Today in our article, we will know about what is cryptocurrency. In addition, we will talk about the types, advantages, advantages and disadvantages of cryptocurrency.
Look, friends, there are benefits to every technology that has moved into the Internet’s modern and digital age.
However, even if some of the things have advantages, there will be losses. In the same way, cryptocurrency is a modern advantage that has advantages but no disadvantages.
Any country has to buy-cut, trade or buys them for its convenience and necessities.
And, we need currency to move this buying-cutting process forward. We can buy anything with the money and make it our own.
And in this case, each country must have its currency. For example, India has an “Indian Rupee,” America has a “United States Dollar,” etc.
And we can see, touch and use these kinds of coins in this market according to the rules. However, cryptocurrency is a type of currency that is the complete opposite of common money.
Because it is a digital currency that you can’t touch or see with your eyes.
Because cryptocurrencies do not have any physical shape or structure. The demand and circulation of this type of cryptocurrency or digital currency have increased significantly in the last few years.
Now maybe you understand what is “cryptocurrency“.
Let’s face it – most cryptocurrencies don’t know much about cryptocurrencies.
What is Cryptocurrency ?
Cryptocurrency is a kind of currency that can only be used and traded through the online Internet.
And so, this type of cryptocurrency is also considered “digital money. “
And as I said before, we cannot physically view, capture or transact these types of digital currencies.
Remember, the government has no role in cryptocurrencies.
This is because these currencies are called decentralized currencies, which are not owned by any agency or government board.
You can also use cryptocurrencies as your digital asset, which can be used for online shopping.
In addition to shopping, you can use these cryptocurrencies for various services.
Remember, cryptocurrency technology is used in these types of currencies.
It is a peer-to-peer network system, which we use to make purchases against the common currency through the Internet.
These types of currencies can be used without informing the government or the bank.
Therefore, many people say that cryptocurrencies can be used illegally.
There are currently many platforms online from which JKOs buy and sell cryptocurrencies.
The most popular and common currency among all types of cryptocurrency was “Bitcoin. “
It was created first and is the most widely used Bitcoin.
There has been many of controversy over Bitcoin cryptocurrency.
However, the use of bitcoin is one of the most popular and widely used cryptocurrencies today.
As such, there are many other cryptocurrencies besides Bitcoin that you may or may not know about.
So you understand what cryptocurrency means.
What are the different types of cryptocurrency?
Now below, we will learn about the types of cryptocurrencies.
There are many types of cryptocurrencies.
Below I will only talk about the types that have gained good popularity and which can be used.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (Doge)
- Faircoin (FAIR)
- Peercoin (PPC)
- Ripple (XRP)
- Currency (XMR)
Let’s take a look at some of cryptocurrencies below.
When we talk about cryptocurrencies, the name of bitcoin comes first among the types.
Because bitcoin is said to be the first cryptocurrency in the world.
It is said that bitcoin was invented in 2008 by an unknown person or group under the name “Satoshi Nakamoto. ”
It is a digital-currency that is used for online shopping.
As I said before, bitcoin is a decentralized currency that the government or other institutes do not control.
Like the share market, the value of bitcoin continues to decrease and increase.
However, at present, the value of a bitcoin is around Rs 25 to 30 lakhs.
The second largest and most common cryptocurrency after Bitcoin is Ethereum.
It is an open-source, decentralized blockchain-based computer program similar to bitcoin.
The founder of this widely used cryptocurrency is Vitalik Buterin.
After Bitcoin, it is a very famous cryptocurrency.
The price of “1 Ether” is currently around 80 to 90 thousand rupees.
However, some time ago, at the beginning of 2020, the price of “1 Ether” was around 10 to 15 thousand rupees.
Litecoin is, of course, a decentralized peer-to-peer cryptocurrency and an open-source software project that has been released under the MIT / X11 license.
“Litecoin” was released in Oct 2011 by “Charles Lee.”
Charles Lee was previously a Google employee.
The features of this new cryptocurrency are almost identical to those of bitcoin.
At present, the value of 1 Litecoin is around 10 to 15 thousand rupees.
There is a striking difference between Bitcoin and Litecoin in terms of block time.
Litecoin Network targets 2.5 minutes of block time.
However, the Bitcoin network is targeted at a block time of 10 minutes.
Therefore, transactions in bitcoin are confirmed more quickly than in bitcoin.
Dogecoin is a crypto-currency invented by software engineers Billy Markus and Jackson Palmer.
They released Dogecoin on December 6, 2013, to create a fast, fun and free payment system.
Dogecoin’s logo shows the face of the popular Shiba Inu dog.
At present, the value of dogecoin is very low.
At present in India, 1 DOGE = 0.62 rupees and 3 DOGE = 1.85 rupees.
Here to mining is done very quickly.
Like Litecoin, Scrypt Algorithm is used here.
Faircoin and bitcoin uses blockchain technology.
However, it is said that it performs better than bitcoin.
Fast and secure transactions are done here using much less energy.
Faircoin allowing the coin to verify the “proof-of-stake” or “proof-of-work” in place of “proof-of-cooperation” is used.
Dash is an open-source cryptocurrency.
Its previous names were Xcoin and Darkcoin.
The name “Dash” means “digital” and “cash,” which is a combination of Dash.
It is a peer-to-peer cryptocurrency like bitcoin, which is open source.
However, there are some advanced and modern features here compared to bitcoin.
For example, “InstantSend” and “PrivateSend” etc.
In the case of InstantSend, a user can easily complete his transaction.
However, in the case of PrivateSend, every transaction is completely safe where special attention is paid to the user’s privacy.
A different algorithm called “X11” is used in Dash.
In this case, even using much less powerful hardware, people can mine their currencies.
Peercoin is also called PPCoin or PPC.
It’s a peer-to-peer cryptocurrency, just like bitcoin.
Where both proof-of-stake and proof-of-work systems are used to verify transactions.
Peercoin also uses SHA-256 ALGORITHM like bitcoin.
There is a lot less power required for any transaction or mining.
This cryptocurrency was released in 2012 based on the distributed open-source protocol.
Ripple is a realtime gross settlement system that runs its cryptocurrency called Ripples (XRP).
It is one of the most popular crypto-currencies in the world.
Released in 2014, this cryptocurrency mainly focuses on privacy.
This cryptocurrency works on every system, such as Windows, Mac, Linux, Android and FreeBSD.
Bitcoin requires the use of high-end CPUs and hardware,
However, in the case of Monero, consumer-level CPU and hardware can be used.
Advantages of cryptocurrency
- The chances of cryptocurrency fraud are much lower.
- It can be said to be more secure than a regular digital payment.
- It is possible to do international transactions through your mobile.
- Compared to other payment options, transaction fees are much lower here.
- As a result of the use of cryptography algorithms, the accounts are much more secure.
- The peer-to-peer payment system makes it possible to send and receive payments from anywhere in the world within the network without the approval of any external source of authority.
Disadvantages of cryptocurrency
- Once a transaction is made through cryptocurrency, it is not possible to reverse it.
- If your currency wallet ID is lost, it is impossible to get it back. The currency in your wallet will be lost in this way.
- It is also a digital technology, so there is some possibility of hacking resulting from cybersecurity breaches.
- Since government authorities have no control over cryptocurrency, investing in these digital technologies is a risky business.
What we learned today,
Friends, today, we learned about what is called cryptocurrency and its different types.
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