What is Cryptocurrency ? What are the advantages and disadvantages of cryptocurrency – Technical Slate

What is Cryptocurrency ? What are the advantages and disadvantages of cryptocurrency

All countries have their own currency (currency) like Rupee in India, Dollar in America, Pound in UK, Euro etc. in Europe etc. To fulfill the needs and to promote mutual transactions, a currency is needed, all this is possible only through currency, but there are two types of currency, one is the physical currency, which you see. Can be touched, can be used anywhere by putting it in the pocket and there is also a digital currency which is called crypto currency

Crypto currency is a digital currency, you can neither see nor touch it, but let us tell you that it has become the most valuable currency of today’s time and in the last few years such currency has become very popular but this currency is inside India. It is illegal i.e. the use of this currency is illegal inside India, today here we will tell you what is cryptocurrency, what are the advantages and disadvantages of crypto currency.

What is cryptocurrency ?

Cryptocurrency is a currency that you can neither see nor touch. It is a digital currency created by a technology like cryptography and distributed using cryptocurrency Ted Ledger System. Rupee, dollar, euro or other currencies are operated by any state, country, institution or government but cryptocurrency is not operated by any state, country, institution or government, it is an independent currency.

Which has no owner because it is Decentralized Currency and cryptocurrency is used to buy goods and services and Cryptocurrency is a currency that acts as a “peer to peer electronic” cash system. can be done with the help of

The first cryptocurrency was “Bitcoin” which was started in 2009 which was created by an engineer named Satoshi Nakamoto of Japan but at that time people did not know this currency and that is why this currency was not in much circulation at that time but slowly. This currency became very popular and today there are about 1000 cryptocurrencies.

Types of Cryptocurrencies:

There are about 1000 cryptocurrencies available today but only a few of them are performing well.

Bitcoin (btc) Bitcoin (BTC): – Bitcoin is the world’s first cryptocurrency Bitcoin was created by Satoshi Nakamoto in the year 2009. It is a de-centralized currency, which means that no government or any organization has any hand on it. and its value is very high.

Red Coin Red Coin:- Red Coin is used to tip people, so it can be used on some special occasions.

LiteCoin (LTC) Litecoin (LTC): – Litecoin is a Bitcoin-like cryptocurrency and it also works with the help of decentralized technology. It works faster than bitcoin because the block generation time of Litecoin is 4 times less than that of bitcoin and Litecoin cryptocurrency was started by Charles Lee, who was a Google company employee during that time.

Ethereum (ETH) Ethereum (ETH) – Ethereum is also a type of Cryptocurrency and it is an open source decentralized computing platform based on blockchain which is used as an interchange currency. There are two versions of this cryptocurrency, the first is Ethereum (ETH). And the other is Ethereum Classic (ETC) and both are quite famous.

Ethereum (ETH) Dozecoin (Doze): – The founder of Dozecoin is Billy Mercus and it is also a popular Cryptocurrency.

Monero Monero:– Monero Cryptocurrency was launched in the year 2014 but it is such a Cryptocurrency in which a special type of security is used and the name of that security is Ring Signature Monero Cryptocurrency is used in ‘Dark Web Black Market’ That’s why it is used a lot in black marketing.

Dash (DASH): – Dash Cryptocurrency is named after Dark Coin and it was invented in the year 2014 and works with the help of a network called ‘Masternode’ which works faster than Bitcoin.

What are the benefits of crypto currency?

  • Cryptocurrency is a digital currency so it has less chance of fraud.
  • If we talk about cryptocurrencies, then they are more secure than normal digital payments.
  • If someone wants to invest and earn more money, he can invest in crypto currency because its prices jump very fast. Hence, it is a good platform for investment.
  • Cryptocurrency is completely secure, you just need to have authentication for it.
  • There is a difference between the transactions done through Cryptocurrency and the normal transactions you do, because the transactions done in Cryptocurrency are done under very strict supervision and in a secure manner.

What are the disadvantages of crypto currency?

  • Once a transaction is done by mistake within the cryptocurrency, then it cannot be corrected back because there is no reverse option inside it.
  • Cryptocurrency has no physical existence which has major disadvantages like it cannot be printed nor can its notes be printed.
  • The control of cryptocurrency is not with any country, government or institution, due to which its price keeps on jumping very high, so investing in it is very risky.
  • Cryptocurrency is used a lot for wrong things like drugs supply, black marketing etc.
  • If you lose your Wallet ID, it is lost forever as it is not possible to recover it. In such a situation, whatever money you have in your wallet and it can never come to you.

How to trade in Cryptocurrency?

How To Trade In Cryptocurrency: – Trading in Cryptocurrency is very difficult but it is also very risky because its price keeps going up and down according to the second, where you can earn millions overnight and can also lose millions within a night. Today the total value of cryptocurrency is more than 350 billion US dollars. You can trade online with crypto exchanges like Binance, Bitstamp and Coinbase but invest only as much money as you can afford to lose.

Is the use of crypto currency legal or illegal?

The use of crypto currency is legally valid or illegal. Crypto currency has not got legal recognition in all countries like India but it is recognized in some countries, then whether it is legal to use crypto currency or not! Actually, this decision depends on you in which country you are living and using it because if you are using it sitting in a country where it is not recognized then it is illegal and use there. If it is recognized then it is legal, but in some countries neither it has been formally banned nor its use has been recognized.