What Is Cryptocurrency

The cryptocurrency was first introduced in the year 2009 by an engineer named Satoshi Nakamoto from Japan. And the name of the first cryptocurrency is bitcoin. Although initially, it did not get much success. But after some time it became quite popular and its price skyrocketed and gradually it spread all over the world.

Cryptocurrency is also called digital currency. It is a kind of digital asset. Used to purchase goods or services Cryptography is used in these currencies.

It is a peer-to-peer electronic system. Which we can use to buy goods and services through the Internet in place of regular currencies. In this system, the government can operate without informing the banks. That's why some people believe. That Cryptocurrency can also be misused.

Types of Cryptocurrencies:-

There are several cryptocurrencies out there but only a few of them are performing well. And you can use it without bitcoin.

1. Bitcoin (BTC)

If we talk about Cryptocurrency and not talk about Bitcoin, then this is not possible at all. Because bitcoin is the world's first cryptocurrency. which was created by Satoshi Nakamoto in 2009. It is a digital currency that is used only for buying goods and services online. It is a decentralized currency which means that it is not controlled by the government or any institution.

If we talk about today, its value has increased a lot, which is now about 13 lakhs, the value of a coin. From this, you can find out about its present significance.

2. Ethereum (ETH)

Like bitcoin, Ethereum is also an open-source, blockchain-based computer platform. Its founder's name is Vitalik Buterin. Its cryptocurrency token is also referred to as 'ether'.

This forum helps its users to make digital tokens, with the help of which they can be used as currency. A recent hard fork has split Ethereum into two halves, Ethereum (ETH) and Ethereum Classic (ETC). It is the second most popular cryptocurrency after bitcoin.

3. Litecoin (LTC)

Litecoin, a decentralized peer-to-peer cryptocurrency, is an open source software released in October 2011 under the MIT/X11 license by Charles Lee who was formerly a Google employee.

Bitcoin has a huge hand behind its creation and many of its features hang from bitcoin. Litecoin's block generation time is 4 times less than that of bitcoin. So the transaction gets completed very quickly. In this, the script algorithm is used for mining.

4. Dogecoin (Doge)

The story of Dogecoin's creation is quite interesting. To mock bitcoin, it was compared to a dog, which later took the form of a cryptocurrency. Its founder's name is Billy Marcus. Like Litecoin, the Scrypt Algorithm is also used for this. Today Dogecoin has a market cap of over $197 million and is accepted by over 200 merchants around the world. n this case too the mines occur much faster than the others.

5. Tether (USDT)

According to coinmarkmarketcap.com, Tether is the largest stable currency with a market cap of $ 78 billion as of January 17th. It uses the blockchain technology of bitcoin. Stablecoins reduce the volatility associated with the US dollar and the euro and are one of the most popular options for those who want to invest in cryptocurrencies but are reluctant to face volatility.

6. Binance Coin (BNB)

It is the native cryptocurrency of the world's largest exchange by cryptocurrency volume, the Binance Crypto Exchange.

Binance was only launched in 2017, but it has expanded rapidly by making trading convenient on its platform. Crypto has come a long way from its price in 2017 which was just $0.10 which increased from 52000% on 3rd January 2022 to 52000%.

According to Coinmarketcap.com, as of January 17th, Binance (BNB) ranks fourth with a market cap of approximately $80 billion.

7. Solana (SOL)

Recently, Solana has been facing a downtrend, but the crypto ranks third on this list due to its hugely successful achievement in 2021. SOL has proven itself as one of the fastest-growing cryptocurrencies on the market. Furthermore, there can be no disagreement that SOL is Ethereum's biggest competitor. According to reports, the SOL token has increased by 13,662% in 2021.

8. Ripple (XRP)

Ripple was released in 2012 and is based on the distributed open-source protocol, Ripple is a Real-time Gross Settlement System (RTGS) that generates its own Cryptocurrency also known as Ripples (XRP).

It is a very well-known and well-known cryptocurrency and has a total market cap of around $10 billion. According to their executives, Ripple offers users “secure, instant and virtually free global financial transactions of any size and without any chargebacks.

9. Polygon

This year's prospects can be considered very good. And the experts believe. That credit goes to Ethereum. Crypto ETH is all set to transition to version 2.0, which relies heavily on layer-2 solutions like Polygon. It can also indicate that the polygon is headed for a price increase, and is a good buy and hold option.

Advantages of CryptoCurrency:-

Let us now know about the benefits of some cryptocurrencies-

• The potential for fraud in cryptocurrencies is very low.

• If we talk about cryptocurrencies, they are more secure than normal digital payments.

• Talking about other payment options, the transaction fee is also very less in this.

• Accounts in this are very secure because different types of cryptography algorithms are used in it.

Disadvantages of Cryptocurrency:-

Let us now know about the disadvantages of some cryptocurrencies-

• Once a transaction is completed in cryptocurrency, it is impossible to reverse it as there is no such option.

• If your Wallet ID is lost. So it is lost forever as it is not possible to get back it. So, whatever money is in your wallet. He gets lost forever.

Cryptocurrency is one such currency. Which is built on a computer algorithm. This is one such currency. Which is not implemented by the government of any country. This currency is not controlled by any country, state, or authority, that is, it is an independent currency. For this cryptography is used which is in digital form. With cryptocurrency, you can buy or sell any kind of goods or service

Conclusion:-

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