What is cryptocurrency?

 

What is cryptocurrency?

Cryptocurrency is digital money that is constructed on blockchain technology. In 2008 the cryptocurrency was found but it was initiated in the market in 2009. We may be amicable with some cryptocurrencies like Bitcoin, Ethereum, DogeCoin, Ripple & More.

 

How cryptocurrency work? 

 

Cryptocurrencies run on a distributed public ledger called blockchain, All updates and transactions are completely done by account holders. cryptocurrency units are constructed through a procedure that is known as mining, With the help of computer power complicated mathematical issues are solved that generate coins. Account-holders can buy currencies from brokers at ease and, then It can be stored and spent using cryptographic wallets. 

Cryptocurrency is an intangible asset, they are not a financial asset.  Cryptocurrency is a lack of physical substance so If you possess cryptocurrency, you do not have anything tangible. You just have a third-party platform or a broker where you do invest and withdraw at your risk. 

Although Bitcoin has been around since 2009, cryptocurrencies and applications of blockchain technology are still emerging in financial terms, and more uses are expected in the future. Transactions including bonds, stocks, and other financial assets could eventually be traded using the technology.

Types of cryptocurrency

There are estimated to be more than 4,500 + different cryptocurrencies in circulation as of now and it is increasing day by day. For reference, the crypto journey started in 2009, and initially, people were not that aware of cryptocurrencies much. 

Many types of cryptocurrency are available in the market

Bitcoin:-  Bitcoin is the first decentralized cryptocurrency constructed in 2009 by using blockchain technology for making payments smooth and to promote digital transactions more. There are many banks that are available in the market and the banks were the only source to deposit money they have all the controls over the deposits and people had to count on them so  Instead of using some banks to control the supply of money in an economy (like the Bank of Queensland in tandem with Australia). Department of the Treasury) or third parties to verify transactions (such as our local banks, credit card issuer, and the merchant's bank), Bitcoin's blockchain has been constructed as a public ledger for all the transactions in the history of Bitcoin. That ledger allows a party to prove they own the Bitcoin they are trying to use and can help to prevent frauds and another outlawed tinkering of the currency. A decentralized currency is a great source to make peer-to-peer money transfers (like those between parties in two different countries) It is very fast and easy to do it can be done at your fingertips.

 

Binance Coin


Binance Coin is one of the most invested coins in the crypto market.  The Binance coin is available on the Binance cryptocurrency exchange platform along with other coins as well you can easily trade on its platform or other platforms as well. Binance Coin can be used as a type of currency, but it also has made the process smooth so tokens can be used to pay fees on the Binance exchange and to power Binance's DEX (decentralized exchange) for building apps.  

Dogecoin


Dogecoin is one of the most invested cryptocurrencies but there is also a funny story the back of it The dogecoin cryptocurrency was founded and created by two software engineers Billy Markus and Jackson Palmer, who actually decided to create a payment system as a "joke", of rampant speculation on cryptocurrencies, Dogecoin has skyrocketed in value, In 2019 there was a storm in the market about cryptocurrency and especially for the dogecoin people are very thankful the TeslaCEO Elon Musk and investor and Dallas Mavericks owner Mark Cuban. It was just a meme of a Shiba Inu dog as a "mascot" and was made to be used as a form of digital payment like Bitcoin. However, Dogecoin became one the easiest and very quickly for payments that should be recorded, but it also has no limit on how many coins can be created over time (unlike Bitcoin, which was designed with a cap on how many coins there could be).

 

Investing in cryptocurrencies had not been very facile initially because people were not much aware of it even cryptocurrency is a little different than investing in shares of a company. Stock are representing ownership of a business and that claim to profits the company generates. Purchasing coins of a cryptocurrency, though, is a speculative bet on the price movement of that digital currency.

 

 

 

 

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