What is Cryptocurrency 2024: Cryptocurrency is a new word for many people right now. However, in recent times it has been appearing in many newspapers and has become a topic of discussion. So what is cryptocurrency? How does this work ? How many types are there? You all definitely want to know about it in detail. If you are curious to know about Cryptocurrency, then read this post till the end and you will get answers to all your queries regarding Cryptocurrency.
What is Cryptocurrency?
What is Cryptocurrency? – Cryptocurrency is a digital currency which is available only in digital form and which you cannot use for transactions in physical form. Cryptocurrency is made up of two words crypto and currency, which literally means secret currency. Cryptocurrency is a currency created by the use of encryption techniques developed by computer programming. Cryptocurrency is made up of a combination of scientific principles and mathematical principles of modern computing. The new-age digital currency can be used to purchase goods and services alike. You can also call it digital asset.
Cryptocurrencies have no government control and are independent from central banks and decentralized. This means that people can send and receive money directly to each other without intermediaries. Cryptocurrencies are a type of digital currency that works as a peer-to-peer electronic system and enable payments directly between people.
Pros and Cons of Cryptocurrency –
This digital currency has some advantages and also some disadvantages. So let us try to understand Biduwar-
- Through this you can easily transfer funds without involving any financial institution.
- To transfer funds through crypto, you need to pay very minimal or no fees.
- Payment is made instantly through this system.
- There is very little possibility of fraud in this.
- It is not under any governing body or government, that is, if there is any problem in it, you cannot complain to the government.
- Apart from this, market fluctuations are also a big problem.
- The transactions taking place under this are secret.
How does Cryptocurrency work?
It works through modern technology blockchain. In this, all records of transactions are maintained digitally. It is based on peer-to-peer system in which many computers are interconnected. In this, the process of maintaining records is called cryptocurrency mining and the people who look after all the work of maintaining records are called miners.
How many types of Cryptocurrency are there?
Actually, there are hundreds of Cryptocurrencies in the market about which people may not know. But whenever it comes to Cryptocurrencies, only one name comes to mind, Bitcoin. Apart from Bitcoin, we are going to tell you about some such Cryptocurrencies which are performing well and which you can try apart from Bitcoin.
Top 10 Cryptocurrency
|4. Binance Coin
|10. Bitcoin Cash
What is Bitcoin? How to buy Bitcoin?
Bitcoin is a Cryptocurrency. A currency over which neither any government nor any authority has control. When Bitcoin was launched in 2009, its value was very low. But today the price of one Bitcoin is in lakhs.
One specialty of Bitcoin is that it can neither be hacked nor tracked. When a person transfers money from one bank account to another, the bank, as a controlling authority, tracks it. He knows the details of all the transactions. But this is not the case with Bitcoin.
Bitcoin transactions cannot be traced because the details of Bitcoin transactions are not stored on one computer but on thousands of computers around the world. Bitcoin is quite volatile and its price keeps going up and down. It works on the formula of demand and supply. The greater the demand, the greater the price will also increase.
There must be many of you who want to know how to trade Bitcoin? Although there are many applications with the help of which you can buy and sell Bitcoin, its trading is very simple and easy and you can also trade from your mobile phone. There are many such apps with the help of which you can trade Bitcoin. Like- Zebpay, Wazirx, CoinDCX etc.
In this I am going to tell you about how to trade with the help of Zebpay app.
So let’s understand the entire process of buying and selling Bitcoin.
- First download Zebpay app.
- Create an A/C in it.
- After A/C is created, verify your email address.
- Update KYC For KYC, ID document, address proof and declaration will have to be given.
- After completing the entire KYC process, you have to add your bank A/C.
- After your KYC is complete, you can deposit money in it and buy and sell Bitcoin and other coins from there.
Is Cryptocurrency Legal?
There is a lot of confusion among people regarding Bitcoin. People want to know whether trading Bitcoin is legal in India or not. People also think that this is a type of gambling.
So let us know what is the truth?
In 2018, a circular was issued by RBI in which it was clearly stated that no bank will do any kind of transaction with any people, institutions or any exchange that transacts in crypto. But recently the Supreme Court gave a judgment in which it was said that the circular issued by RBI regarding crypto for banks is wrong.
As a result, people trading on Bitcoin got a lot of relief. As far as whether Bitcoin is legal in India or not, I want to tell you that Bitcoin trading is legal in India but you cannot use Bitcoin as a medium of exchange for payment for any goods or services. are
I hope What is Cryptocurrency?(cryptocurrency kya hai in Hindi) How does it work? How many types are there? You must have got information related to all this. If you liked this article then share it with your friends. For more such informative blogs, please visit our site again and give your feedback by commenting. Thank you !!