Everyone has heard about Cryptocurrency, but very few people know about it. Almost more than half the world is crazy behind Cryptocurrency. Everyone wants to invest in Cryptocurrency today to earn more money.
What is Cryptocurrency?
Cryptocurrency is a currency, but it is not a physical currency. Cryptocurrency is a digital currency, which is also called digital currency.
Products can be purchased using Cryptocurrency. There are many platforms where you can buy products or services using Cryptocurrency.
The country’s government does not have any role in Cryptocurrency, and Cryptocurrency can be arranged and done without informing the government or banks. Many people believe that Cryptocurrency can be misused.
Cryptography is used in cryptocurrencies. Cryptography is a method with the help of which information and communication are protected with the help of some codes so that only those people can see and process it for which this information is made. In cryptography, crypto means hidden or vault, and graphy means writing.
Cryptocurrency is an electronic peer-to-peer system used to make payments online through the internet and buy something.
Peer-to-peer trading is trading in which buying and selling of cryptocurrencies occur directly between users without any third party.
Types of Cryptocurrency
In today’s time, many different types of cryptocurrencies have come into the market. There will be around 7000 cryptocurrencies in the world in 2022. But there are very few cryptocurrencies out of these very famous, and people want to invest and invest. Below, we have explained the 10 most famous cryptocurrencies in the world in detail.
But there are very few cryptocurrencies out of these very famous, and people want to invest and invest.
Top 10 most famous cryptocurrencies in the world in detail.
Bitcoin: Bitcoin is the most famous Cryptocurrency because it is the first Cryptocurrency in the world. Bitcoin is also known as BTC. Satoshi Nakamoto invented Bitcoin in 2009. Using Bitcoin, you can make purchases from some online platforms.
Bitcoin is the most famous and oldest Cryptocurrency. Bitcoin is a decentralized cryptocurrency. Decentralized means are controlled by a number of offices and authorities rather than a single office or source.
Ethereum: Ethereum is the second-largest Cryptocurrency in the world, and it was launched after Bitcoin. Ethereum is also known as ETH. Ethereum was invented by Vitalik Buterin and was launched on 30 July 2015. Ethereum is a decentralized open-source blockchain cryptocurrency with smart contract functionality. Ethereum is the most used blockchain.
Litecoin: Litecoin is a peer-to-peer and open-source software cryptocurrency that was issued under the license MIT/X11. Litecoin is also known as LTC. Charlie Lee invented Bitcoin. Litecoin was an early bitcoin spinoff or altcoin. They started Litecoin in the year 2011. Talking about technical details, Litecoin is very similar to Bitcoin.
Tether: Tether is a controversial cryptocurrency in which tokens are issued by Tether Limited, which the owners of Bitfinex control. Tether is also known as USDT. It was invented by Brock Pierce, Craig Sellars, and Reeve Collins and is known as the Real coin. It was created in July 2014.
Cardano: Cardano is a public blockchain platform. It is open-source decentralized in which consensus is achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal Cryptocurrency ADA. Cardano is also known as ADA. Charles Hoskinson invented Cardano. It was created in the year 2017.
Dogecoin: Dogecoin is a cryptocurrency invented by two software engineers named – Billy Markus and Jackson Palmer. Dogecoin’s popularity increased when Elon Musk, the world’s richest man, tweeted about it. It became very famous after Elon Musk’s tweet, and its price started growing day by day. Dogecoin is also known as DOGE. It was released on 6 December 2013.
Ripple: XRP was created by the founders of a company named Ripple. XRP is a digital technology and payment processing company. You can exchange different currencies using XRP and exchange fiat currencies and other large cryptocurrencies. XRP was invented in 2012. Chris Larsen and Jed McCaleb created XRP.
Dash: Dash is an open-source cryptocurrency. This is an altcoin that was differentiated from bitcoin. It is a decentralized autonomous organization run by a subset of users called master nodes. Dash was invented on 18 January 2014 and was created by Evan Duffield.
Peercoin: Peercoin is also called PPCoin or PPC. PPC is a peer-to-peer cryptocurrency that uses both proof-of-stake and proof-of-work systems. Peercoin is based on the framework of bitcoin. Peercoin was launched in the year 2012. Sunny King invented Peercoin.
Monero: Monero is a decentralized cryptocurrency. It uses a publicly distributed ledger with privacy-enhancing technologies to intercept transactions to achieve anonymity and immutability. Monero was launched in April 2014. And it was invented by Nicolas Van Saberhagen.
Top Cryptocurrencies Now, we will tell you the names of the world’s most famous cryptocurrencies.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance (BNB)
- Cardano (ADA)
- Solana (SOL)
- Terra (LUNA)
- Avalanche (AVAX)
- Polkadot (DOT)
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- Polygon( MATIC)
- Dai (DAI)
- Litecoin (LTC)
- NEAR Protocol (NEAR)
- Cosmos (ATOM)
- Chainlink (LINK)
- Uniswap (UNI)
- Bitcoin Cash (BCH)
- TRON (TRX)
How does Cryptocurrency work?
The job of Cryptocurrency is to transfer money from one computer to another. Blockchain technology is used to do this work.
Cryptocurrency works like a bank, and transactions are done in it too. However, there is no role of the bank or government in this. The entire account of transactions is kept secure in the blockchain, which greatly reduces the chances of fraud.
This technology is monitored and checked by some people with the help of very powerful computers. This process is called the mining of Cryptocurrency.
Those who mine and investigate Cryptocurrency are called miners.
Now you must be wondering how miners would be mining Cryptocurrency. So let us tell you that they get a code for mining cryptocurrency, and they get this code only when they correctly solve the maths question presented before them.
After all these processes, the mining of Cryptocurrency is completed, and after that, it is time to exchange the Cryptocurrency, in which Cryptocurrency is transferred from one account to another. There are many platforms to exchange Cryptocurrency in today’s time, which we have told below.
Where to Invest in Cryptocurrency?
You can use the platforms below to invest, buy, or sell in Cryptocurrency.
- Coin Switch
Advantages of Cryptocurrency
The possibility of fraud in Cryptocurrency is greatly reduced. As we told you above, that technology called Cryptography is used in this, due to which different algorithms have been used in it, due to which your account remains very secure. You can get very good returns and earn money by investing in this. You can use it to make payments while buying anything online. Cryptocurrency is much more secure than normal digital payments. Compared to other payment options, transaction fees are very low in this.
Disadvantages of Cryptocurrency
Once you transact with Cryptocurrency, it isn’t easy to reverse it. If you lose your Wallet ID, there is no way to get it back. In this case, you will lose your wallet and all the money forever.
Cryptocurrency is decentralized, i.e., there is no role of the bank or the country’s government in this. So if there is any fraud with you in Cryptocurrency, only you will be responsible for it.