Must have heard about cryptocurrency, what is a cryptocurrency and how does it work. In the previous article we Bitcoin discussed and Bitcoin mining taught. Cryptocurrency is very important in India, if you are willing to invest in crypto, first of all, you need to have complete knowledge about cryptocurrency.
Cryptocurrency has strengthened its strength in the financial market. Since cryptocurrency can also be called digital money as it is only available online and we cannot store it physically.
Common properties of cryptocurrency that make it special
- Borderless : You can send and receive cryptocurrencies from anywhere in the world.
- Durable : Cryptocurrency can be used repeatedly without being degraded.
- Irreversible : Transactions cannot be reversed and units cannot be spent twice.
- Permissible : You do not need to provide information, nor permission, to create a wallet and own a cryptocurrency.
What is cryptocurrency?
Cryptocurrency, also called digital currency, is a type of digital asset used to purchase goods or services. Cryptography is used in these Currencies.
Cryptocurrency Meaning: This is a Peer-to-Peer Electronic System that we can use to purchase goods and services in the place of regular currencies through the Internet.
Cryptocurrency actually works through the blockchain. That is, the record of the transaction is kept. In addition, it is monitored by powerful computers, called cryptocurrency mining. And by whom it is mined, they are called miners (minors).
When a transaction (transaction) occurs in a cryptocurrency. So their information is recorded in the blockchain. That is, it is placed in a block. And the work of security and encryption of this block is miners. For this, they get an appropriate hash (a code) for the block by solving a cryptographic puzzle.
History of cryptocurrency
To fully understand modern cryptocurrency, however, there is a need to dig deep into the rich history of various efforts to realize digital money.
Because today cryptocurrency is best described as “Combinatorial Inventions”, creating a new technology using only a combination of old, established functions.
At the root of all cryptocurrency today, cryptography, the technology used for secure private communication and encryption, is the process of encoding these information.
- In cryptocurrency, fraud and online fraud are very unlikely.
- If we talk about Cryptocurrency, they are more secure than normal digital payments.
- Accounts in this are very secure as it uses a variety of cryptography algorithms.
Disadvantages of Cryptocurrency
- In Cryptocurrency, once Transaction is completed, it is impossible to reverse because there is no such option.
- If your Wallet ID is lost then it is lost forever as it is not possible to get it again. In such a situation, whatever money is in your wallet is lost forever.
How to invest in cryptocurrency?
Investing in Currencies like Bitcoin and Ethereum is considered as ” High-Risk Invest “. The price of cryptocurrency is generally volatile; Some may go wrong, others may scam, while others may increase in value and produce Great Return for Investors.
Investing in crypto currency is a quick way to get rich, but it does not mean that you instantly become a millionaire. First of all you have to understand the market and research and analyze the graph.
How to do Cryptocurrency Exchange?
If you are actively trading your cryptocurrency, then you will have to store your funds on the exchange to access them. If you are buying to keep your cryptocurrency from mid to long term, then you should get a cryptocurrency wallet.
Cryptocurrency wallets come in the form of software wallets or hardware wallets.
Wazirx is India’s most trusted bitcoin and cryptocurrency exchange. You can buy and sell Bitcoin, Ethereum, Ripple, Litecoin and more cryptocurrencies in India.
Cryptocurrency Trading vs Stock Trading:
Cryptocurrency trading is often seen as a greater risk than stock trading, but it depends on what stock or cryptocurrency you are trading and how you are trading it. Trading penny stocks or trading options can be equally if not more than in trading cryptocurrency.
Before trading cryptocurrency, you should be aware that you risk losing your money in the market. If you truly believe in the future of cryptocurrency, then holding on to your crypto assets for the long term can be more beneficial than trying to time the markets.
TOP Cryptocurrency Price Today in India
Types of cryptocurrency in India : If you are new to crypto, then you might be thinking how to invest money in crypto market like smart people, then first of all know the types of cryptocurrency for it.
Bitcoin is the world’s first cryptocurrency, which has been so successful. It was made in 2009 by Satoshi Nakamoto. However, there have been many attempts before about digital currencies. But was not found successful. Even bitcoin had to struggle a lot in the beginning. But today it is the world’s largest digital currency. And the price of bitcoin is going to touch the sky right now.
It is a Decentralized Open-Sorce Blockchain. Which is the second largest cryptocurrency in the world by Coinmarket Cap. It was launched in 2015. Ethereum is the world’s most actively used blockchain network. It is also known as Ether.
It is a decentralized open-saucers blockchain. Which is the second largest cryptocurrency in the world by coinmarket cap. It was launched in 2015 Ethereum is the world’s most active blockchain network. It is also known as ether.
Ripple One is a real-time gross settlement system and blockchain network. It was created in 2012 by the American company Ripple Labs Inc. Along with cryptocurrency, it is also a cryptocurrency exchange.
Teether was launched in July 2014 under the name of RealCoin. But on 20 November 2014, it was renamed Teether. Since then it has been known as Tether. It is also known as StableBank. Because it was always designed to be worth $ 1.00.
Litecoin is a peer-to-peer cryptocurrency. Which is based on an open-source cryptographic platform. It started in October 2011. Litcoin crosses scriptic rather than SHA-256 (secure hash algorithms) in its proof-of-work algorithm. Also transacts four times faster than bitcoin.
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 things on the dark web. That is, it is the most cryptocurrency of the Dark Web. It was launched in 2014.0