What is Cryptocurrency?
A cryptocurrency or a digital or virtual currency that is secured by cryptography, which makes it almost impossible to counterfeit and double spend. Most of the cryptocurrencies decentralized networks based on a technology known as blockchain technology. You may be familiar with the most popular versions, Bitcoin and Ethereum, but there are more than 5,000 different cryptocurrencies in circulation, according to CoinLore.
Is Cryptocurrency Safe?
The blockchain technology backing cryptocurrency makes it secure, but that doesn’t mean that investing in any cryptocurrency through any crypto wallet without any proper education might be risky. Always invest in Crypto through safe and verified wallets. And secondly, it’s too an investment and we know that investments are always risky so always perform research before investing in it.
Types of Cryptocurrency
The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions and specifications. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch.
Bitcoin was launched in 2009 by an individual or group known by the pseudonym “Satoshi Nakamoto.”
Other highly popular cryptocurrencies are Ethereum, Tether, Cardano e.t.c.
How can you start investing in Cryptocurrency?
In India, to use cryptocurrencies you need to first open a crypto wallet in apps and sites like COIN SWITCH KUBER, Coin DCX Go e.t.c. After opening an account in any of them you can start investing in them easily.
*This is not a paid promotion, these are only recommendations
Advantages
Cryptocurrencies make it easier to transfer funds directly between two parties, without the need for a trusted third party like a bank or credit card company. In a crypto wallet, there is a public key, while the private key is used to sign transactions. Fund transfers are completed with minimal processing fees, allowing users to avoid the steep fees charged by banks and financial institutions for wire transfers. One more advantage of cryptocurrency is it can be mined by anyone around the world if he/she has the required pc specifications.
Disadvantages
The semi-anonymous nature of cryptocurrency transactions makes them well-suited for a host of illegal activities. Some cryptocurrencies are more private than others. Bitcoin, for instance, is a relatively poor choice for conducting illegal business online, since the forensic analysis of the Bitcoin blockchain has helped authorities arrest and prosecute criminals.
*This is only for educational purposes.