What is Cryptocurrency & How Does it Work?

All countries have their own currency, which we call paisa or money. Indian currency is called Rupee. And the US currency is called the dollar. Similarly, there is a digital currency which is called CryptoCurrency.

In this article, You will understand Cryptocurrency meaning. What is Cryptocurrency? How many types of Cryptocurrency are There? Which is the most popular Cryptocurrency? And What Are Its Advantages and Disadvantages?

What is Cryptocurrency

What is Cryptocurrency?

First of all, know what is CryptoCurrency? Crypto means secret or secret and currency means currency. That is the secret currency. Cryptocurrency is a virtual currency, it is not available in physical form. That is, we cannot take it in us like notes and coins, nor can we keep it in our pocket. Because it is stored in digital form in our digital wallet only on the internet. It can also be called online currency. Because it is capable of doing transactions only online.

Bitcoin was introduced as a Cryptocurrency for the first time in 2009, since then it is the most popular Cryptocurrency Bitcoin. And bitcoin has been produced only 21 million. And this number is fake. That is, like a note, it cannot be printed anymore.

For this reason, the price of Bitcoin keeps going up and down. When the demand increases, the bitcoin price increases, and when the demand decreases, the price also decreases. By the way, you must know that the government has complete control over all the currencies like our Indian currency or US dollar, Euro, etc. But there is no such control on Cryptocurrency like bitcoin.

There is no control of government authority like central banks, any country, or agency on this virtual currency. That is, Cryptocurrency does not follow the traditional bank. It keeps on transferring from one computer wallet to another computer wallet.

How Many Different Types of Crypto Are There?

It is not that the only Bitcoin is a Cryptocurrency, but there are more than 5000 different cryptocurrencies like it. But the most popular of these is bitcoin, followed by Ethereum, Ripple, Litecoin, Tether, and Libra. You can invest in these and buy and sell just like bitcoin.

List of all Cryptocurrencies and Tokens.

Cryptocurrency Prices by TechnoVimal

Most Popular Cryptocurrencies

Bitcoin is the most popular Cryptocurrency all over the world. And how popular it is, you can guess from the fact that now many companies of the world have started accepting Bitcoin payments. And the names of these companies are increasing continuously. Shopping, food delivery, trading, traveling, etc. can be done using these Bitcoins.

Is Bitcoin legal in India 2021

The first bitcoin in India was installed by RBI in 2018. Because RBI considered it illegal. But this van has been removed by the Supreme Court in March 2020. And for this reason, its popularity is not so much in India. But now the use of Cryptocurrency has become legal in India too. But still, you cannot use it like Rupee. In this, you can invest, trade, and hold, etc. And now the number of Cryptocurrency users in India is also increasing continuously. And the price of one bitcoin is 32 lakhs at the moment and the price keeps on increasing and decreasing rapidly.

Advantages and Disadvantages of Cryptocurrency in 2021

Advantages and Disadvantages of Cryptocurrency

Advantages of Cryptocurrency :

Cryptocurrency has its own advantages such as

  • In this you can do easy and quick transactions.
  • With this, international transactions can be done in a jiffy.
  • You have to pay negligible transaction charges.
  • It does not contain any third parties, and is more secure as it uses blockchain technology.
  • Cryptocurrency is not controlled by the government or any agency. Because of which we can use it whenever we want.
  • Cryptocurrency is secret, it means no one knows how much currency you have. Where do you use it? All information is secret.

Disadvantages of Cryptocurrency:

The advantages of Cryptocurrency are many but it also has some disadvantages. As if

  • The biggest disadvantage is that there is no government authority in this, there is no third party agency, so if there is a friend, then no support will be available.
  • Since it is a secret currency, it is also used by Unethical Users. The details of which cannot be obtained.
  • It is not eco-friendly because many computers and resources are used to make it secure. Which consumes a lot of electricity. But maybe new technology will come in the future.

How to Invest in Cryptocurrency 2021

If you want to invest in BitCoin then you can do it with the help of the COIN SWITCH KUBER App. Through this app, you can buy and sell bitcoin. If you are interested in bitcoin then you can download this app from the google play store by clicking on the link. After that, you have to sign up. On signing up, you get 50 rupees as a bitcoin bonus.

Follow the following steps to create an account in Coinswitch Kuber

  1. To sign up, you have to enter your mobile number, then proceed with the process using OTP.
  2. After this a 4 digit security code has to be set.
  3. In the next step you have to do KYC. To do KYC, you have to verify by entering your full name, date of birth and email ID. And the email has to be confirmed using the OTP received on the email.
  4. After this, in the next step, you have to fill the details of PAN card. After which, for National Identity Verification, with Aadhaar Card or Voter Card or Passport has to be used.
  5. In the next step, you have to click and upload one of your selfies. And after that you will fill the details of your bank account so that you can buy and sell in it. Now you have to add money to Coin switch kuber’s wallet so that you can invest in Bit Coin or any crypto currency.

Conclusion

There is a lot of profit in Cryptocurrency, but the risk is also the same, so before buying any Cryptocurrency, do a little research on it. Otherwise, you may suffer a lot. A properly made investment can make you a millionaire very quickly. Now big companies are also investing in cryptocurrencies like bitcoin. Which shows that its future is going to be golden. Tell us what you think in the comments. Thanks!

Vimal K. Vishwakarmahttp://technovimal.in
Hello friends, I am Vimal K. Vishwakarma, Technical Author & Co-Founder of TechnoVimal(टेक्नोविमल). Talking about education, I am an Engineering Graduate. I enjoy learning things related to new technology and teaching others. I request you to keep supporting us like this and we will keep providing new information for you. 🙂 #We TechnoVimal Team Support DIGITAL INDIA

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