What is crypto currency ?Types of Cryptocurrency,Benefits and use of Bitcoin

What is crypto currency


It is used to purchase goods and services. It is exchanged through electronics.  In this, the country’s currency is not used to buy things through the internet.  You can also hide your assets in the form of cryptocurrency.


In other words

Cryptocurrency is a type of digital asset for which it is used.  We use it to buy almost any goods or avail of any service as if we are using Bitcoin.  This is a Peer To Peer Electronics Payment System using which we buy goods through the Internet using some other currency instead of our regular currency.


What is crypto currency ?Types of Cryptocurrency,Benefits and use of Bitcoin


With the help of Crypto Currency, you can easily keep your money hidden.


Types of Cryptocurrency

When Cryptocurrency was started, there were only one or two companies that made crypto coins, but today there are more than 1000 Cryptocurrencies.  Now we are telling you about some important Cryptocurrencies below-

Monero (XMR)- This is a special type of Cryptocurrency and it is most used in the dark web black market.  A special type of security is used in this, whose name is Ring Signature.  It is mostly used in black marketing.

Dash– This is also a type of Cryptocurrency.  It was first known as Dark Coin.  It works with the help of a network called Masternode and it is faster and more effective than Bitcoin it was first created in 2014 and since then it is still running.

 Light Coin– It was invented in 2011, and with its help Bitcoin helps in transferring payments even faster.


What is crypto currency ?Types of Cryptocurrency,Benefits and use of Bitcoin


 Zcash- It was used in 2016. All our information like payments and our bank account details are encrypted and transferred.  This is a very secure Cryptocurrency.


Benefits of Cryptocurrency

1. There are very less chances of fraud in cryptocurrency.

2. Cryptocurrency is more secure than normal digital payments.

3. In this, the transfer charges are also very low.  Suppose you have to make a huge payment, then transfer through Cryptocurrency only.

4. The transaction fees in this are much less than your credit card, hence it is used the most.


What is crypto currency ?Types of Cryptocurrency,Benefits and use of Bitcoin


5. In this, the chances of hacking your account are very low because a special type of security is used in it.


How does cryptocurrency work

Cryptocurrency is a digital system through which you do not need any paper.  If you want to make a payment to someone or transfer money to someone through the internet only from your computer, then you can do it through this.

If you look at Cryptocurrency carefully, there are two things in it, one of which is Currency and one is Encryption, which means secure money.  In this, money can be transferred from one place to another without informing any other user, agency, or government.


What is Bitcoin

Bitcoin cryptocurrency is the first global decentralized currency, which was created for the digital world.  It can be used anytime and anywhere.  With its help, one person can send money to another person anywhere without the help of any third party or bank.  That means you can send money from your Bitcoin wallet to someone else’s Bitcoin wallet.  This is a very fast method of money transaction.


Value of bitcoin

5 years ago the price of one bitcoin was Rs 6.  But today its price is around Rs 45,000.  In India, the price of one bitcoin in 2015 was Rs 14 thousand, in the year 2016 it increased to Rs 30 thousand and today its price is Rs 45,000.  According to an estimate, it may increase to 6 lakhs next year.

Beginning of bitcoin was released by Satoshi Nakamoto (Satoshi Nakamoto) for the first time as Open Source Software in January 2009. This is a programmer. Nobody knows about it. In different places, different people have been claiming to be Satoshi’s failure, but to date, its real programmer has not been detected. Many such programmers are engaged in making it safe and strong in today’s time. Its basic purpose was to issue money from one place to another, without any third party or a Central Authority. Software has been prepared around the world.


What is crypto currency ?Types of Cryptocurrency,Benefits and use of Bitcoin


For the first time on May 22, 2010, 10 thousand bitcoin was offered for a Pizza. At that time the price of 1 bitcoin was 10 cents or less, but today its price has increased a thousand times. Due to the purchase by more and more people, its price is continuously increasing.


What is a Bitcoin wallet?

It is a kind of the software program, inside which the bitcoins are stored.  Strictly speaking, it is not kept an anywhere.  A Bitcoin has its own private the number i.e. code, which is kept safe in the Bitcoin wallet.  With its help, we can easily take the Bitcoin or give it to someone.  It is similar to the mobile wallet.


Use of bitcoin

It can be used for some special reasons, described below, in many countries where there are no capital controls.  Capital control means that it is not decided how much money can be sent out of the country and how much can be imported.  In some places, people use it to send or receive money over country leverage.  These people buy the Bitcoin and send it out of the country and then convert it back into money.  The same is done in many gray areas.


What is crypto currency ?Types of Cryptocurrency,Benefits and use of Bitcoin


It is also used to hide personal money.  People who do not have access to banks are using it.  The biggest special thing is that no card etc. is required for its use.  The transactions done with its help are not even face-to-face, hence there is no fear of any kind.


Leave a Comment