What Is Actually Cryptocurrency And Its Types

What Is Actually Cryptocurrency And Its Types

Hello My Dear Friend, In this post “What Is Actually Cryptocurrency And Its Types“, We will going to read about What is Actually Cryptocurrency and its types in detail. So…

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What Is Actually Cryptocurrency And Its Types

Whoever you see today is running behind Cryptocurrencies. In a very short time, Cryptocurrency has strengthened its power in the financial market.

Since Cryptocurrency can also be called digital money because it is available only online and we cannot do it physically.

Governments apply physical currencies like Rupees in India, Dollar in the USA, Euro in Europe, etc. to the whole country and are brought into use, in the same way, this currency is also used all over the world.

But it is to be understood here that the government does not have any hand over these cryptocurrencies because they are Decentralized Currencies.

Therefore, there is no authority over them by any agency or government or any board, due to which its price cannot be regulated.

Since these days there is a lot of discussion about this topic, then it becomes your right that you also know about this subject and educate others.

Then without delay, let us know what is this Cryptocurrency and how many types are available in it.


What Is Cryptocurrency?

Cryptocurrency is also called digital currency. It is a kind of Digital Asset that is used for the purchase of things or services. Cryptography is used in these currencies.

This is a Peer-to-Peer Electronic System, which we can use to purchase Goods and Services in place of regular currencies through the Internet.

In this system, work can be done even without informing the banks or the government, so some people believe that Cryptocurrency can also be used in the wrong way.

If we talk about the first Cryptocurrency, then it will be Bitcoin. If we see today, there are more than 1000+ Cryptocurrencies in the whole world, but only a few of them are more important, about which we will know later.


What is the name of the first Cryptocurrency?

If we talk about all the cryptocurrencies, then the first one that became famous among them is Bitcoin. It was also made first and it is also used the most.

There have been many controversies regarding Bitcoin, but today Bitcoin is at the top of Cryptocurrencies.


How to Invest in Cryptocurrencies?

To invest in Cryptocurrencies, you have to choose the right platform. Because if the right platform is not chosen then you may have to pay extra fees while trading.

Similarly, the most popular Cryptocurrency platform in India at present is “Wazirx”, Coinswitch Kuber, etc. And you can Buy or Sell crypto via these apps.


Types of Cryptocurrencies?

If seen, there are many Cryptocurrencies but there are only a few of them which are performing well and which you can use apart from Bitcoin.

  1. Bitcoin (BTC)

If we talk about Cryptocurrency and not talk about Bitcoin then it is not possible at all. Because Bitcoin is the first cryptocurrency in the world. Which was created by Satoshi Nakamoto in 2009. who is an anonymous person or company?.

It is a digital currency that is used to buy goods and services only online. It is a decentralized currency which means that there is no hand of government or any institution on it.

If we talk about today, then its value has increased a lot, which is now around 26 Lacks, the value of a coin. from this, you can understand the value of bitcoin.

2. Ethereum (ETH)

Like Bitcoin, Ethereum is also an open-source, decentralized blockchain-based computing platform. The name of its founder is Vitalik Buterin. Its Cryptocurrency token is also called ‘Ether’.

This platform helps its users to create a digital token, with the help of which it can be used as currency.

Recently a Hard Fork has split Ethereum into two halves, Ethereum (ETH) and Ethereum Classic (ETC). It is the second most famous cryptocurrency after Bitcoin.

3. Litecoin (LTC)

Litecoin is also a decentralized peer-to-peer cryptocurrency which is open-source software released under the MIT/X11 license in October 2011 by Charles Lee who was previously a Google Employee.

Bitcoin has a big hand behind its creation and many of its features are dangling from Bitcoin. Litecoin’s block generation time is 4 times less than that of Bitcoin.

Therefore, the transactions in this are completed very quickly. In this, the Scrypt algorithm is used to do mining. And like these coins, there are many types of cryptocurrency in the crypto market.

Now, Let’s understand the Advantages and Disadvantages of Cryptocurrency?


Advantages Of Cryptocurrency?

  1. The chances of fraud in cryptocurrency are very less.
  2. If we talk about Cryptocurrency, then they are more secure than a normal digital payment.
  3. In this, the transaction fees are also very less if we compare to other payment options.
  4. Due to different types of Cryptography algorithms are very secure in this.

Disadvantages of Cryptocurrency?

In cryptocurrency, once the transaction is completed, it is impossible to reverse it because there are no such options in it.

If your Wallet ID is lost then it is lost forever as it is not possible to recover it. In such a situation, whatever money you have in your wallet is lost forever.


Must Read:

What is NFT and How Does NFT Work?


Finally, Thanks For Reading “What Is Actually Cryptocurrency And Its Types“.

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