In today's post we will try to find out answers of What is cryptos, types of cryptos and why to use them. To know about them please read the post till the end.
What is Crypto Currency ?
At present Scenario Everyone is running behind Crypto Currency. Everyone wants to grap it before it booms. Some People calling it is future Currency, Some saying it will replace Present physical currency, Some of them investing here for value unlocking, Some started to trade here as well.
At present Scenario Everyone is running behind Crypto Currency. Everyone wants to grap it before it booms. Some People calling it is future Currency, Some saying it will replace Present physical currency, Some of them investing here for value unlocking, Some started to trade here as well.
Cyptocurrency is only a virtual currency we can't transact it physically, Only available on digital form.
How to Use CryptoCurrency ?
Crypto Currency is like a digital asset, By which we can buy or sell anything instead of giving a physical currency. CryptoGraphy is used in CryptoCurrency.
We can use it as a normal currency, It is peer to peer electronic transfer, internet is necessary to make a transaction possible.
Normal currency is regulated by govt of that country but in Crypto There is no boundation of regulations. None of the govt can trace your transaction. Sometimes it is a advantage of using it but sometimes it is dangerous.
It can also be used for illegal transaction and work. And Nobody can trace them.
Types of CryptoCurrency -
If we talk about CryptoCurrency There is one currency which is most famous is Bitcoin. It was also the first CryptoCurrency and this one is also the most used and most stable currency compare to other currencies.
1) Bitcoin (BTC) -
It is the first CryptoCurrency Whose idea is given by Saroshi Nakamoto in 2009. Nobody knows who he is only his name is famous or linked with it.
2) Ethereum (ETH) -
Founder of ETH is Vitalik Buterin, Coins/Tokens of Ethereum is also known as Ether.
3) Litecoin (LTC) -
Started by one of google ex employee named Charles Lee in Oct 2011. It's most of the features is similar to Bitcoins (BTC).
4) Dogecoin (Doge)-
It was started just to meme Bitcoins but somehow people also started to trade it. and if also become a Currency now. Big and famous people like Elon Musk is openly promoting it in this in his social media accounts. That also fuels up it's growth.
5) Tether (USDT)
6) Binance Coin (BNB)
7) Solana (SOL)
8) Ripple ( XRP)
9) Polygon
Advantage of Using CryptoCurrencies -
1) It is more secure to normal physics Currency. and Also with normal digital banking currencies.
2) Transaction charges is very less compare to other banking methods.
3) Chances of fraud is very less Because it uses blockchain technology.
4) Accounts are very secure here, because it uses different combinations of cryptography algorithms.
Disadvantage of using CryptoCurrencies -
1) Transaction in Crypto consumes lots of energy.
2) As the Transaction done you cannot reverse the trade, because there is no option of it.
3) If you lost your wallet ID you will loose all your crypto assets. because there is no other way to get it.
