In this modern era of technological advancement, cryptocurrency is the word we all have come across somewhere or the other. Whether be it newspapers or social media platforms, the word “Cryptocurrency ” comes up very frequently and everyone wants to talk about it. But the problem is that no one really knows how they work. This article on cryptocurrency will help you get a brief idea about cryptocurrency.
So, cryptocurrency is known as digital currency or the decentralized form of currency that can be used either for payments or investments. Digital currency means that it is not in the form of physical money that you can see or touch rather it is a type of encoded digital form whose record is stored in millions of computers all around the world. Decentralization means cryptocurrency is not controlled or backed up by any authority banks or government. There is not a single authority that can control the price hikes and trends for cryptocurrency. So in simple words, the users all around the world themselves set the price and trends for cryptocurrency.
The first-ever cryptocurrency “BITCOIN” was created and launched in 2009 by a developer named Satoshi Nakamoto, who tried to improvise a way that could allow the users to send and receive transactions in seconds without depending on anyone. You can consider cryptocurrency as a special code that is saved in your smartphone or pc that has some worth and if you want to pay anyone you can simply send it with your smartphone and it will be easily sent.
There are limitless ways in which you can use cryptocurrencies, you use them to make transactions with the lowest transaction fees. Other than this you can hold cryptocurrencies for some time so that their price may increase and you would sell them at a time to make a profit.
There are numerous benefits that you can get if you choose cryptocurrency instead of fiat currency. Fiat currency is any form of currency other than digital currency. We know that fiat currency is controlled by governments, which means you depended on the government to set their value. But for cryptocurrency, you get a decentralized option that allows you to set the value of the digital currency. You even pay cryptocurrency for anything you buy like normal cash. More and more brands are changing their payments method so that you can pay them cryptocurrency to get anything. In short, cryptocurrency allows you to be your own boss to send money to anyone.
There are many cryptocurrency exchanges in form of applications and software that allow you to buy, sell and hold cryptocurrency. All you need is to create an account on the exchange and transfer some funds from your bank account to an exchange account and start buying cryptocurrencies. Some cryptocurrencies we recommend are Bitcoin, Ethereum, Binance coin, Polkadot, and Coinbase. There is simply mobile application like Coindcx and CoinSwitch where you can buy these cryptocurrencies easily.
The cryptocurrencies are added to the market by a process called “cryptocurrency mining”, in which many new cryptocurrencies get added. Cryptocurrency mining is a very difficult and tricky process in which the miners have to use sophisticated computers to solve mathematical problems and algorithms and in return, they get crypto coins as rewards.
Hope this article on cryptocurrency, helped you to get a generalized idea about it and be a stepping stone for you in the world of cryptocurrencies.
Thank you.
ARTICLE BY :
ARINDAM GHOSH
ACADEMY OF TECHNOLOGYB.TECH IN ELECTRONIC AND COMMUNICATION
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