What is Cryptocurrency?

crypto currency

Crypto currency is a type of financial transaction currency . Just like Indian Rupee and US Dollar, the only difference in cryptocurrency is that it is virtual currency which we can only see and feel and cannot touch.

That’s why it is also called Digital Currency. In today’s modern era, cryptocurrency has become a very big currency and its most popular currency is Bitcoin (BTC) whose market value today is around 831.43B .

In this article, we will get complete information about cryptocurrency, what is cryptocurrency? And how it works, what is its benefit and why crypto is so popular in today’s time.

What is currency ?

There was a time when there was no currency in the world, at that time only goods were traded for goods, then gradually notes and coins came into existence, since then the whole way of trading goods has changed. Notes and coins are our main currency

Today every country has its own currency, like India has Rupee, America has Dollar, similarly all countries have their own currency, but the question is what is called currency, currency is the money system used by a country. recognized as having some value and used by its people as currency

But apart from this, there is a currency in the world which is completely digital, which has no physical existence, below is the complete information about cryptocurrency.

what is cryptocurrency

Cryptocurrency is a type of digital currency that is managed by a decentralized system and is a very secure currency because each transaction is verified by a digital signature and a record of each transaction is kept cryptographically. Which is not possible to copy, in simple language it is a virtual currency.

Simply put, cryptocurrency is a peer-to-peer (P2P) cash system that relies on computer algorithms. Means it has no physical existence, it just remains online as a number.

Its most important thing is that it is completely decentralized, that is, it is not controlled by the government of any country, so it was considered illegal in the beginning, but due to the popularity of its popular currency bitcoin, many countries have made it legal. Has given but still cryptocurrency is illegal in many countries.

value of cryptocurrency

As we all know that Indian Rupee, Dollar, Riyal etc. all currencies are printed on notes and coins which have their own value but cryptocurrency is not printed on notes and coins. Still it has its own value.

Cryptocurrency is completely digital, so it is also called digital money, electronic, but if we talk about its value, then its value is much higher than physical currency, but the value of cryptocurrency keeps changing according to the market.

How does cryptocurrency work ?

Cryptocurrency actually works on the block chain and each of its transactions is monitored by a powerful computer called cryptocurrency mining and those who monitor it are called miners .

When a transaction takes place in cryptocurrency, its details are recorded in the blockchain i.e. kept in the block and the miners work for the security and encryption of this block. Miners solve a cryptography puzzle to find a hash code for the security of the block.

When miners secure the block by finding the hash code, it is placed in the block chain and verified by other nodes available in the network. This whole process is called consensus, when the block is completely confirmed and it is found to be correct, then the crypto coin is given to the securing miners.

crypto market

Crypto market is the place where crypto currency is transacted and traded. It is also known as crypto exchange coin market .

Here you can buy and sell, invest and trade any cryptocurrency like – Bitcoin, Ethereum, Litecoin, Redcoin, Voicecoin, Monero etc.

If we talk about some top crypto markets, then some of the top crypto markets in this list are as follows –

Top 10 Crypto Exchanges market of 2022

  • Binance.US
  • Coinbase
  • Kraken
  • Crypto.com
  • Gemini
  • Gate.io
  • KuCoin
  • Bitstamp
  • Bittrex
  • BitFlyer

This is some popular crypto market which is very popular all over the world and everyone uses it, but apart from this there are many crypto markets, about which you can get information from Google.

Top 5 Crypto Exchanges in India 2022

  • CoinCDX
  • Zebpay
  • WazirX
  • CoinSwitch Kuber
  • UnoCoin

These are some of the top crypto markets in India which are very popular in India from where you can buy the world’s most popular cryptocurrencies Bitcoin and Ethereum and pay in Indian Rupees (INR). WazirX is India’s most popular and trusted crypto market.

Benefits of Cryptocurrency

  1. Cryptocurrency is a digital currency, so the problem of fraud is very less in it.
  2. It is very easy to buy and invest in it because there are many digital wallets available for this.
  3. Cryptocurrency is a very good option for investment because its value always increases.
  4. There is no control of any country or state on this.
  5. This is a very secure currency.

Yes, cryptocurrency is legal in India, in India you can buy any cryptocurrency from wazirX app.

What is the cryptocurrency of India?

None, India has no own cryptocurrency,

How to buy cryptocurrency in India?

To buy cryptocurrency in India, you can buy crypto coins like bitcoin and ethereum from popular crypto market of India like -WazirX, CoinCDX, Zebpay etc.

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