What is Cryptocurrency in 2024
What is Cryptocurrency | How does cryptocurrency grow? How Cryptocurrency Works | How many types of cryptocurrency are there | Cryptocurrency List
Friends, today we are telling you about Cryptocurrency, what Cryptocurrency is, its types, and how it is transacted.
Nowadays, the currency we use for our transactions is the currency of a country, as in our country India, the rupee is used for transactions; in the same way, different countries have different currencies, like America’s Dollar and Europe’s Euro-Arab Riyal.
In the same way, different countries of the world have different currencies which are used in today’s world; we can touch this currency by hand, keep it in our pocket, and we transact it in the market, but crypto Currency is a digital currency which we cannot touch by hand but can only feel it can also be done as an electronic currency.
What is Cryptocurrency?
To know what Cryptocurrency is, first of all, we have to understand the computer algorithm; it is made from a process that the government of any country does not implement; it is a digital currency used by cryptography in the world of the dark web.
In particular, it is used to buy goods and services. It was first started by an engineer named Satoshi Nakamoto of Japan in 2009, who named this Cryptocurrency Bitcoin. Initially, people gave little importance to it, but in today’s time, it is the most expensive Cryptocurrency; in 11 years, more than 900 cryptocurrencies are available in the market. Its mode of working is an electronic peer-to-peer system.
Supreme Court’s big decision is allowing transactions in cryptocurrencies.
The Supreme Court made a significant decision in favor of Cryptocurrency, according to which transactions can be done in Cryptocurrency through virtual currency. RBI had banned the transaction of Cryptocurrency, objecting to RBI; the Internet and Mobile Association of India filed a passenger petition in the Supreme Court objecting to RBI’s decision in 2018.
They also filed a petition. Let us also tell you that earlier, the Reserve Bank of India issued this notice against the institutions that regulate Cryptocurrency that they cannot transact Cryptocurrency.
Cryptocurrency became the subject of discussion during a tremendous boom in bitcoin. There was a jump of 100 times more in free bitcoins, those who were millionaires became millionaires, and those who became millionaires became billionaires. In this petition, the Supreme Court made a significant decision and said that Cryptocurrency could be transacted in India.
Is Cryptocurrency legal in India?
Whenever someone hears the name Cryptocurrency, the question comes to mind. Whether a cryptocurrency is legal, friends should tell you that Cryptocurrency has been legalized in many countries. Still, many countries have imposed restrictions on it. If we talk about India, then let us tell you that since the Supreme Court decision in India, Cryptocurrency has become entirely legal; anyone can sell and buy a cryptocurrency and benefit a lot from it.
Certain Cryptocurrency
Although many cryptocurrencies are running in the market, here we will tell you about some exceptional cryptocurrencies that are mainly used.
Bitcoin
You must have known about bitcoin, the world’s most expensive Cryptocurrency; it is used in huge deals, purchases of weapons, and drug mafia for black money transactions.
In terms of growth, Siacoin’s number comes after bitcoin; its growth is continuously increasing. It is also known as SC.
It is a very fast-working coin that usually works for money transactions and works more securely. It is also used to buy and sell property. It is a part of bitcoin which works on the deep web.
Whose name suggests that it is a voice coin, so it is used to set the price of the work of musicians and singers; they also get the support of the people. It is used to monetize the artists.
Monero
Monero is also a type of Cryptocurrency that uses a different type of security. It is named Ring Signature. It is widely used in the dark web and block market. Black marketing is done with the help of this currency. Smuggling is done with its help.
How does Cryptocurrency grow?
To know how the growth of Cryptocurrency happens, we have to see its performance in the market. Its performance is outstanding in black marketing. Investing in it can prove to be a very profitable deal. There are many cryptocurrencies in the market, around 900 to 1000. The cryptocurrency was available in the market when it was launched when its price was equal to zero, but some of it is worth up to $1000 today. It can be estimated how much this currency can grow in the future and people. The trend has started moving away from the stock market in this direction.
History Of Cryptocurrency
- This anonymous electronic key, X, was conceived in 1963 by American cryptographer David Chaum.
- That Cryptocurrency was implemented in the year 1995.
