What is Cryptocurrency? How to invest in Cryptocurrency?

What is cryptocurrency and how it works? / Cryptocurrency information in english 2022.

What is Cryptocurrency

What is Cryptocurrency?:- Cryptocurrency has also become very famous with the advent of digital revolution in India . Everyone wants to invest in cryptocurrencies and become rich! Cryptocurrency is also called digital currency. This currency is bought and sold in almost every country. At present, there are many people who want to invest in Cryptocurrency, but due to not having much information about it, they back down. Many types of questions come in their mind like their money should not be drowned, is it legal, is there any harm in investing in it etc. Friends, this post of ours today is based on this, how is this cryptocurrency , how is it invested in it and how many types of it Types of Cryptocurrency of it! So let’s start Cryptocurrency meaning english/ What Is Cryptocurrency In English.

What is cryptocurrency? ( What Is Cryptocurrency In english )

Cryptocurrency is a type of digital currency that is bought and sold through online medium. This currency is not available in physical like other currency, it is used online only. Cryptocurrency can also be called digital asset because it is used to buy things online. Cryptography is used in this type of currency.

Cryptocurrency is also called virtual currency because it is a currency built on computer algorithms from which any goods or services can be bought through online medium only. There is no control of the government or institute of any country on this type of currency. There is no ownership of any person or organization on this currency because it is an independent currency. Bitcoin is a popular currency that everyone knows, but apart from bitcoin, there are thousands of such currencies in the world whose transactions are done online.

Types of Cryptocurrency

Currently, there are more than a thousand cryptocurrencies available, but here we will talk about some selected and famous cryptocurrencies.

Bitcoin ( BTC )

Bitcoin is one of the earliest and most popular cryptocurrencies! It is currently the most expensive cryptocurrency! This currency was created in 2009 by Satoshi Nakamoto. It is a de-centralized currency, that is, there is no control of any government or institution on this currency. This currency is used to buy things online.

At present, the value of this currency has increased a lot, due to which many people have also become millionaires. The current Indian value of a bitcoin is more than Rs 29 lakhs!

Ethereum (ETH)

After bitcoin, the name of Ethereum comes in the second most popular and expensive currency. It is also a de-centralized currency on which there is no control of any government or institution. This currency was launched in 2015 by Vitalik Buterin. At present, the value of one coin of this currency is around Rs 1.70 lakh.

Dogecoin ( Doge )

It is also a currency to be used like bitcoin. This currency was created as a comparison of bitcoin to dog, which became quite famous by the name of dogcoin. This currency was created by Billy Markus. Script algorithm is used in this currency. The value of one coin of this currency is around Rs 15.

Litecoin ( LTC )

It is a peer-to-peer currency similar to bitcoin! This is also a de-centralized currency over which no one has any control. This currency was created in 2011 by Charles Lee. In this, blockchain is used to complete the transaction. This currency uses a script algorithm, which makes it work 4 times faster than bitcoin.

Dashcoin ( DASH )

It is an open source and peer-to-peer cryptocurrency like bitcoin. This currency was earlier known as Xcoin and Darkcoin. This currency has more features than bitcoin! Transactions in this currency are much easier and faster than bitcoin.

Peercoin (PPC)

It is a peer-to-peer currency which was launched in 2012. It is a digital currency based on the Bitcoin Framework. Its working efficiency is much higher than bitcoin! SHA-256 algorithm is used in this currency. Very little energy is required to do transactions and mining in this currency.

Ripple (XRP)

This currency was created in 2012 by the American company Ripple Labs Inc. Done by! This is a very famous currency whose market value is about 10 billion dollars and the current value of one coin is close to 50 rupees! This currency is a Real Time Gross Settlement System (RTGS).

Monero ( XMR )

Monero is a De-centralized currency! The security system of this currency is very tremendous! This currency was launched in 2014. This currency is used to buy illegal things on the Dark Web.

Advantages of Cryptocurrency

  1. Since it is a digital currency, the chances of fraud in it are very less.
  2. In this you can invest very easily and buy things.
  3. It is a free currency over which no government or institution has any control.
  4. Investing in it is a profitable deal because its prices jump a lot.
  5. This is the best platform to invest!
  6. Its accounts are very secure because cryptography algorithm is used in it.

Disadvantages of Cryptocurrency

  1. Cryptocurrency has no physical form, that is, it has neither notes nor coins.
  2. Due to no control of any institution or authority over these currencies, there is a lot of fluctuation in its value.
  3. Since it is a digital currency, it can be easily hacked too!
  4. This currency can be used to buy illegal things.
  5. In this, if your Wallet ID is lost, then it is not possible to get it again, so all the money that was in your Wallet can be lost forever!

How to Invest in Cryptocurrency?

Investing in cryptocurrencies is very easy and simple! For this you need to choose a good platform. Because if you choose any platform without such research, then you may have to pay more charge for it, you may not get good service too! If you want to invest in this, then you can invest through Wazirx , this is a very good platform where you will have to pay very less fees and at the same time you will also get good service!

Is Cryptocurrency Legal in India?

Currently there are many countries that have made cryptocurrency legal and there are some countries where it is ban. If we talk about India, it is neither here nor it has been approved by the government. That is to say, you can invest in cryptocurrencies but at your own risk!

What is the Future of Cryptocurrency?

If seen in today’s time, Cryptocurrency is very popular! You must have heard the name of bitcoin, today its price is touching unevenly, those who had invested in bitcoin in the beginning have become millionaires today! There are more ups and downs in cryptocurrencies so that you can earn good money in it! In view of its popularity at present, the Government of India may also approve it. That’s why we can say that the future of Cryptocurrency is going to be very good in the coming time!

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