by whom this Mining are called Miners minors.
When there is a transaction in the Cryptocurrency. So, his information is recorded in the Blockchain. That is, it is kept in a Block. And the Security and Encryption of this Block is Miners. For this, they find the appropriate hash (a code) to Block by solving a Cryptographic puzzle.
When a minor finds the right hash and secures the Block. So it is added to the Blockchain. And it is Verify by other Nodes (Computers) present in the Network. This process is called Consensus.
If the Block is confirmed to be Secure in the Consensus. And he is found to be right. So the Miner who secures it are given Crypto coins. It is actually a Reward called Proof of Work.
Cryptocurrency Market
The cryptocurrency market, that is, the place where Cryptocurrencies is bought and Trading. It is also known by names like Cryptocurrency Exchange, Digital Currency Exchange (DCE), Coin Market and Crypto Market. Here you can buy, sell and Invest any Cryptocurrency. Such as Monero, Ethereum, Bitcoin, Redcoin, Litecoin, Voicecoin etc.
Cryptocurrency Exchange usually accept Payment through Credit Card, Wire Transfer and other Digital mediums. Here you can Cryptocurrency Fiat Money (paper currency) and convert Cryptocurrency into Fiat Money. If you talk about Top Cryptocurrency Exchanges, the following Websites are prominent in this list:-
Binance
Coinbase
Bitfinex
Kraken
Bithumb
Bitstamp
BitFlyer
CuCoin
Bittrex
Coinone
Coincheck
Crypto.com
These are just a few count Cryptocurrency Markets. Which is known to almost people. And they also use it. Because they are quite popular and reliable Markets. But apart from these, there are hundreds of Cryptocurrency Markets. About which you can search on Google. And you can find a list of all cryptocurrency markets.
Cryptocurrency Markets In India
Speaking of Indian Cryptocurrency Markets, CoinSwitch, CoinDCX, WazirX and Unocoin are the most popular Cryptocurrency Exchanges in India. With the help of which you can buy hundreds of Crypto Coins ranging from Bitcoin to Ethereum, XRP, YFI, YFII, Doge and Tron. And you can Payment in INR. WazirX is the most popular and reliable Cryptocurrency Exchange in India.
Top Cryptocurrencies
Top Cryptocurrencies in the world
The same name comes to mind when you hear the name of the cryptocurrency – Bitcoin. But Bitcoin is not the only Cryptocurrency in this world. There are also thousands of Cryptocurrencies. Which most people don't know about. Well, come on! Know about some Popular Cryptocurrencies...
Bitcoin is the first Cryptocurrency in the world to be so successful. It was built by Satoshi Nakamoto in 2009. However, several attempts have been made in the past regarding Digital Currencies. But he could not succeed. Even Bitcoin had to struggle a lot in the beginning. But today it is the most expensive Digital Currency in the world. And Bitcoin Price is skyrocketing right now.
It is a Decentralized open-sours Blockchain. Which is the second largest Cryptocurrency in the world by Coinmarket Cap. It was launched in 2015. Ethereum is the world's highest Actively Used Blockchain Network. It is also known as Ether.
Ripple (XRP)
Ripple is a Real-time Gross Settlement System and Blockchain Network. It Ripple Labs Inc a U.S. company in 2012. created by. Along with cryptocurrencies, it is also a Cryptocurrency Exchange.
Tether (USDT)
Tether was started in July 2014 as Realcoin. But on 20th November, 2014, it was renamed as Tether. Since then it has been known as Tether. It is also known as Stablecoin. Because it was always designed for $1.00 worth.
Litecoin (LTC)
Litecoin is a peer-to-peer cryptocurrency. Which is based on an open-sours Cryptographical Platform. It was launched in October 2011. Litecoin uses Scrypt instead of SHA-256 (Secure Hash Algorithm) in its Proof of Work Algorithm. It also transacts four times faster than Bitcoin.
Monero (XMR)
Monero is a Decentralized Open-source Cryptocurrency. Which basically focuses on Privacy and Decentralization. It is quite famous for its Security Features. But it is mostly used to buy Illegal items on Dark Web. That is, they are the most popular cryptocurrencies in the Dark Web. It was launched in 2014.
Cosmos (ATOM)
Cosmos is a Network of Blockchain Networks. That is, Network of Blockchain Networks. It is also called Internet of Blockchains. Because it serves to connect the Blockchain Networks and communicate between them. In fact, the purpose of Cosmos is to help Communication, Data Sharing and Transaction between Blockchains. And for this, Cosmos has a long series of Products and Tools.
Peercoin (PPC)
Peercoin is also known as PP Coin, P2P Coin, PPC and Peer to Peer Coin. It is a peer-to-peer cryptocurrency. Which is based on Bitcoin Framework. But its Engery Efficiency is 100 times more than Bitcoin. Moreover, Peercoin is the first such cryptocurrency. Which Combination Use Proof of Work and Proof of Stack. Peercoin was launched in 2012.
BitTorrent (BTT)
BitTorrent Cryptocurrency was created by Tron Foundation. It is a peer-to-peer file sharing protocol. Which is based on Blockchain Technology. The basic objective is to make File Transfer between Untrusting Process Participants easier. This allows users to earn BitTorrent Token (BTT). And turn them into Fiat Money.
NameCoin (NMC)
Namecoin is basically based on Bitcoin. And it uses proof-of-work algorithm. Namecoin can store Data in your Blockchain Transaction Database. Its biggest feature is its Censorship-Resistant Domain Name, which is bit. However, it is a Top-Level Domain just like .com and .net. But the ICANN (Internet Corporation For Assigned Names And Numbers) has no control over it.
Benefits of Cryptocurrency
When it comes to the use of Cryptocurrency, the question arises as to why. Why use cryptocurrencies after all? Why use cryptocurrency? What are the advantages? So I would like to tell you that cryptocurrency has many advantages. Such as :-
Cryptocurrency is a Digital Currency. There is very little scope for Fraud.
It is very easy to buy, sell and Invest cryptocurrencies. Because there are many Digital Wallets available for this.
No Bank is needed for cryptocurrencies.
Cryptocurrencies are a very good option for Investment. Because its prices bounce fast.Cryptocurrencies are not controlled by any State or Government.
Cryprocurrency is a Secure Currency.Loss of CryptocurrencyEverything has two sides. There are some benefits and some disadvantages. The same applies to cryptocurrencies. That is, there are some disadvantages of Cryptocurrency also. Let us know about the
disadvantages of cryptocurrency
:-The biggest disadvantage of Cryptocurrency is that no Authority control over it. That is, no one can Control its prices. That is why its prices fluctuate unexpectedly.The second disadvantage is that it is a Digital Currency.
That is why it can be Hack. And this has happened to the Ethereum.The third biggest disadvantage is the use in Illegal Activities. That is, cryptocurrencies can be used to buy Credit/Debit Cards of Illegal Weapons, Drugs and theft.Moreover, cryptocurrencies have no physical existence. That is, it does not have notes and coins.
What is Cryptocurrency Legal?However, many countries have Legal Cryptocurrency. But in many countries, it is still completely banned.
The question arises whether There is Cryptocurrency Legal in India.
The answer is – yes. In fact, cryptocurrencies are now completely legal in India. And you can buy and sell any Cryptocurrency.
Hope you got some knowledge about Cryptocurrency through this article? How does it work? What are the Top Cryptocurrencies? And important information related to the Legalisation of cryptocurrencies must have been found.
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Hi , This is Pramod Choudhary from Nagaur Rajasthan India. I an student and I would like to share my positive thinking with everyone that's my passion . Thank you
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