what is cryptocurrency | Cryptocurrency Information in English

what is cryptocurrency : In today’s post, I am giving you information about Cryptocurrency in English. In this post, we will look at what cryptocurrency is, what its types are and how it is traded. Nowadays we use rupee for our transactions because it is the currency of our country India. Similarly, in the US, the dollar, in Europe, the euro, the Arab rial are some of the currencies.

The currencies of each country are different. Similarly there are different currencies in different countries of the world, which are used in today’s age. We can touch this currency with our hands, keep it in our pockets and we trade in the market but cryptocurrency is a digital currency that we cannot touch with our hands only we can feel it.

Cryptocurrency is an electronic currency. So let’s take Cryptocurrency Information in english in detail about Cryptocurrency.

What is cryptocurrency? – What is Cryptocurrency in english

What is cryptocurrency? – What is Cryptocurrency in english

Cryptocurrency (Cryptocurrency in Marathi) are digital currencies that are built on Computer Algorithm. Cryptocurrencies are not owned by anyone, meaning they are not controlled by any bank or government. Unlike rupee, dollar, euro or other currencies, cryptocurrency is not run by any state, country, institution or government. It is a digital currency for which cryptography technology is used. These currencies can generally be used to purchase any goods or services online.

(Cryptocurrency in Marathi) Everyone should know that in 2009 Satoshi Nakamoto, a Japanese engineer, invented the world’s first cryptocurrency “Bitcoin”. Initially, cryptocurrencies were not very popular, but over time, their value has skyrocketed. Many cryptocurrencies have been created since the beginning of Bitcoin, and today there are more than a thousand cryptocurrencies around the world that serve as peer-to-peer electronic systems.

How does the Cryptocurrency Work’s

Cryptocurrency works through blockchain. All cryptocurrency transactions are recorded in the form of blockchains. All transactions of cryptocurrency (Cryptocurrency in english) are done under the control of a powerful computer, it is called Cryptocurrency Mining and the computers that make it available are called miners.

In Cryptocurrency (Cryptocurrency in english) when any transaction occurs they are stored in Blockchain. Each transaction is placed in a block. This block is protected by minors. Miners’ computers solve mathematical equations for the security of this block and create a separate hash code which gives each block a unique hash code.

The hash code of each block is verified by other computer software in the network. Mine Cryptocurrency is given to Miner as a reward after verification. The process of verifying the cryptographic equations solved by Miner is called Consensus . This is how cryptocurrency transactions are conducted which are completely secure and not under the control of any institution or government.

Types of Cryptocurrencies

Bitcoin is the most popular cryptocurrency in the world. Many people will only remember Bitcoin when they hear the name cryptocurrency, but you may not know that there are more than a thousand cryptocurrencies available in the world. Let’s take a look at some of the popular cryptocurrencies.

1) Bitcoin

The most popular and most valuable cryptocurrency is Bitcoin. Bitcoin was created in 2009 by Satoshi Nakamoto, a Japanese engineer. Initially it was not very popular but over time it became more expensive. Like other cryptocurrencies, it is digital. If you look at the price of Bitcoin today, it is in the house of Rs 36 lakh which is increasing and decreasing every day.

2) Ethereum

Like Bitcoin, it is a digital currency, an open source, decentralized blockchain based computing platform. Ethereum was launched in 2015 by Vitalik Buterin. Ethereum is also called Ether. It is the second most popular cryptocurrency after Bitcoin. It is priced at Rs 3 lakh today.

3) Litecoin

Litcoin is a Peer-to-Peer Cryptocurrency. Litecoin was launched in October 2011 by Charles Lee. Charles Lee has previously worked for Google. Litecoin transactions are four times faster than Bitcoin because the blockchain time of Litecoin is four times shorter than that of Bitcoin. (Cryptocurrency in Marathi) Litecoin’s price today is 11 thousand rupees.

4) Dogecoin

Dogecoin (DOGE) is also a cryptocurrency, this cryptocurrency was created to make fun of Bitcoin. Dogecoin was invented by Billy Markus in 2013. Dogecoin’s logo has a photo of the dog. Dogecoin is priced at Rs 13 today.

5) Dash

Dash’s previous names were XCoin and Darkcoin. The word Dash means Digital and Cash. Dash is an open source, peer-to-peer cryptocurrency like Bitcoin. It has more features than Bitcoin. Mining Dash does not require a very powerful computer, Bitcoin requires a very powerful computer. Today’s price of Dash is ten thousand.

Advantages of Cryptocurrency

Cryptocurrency (Cryptocurrency in Marathi) is so popular and expensive. This is because of the advantages that make these digital currencies so popular. Below are some important benefits of cryptocurrency.
1) Since cryptocurrency is digital in nature, it is less likely to be fraudulent.

2) Investing in Cryptocurrency is very easy as there are many Digital Wallets available to store Crypto Currency.

3) As there is no control of any institution, bank or government over cryptocurrency, there is no risk of denomination or currency depreciation.

4) Cryptocurrency transactions are very secure, there is a big difference between normal transactions and cryptocurrency transactions.

5) Cryptocurrency is used a lot to hide money, for those who hide money, cryptocurrency has emerged as a great option.

Disadvantages of Cryptocurrency

Cryptocurrency is banned in some countries, as you can see from the disadvantages of cryptocurrency.
1) Cryptocurrency is used by many to hide money from the government and has been banned by many countries.

2) The chances of cryptocurrency being hacked are high. If someone hacks your coin, the chances of getting it back are nil.

3) If you forget the wallet ID stored in the cryptocurrency, you will not get it again, so you can never withdraw money from it.
4) In cryptocurrency, if you accidentally make a payment to another person, you cannot get it back.

conclusion

I hope you all have a good understanding of what cryptocurrency is, Cryptocurrency Information in english. The whole world of today and the world to come is computer and technology, so we need to know about various topics in it.

I hope everyone liked today’s article and I request that you share this article with all your friends on WhatsApp or other social media so that they too can gain knowledge about Cryptocurrency and we can also cooperate.

If you liked today ‘s article on Cryptocurrency in english, be sure to leave your feedback in the comment box below or if you have any doubts, feel free to comment.

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