- In 1996, a paper was printed by the National Security Agency with the photography of How to Make Encrypt Electronic Cash, in which he explained the cryptocurrency system in detail.
- They were then published in the American Law Review in the year 1997.
- In 1998, Vidaai published a description of B-Paisa, which he portrayed as an anonymous electronic cash system.
- Soon after that, Nick Szabo got Bit Gold described.
- Bitcoin was first released as open-source software in 2009; it is the first decentralized Cryptocurrency.
- Since the release of bitcoin, other cryptocurrencies have been created.
- In March 2018, the term cryptocurrency was added to the Merriam – Webster Dictionary.
How does Cryptocurrency grow?
Is the use of Cryptocurrency legally valid or not?
By now, you must have come to know what Cryptocurrency is and how to use it, but still, many people need clarification on whether it is legally valid. For your information, this decision depends on you in which country you are living and using it because, till now, there are some countries where Cryptocurrency has yet to be legally recognized. There is one. India is also one of those countries.
Also, some countries have kept it in the ‘ grey zone.’ Grayzone means countries where Cryptocurrency has not been formally banned or recognized for its use. Undoubtedly, due to the tremendous growth in Cryptocurrency, Indian citizens are also inclined toward it. That’s why it is expected that the Government of India will also take some positive initiatives in the future.
Crypto Market
The place where Cryptocurrency is bought and trended is called the cryptocurrency market. It is also known by names like Crypto Currency Exchange Digital, Currency Exchange, Coin Market, and Crypto Market. In this market, you can buy and sell any cryptocurrency and invest, such as Monero, Ethereum, Bitcoin, Voicecoin, Redcoin, Lightcoin, etc. We want to tell you that cryptocurrency exchange mostly accepts payment through credit cards, wire transfers, and other digital means. Here you can convert paper currency to Cryptocurrency and cryptocurrency to fiat money. Here we will tell you the names of some websites where you can exchange Cryptocurrency.
Top Cryptocurrency Exchange websites
- Binance
- Coinbase
- Bitfinex
- Kraken
- bitstamp
- bit flyer
- Aucoin
- Bittrex
- quinone
- Coincheck.com
What is Ledger in Crypto Currency?
Every Cryptocurrency has a ledger or ledger, using which all transactions are made public so that everything is visible to everyone. Having a ledger requires everyone to transact with complete honesty. The ledger database consists of a list of entries that cannot be changed unless certain conditions are met. No one owns the ledger or the cryptocurrency blockchain. Instead, its decentralized means self-run and self-governed without outside interference.
Benefits of Cryptocurrency
If we look at the future of Cryptocurrency, it can be very beneficial; there is little scope for loss in it because it is a digital currency, so the deal is done very thoughtfully.
Even while doing the transaction, it should be kept in mind that once the transaction is done, it cannot come back again; there is very little dishonesty.
Its use is becoming common now, which is understandable that it can prove profitable as its prices increase very fast.
The black chain controls all its work in the dark web.
Disadvantages of cryptocurrencies
When there is benefit in any work, then there can be loss in it, in this, all the work is done illegally, for which the government of any country is not responsible, on this you have to work at your own risk.
There is no evidence for investing in it; most of its business is drug mafia arms smuggling and black marketing.
If someone hacks your coin, you cannot hold anyone responsible because this process does not work under the government of any bank; it works on its own.
Therefore, there can be as much scope for loss as for profit. It is used in illegal business with the help of a dark chain.
Does the government support Cryptocurrency?
The government does not insure Cryptocurrency because online crypto provides extra security than money in a bank account. The main reason is that if you store your currency in a digital wallet provided by a company and If the company goes out of business or someone else hacks it, then the government may not be able to get your money back.
Where to file a complaint of fraud or scam?
Suppose you have Cryptocurrency or other digital assets. In that case, if you want to report any fraud or other suspicious activities with you, you can do so at the address mentioned below.
- FTC at ftc.gov/complaint
- Commodity Futures Trading Commission (CFTC) at 866 – 366 – 2382 or CFTC.gov/TipOrComplaint
US Securities and Exchange Commission (SEC) at sec.gov/tcr
