Cryptocurrency works the same as other currencies like Indian rupees, dollars, etc But cryptocurrency is not a physical currency it is a digital currency managed through the internet to know more in-depth about cryptocurrency and future of cryptocurrency in India so today you get full review of cryptocurrency.
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|What is Cryptocurrency?|
- 1 Cryptocurrency meaning
- 2 History of Cryptocurrency
- 3 Advantages and Disadvantages of Cryptocurrency.
- 4 What is Blockchain?
- 5 Cryptocurrency Mining
- 6 When and Why Cryptocurrency Banned in India?
- 7 Future of Cryptocurrency in India
- 8 Conclusion
Cryptocurrency is a digital currency managed and used through the internet. it is secured by cryptography that is impossible to hack or compromised. In cryptocurrency, there are varieties of currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. Many of these currencies are directly secured with Blockchain Technology. The main & highlighted feature of cryptocurrency is not control by any government.
History of Cryptocurrency
Cryptocurrency First Introduced in 1983 for Military later it introduced for public. The First Cryptocurrency is Bitcoin introduced in 2009 by an individual company pseudonym “Satoshi Nakamoto” after the launch of Bitcoin there are many other currencies introduced like Ripple, Etherum etc.but cryptocurrency is banned later in India because of less knowledge about cryptocurrency or security issues in cryptocurrency but now it is legal to use in India.
Advantages and Disadvantages of Cryptocurrency.
Advantages of Cryptocurrency
1. Cryptocurrency mainly promise to transfer funds Directly between 2 persons (P2P) without any interference of anyone.
2. All the transactions are secured by private or public keys.
(a)Where wallets and account addresses are public keys.
(b)Private Key is only known by the account owner
3. There are many cryptocurrency wallets with blockchain security.
4. Easily transfer funds with minimal fees just 1-2% of transactions.
Disadvantages of Cryptocurrency
1. There are many bad peoples in cryptocurrency like other businesses they use cryptocurrency for illegal transactions like fraud, scams, or tax evasion.
2. Bitcoin highly used in fraud or illegal business because it is difficult to trace because it is done between two persons.
What is Blockchain?
Blockchain helps to secure the transaction in cryptocurrency if you guys want to understand it simply blockchain is defined as block of chain where the data saved in public databases.
Blockchain stores the digital information where the Date, Time, Amount of transactions name of sender or receiver address, or hash are stored it is called Blockchain.
Cryptocurrency mining is done by High-Performance Computers all the new currency introduced daily is mine by high-performance computers and running 24×7 365 days to mine cryptocurrency there are many coins generated daily with these computers which use high-quality GPU (Graphics card).
When and Why Cryptocurrency Banned in India?
In 2018 Reserve Bank Of India Ban Buying or Selling on Cryptocurrency that time RBI ban Cryptocurrency the reason behind it never take place of other currencies because it is not present in Physical form or there is no interference of government or stamped by the government. But in 2020 RBI lift’s the Ban on cryptocurrency now we can easily trade in cryptocurrency Buy or Sell Cryptocurrency.
Future of Cryptocurrency in India
Cryptocurrency is one of the most rising industry today where we can invest our money and fulfil our dreams like Fixed Deposits in Banks but you get high returns in cryptocurrency as compared to share market or fixed deposits without any single risk you just need to create your account on wallets and secure your password that’s it no one can hack your account. now cryptocurrency is on a peak in 5 to 10 years cryptocurrency rise very much in India.
Cryptocurrency is the digital currency that is used to trade that is never been hacked or compromised by anyone. many of the currencies in cryptocurrency are managed with blockchain Nowadays cryptocurrency is on peak and it will grow in the next 5-10 years and give very much good returns or profits even more than fixed deposits, sharemarket but I recommend you to learn about cryptocurrency how it works then start investing and earn make your future better happy earnings till then stay safe stay home.