101: What is Cryptocurrency?

What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. The tokens are encrypted over a blockchain. Their decentralized nature enables them to be operated out of the government’s control. In the last few decades, people are slowly shifting towards cryptocurrency.

Where did it come from?

Types of Cryptocurrency

Satoshi Nakamoto is a pseudonym who launched bitcoin in 2009, making it the first blockchain-based cryptocurrency. The group or individual remains anonymous till the day and assumptions are they did this to maintain the privacy and anonymity that Bitcoin offers.

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Some of the competing cryptocurrencies spawned by Bitcoin’s success, known as “altcoins,” include Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano, and EOS. Today, the aggregate value of all the cryptocurrencies in existence is around $1.5 trillion — Bitcoin currently represents more than 60% of the total value.

The Ultimate Investment??

The surge and dips in any cryptocurrency are rapid and sharp, making your investment journey more like a roller-coaster ride. Your investments would flourish depending on how well do you read about the token and the technology. Unlike stock exchanges, crypto exchanges are open all the time making your investment prone to more volatility. It’s not all bad and the results are worth the risk. While short-term profits can be achieved by trading, the long terms profits can be achieved by staking and lending. Crypto is for everyone.

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Advantages of CryptoCurrency

Unlike credit cards charging extra fees for convenient transactions, crypto transactions require a wallet and no overhead fee is charged. Crypto cards like Crypto.com VISA Card allow the user to pay bills with one cryptocurrency with additional rewards. In the future, we might see more and more people using cryptocurrency instead of fiat currency.

Disadvantages of CryptoCurrency

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