“Crypto currency is a means of financial transactions similar to the Indian Rupee and US Dollar; the only difference is that it is virtual. You cannot see or touch it, the very reason it is called digital currency”.
What is digital currency?
“Crypto currency is a means of financial transactions similar to the Indian Rupee and US Dollar; the only difference is that it is virtual. You cannot see or touch it, the very reason it is called digital currency”.
Its entire business is through online mediums only. There is an intermediary between the currency transactions of any country, such as the central bank in India; however, there is no intermediary in trading cryptocurrency as it is conducted online by a network. Cryptocurrency is an unregulated market, as it can make someone rich in a matter of seconds and makes others fall. But despite these ups and downs, its popularity is increasing.
Most popular digital currency bitcoin
The world’s most valuable and popular cryptocurrency is Bitcoin. After this, the second favorite cryptocurrency, Ethereum in the top 10 digital currencies, including Polkadot, Tether, Litecoin, Dogecoin, and others. In the beginning, only bitcoin dominated the crypto market, but over time this market grew, and thousands of digital currencies came into circulation. Today, the scope of the crypto business has spread almost in most countries.
Controlled by computer system
In simple language, cryptocurrency is a digital cash system linked to a private computer chain built on computer algorithms. No country or government has any control over it. Its popularity is increasing so much that many countries have legalized it. In El Salvador, preparations have already begun to build a bitcoin city focused on digital currency.
Used through blockchain
The system used to transact cryptocurrency is called the blockchain. These digital currencies are encrypted (coded) and controlled through a computer network. In cryptocurrency, all transactions are digitally verified and recorded with the help of cryptography through a computer network. If there is a transaction in cryptocurrency, its information is recorded in the blockchain and kept in a block.
How to buy crypto currency
There are two ways to buy cryptocurrencies, but the easiest and most popular way today is to buy them through a crypto exchange. There are hundreds of cryptocurrency exchanges operating around the world. If we talk about India, some major crypto exchanges are WazirX, Zebpay, CoinSwitch Kuber, and Coin DCX Go.
Apart from local crypto exchanges, there are international platforms like Coinbase and Binance from where one can buy digital currencies from all over the world, currencies such as bitcoin, Ethereum, tether, and dogecoin, etc.
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