What is Cryptocurrency?
The Global
economy is transmitting the digitalized world, and from investment to money transfer, everything is upcoming
Digital world. The newest and most
promising digital payment system has come into the market, which is cryptocurrency.
In that
topic, we will understand what exactly
cryptocurrency is and what are different
types of cryptocurrency are.
Cryptocurrency is,
v independent of any central authority or a bank
v The new units can only be added after certain conditions are met.
has a limit to how many units can exist, such that
bit coin has a 01 million limit.
BLOCKCHAIN
What is
blockchain,
It is a
type of record maintaining system in which
multiple users run in a decentralized manner. Once is block is verified it is
added with the previous blocks and forms a chain type, hence known as a
blockchain. this technology is used by bitcoin or other cryptocurrencies.
Benefits of cryptocurrencies.
1. User ownership.
2. Easy transaction.
3. Confidential Transactions.
4. Instant Settlement.
5. Fraud-Proof.
6. Identity theft.
Type of Cryptocurrency
1. 1. Bitcoin
2.
Bitcoin
cash
3.
Ethereum
4.
Stellar
5.
IOTA
6.
Cardano
7.
NEO
8.
Ripple
9.
Litecoin
What is Cryptocurrency
Mining
This is the validation of a transaction.
Minors need to find a hash, which is a product of a cryptographic
function that connects the new block with its predecessor. the minor reward is
given to the miner who finds the solution to the complex hashing puzzle first.
HOW TO BUY CRYPTOCURRENCY
These are two ways to buy a Cryptocurrency,
1) Either by US DOLLER
2) By ANOTHER CRYPTOCURRENCY
Risks of investing in Cryptocurrency
Ø No physical existence.
Ø Volatile in nature.
Ø Operates without any government
Authority.