Cryptocurrency – What It is | How It’s Work | Full Guide

cryptocurrency

Today I will tell about Cryptocurrency  and their working? and also many other information. It has become viral in the world as a virtual currency. Cryptocurrency has made its place in online trading in 2017. It is also being called a future currency.

In India, INR in America, USD and so many other countries use their personal currencies separately. This currency is on a piece of paper but cryptocurrency online is used throughout the world.

By this, any goods are being used as buy or sell and payment send or receive as well as any kind of transaction. For your information, let us know that bitcoin is first Cryptocurrency which is present in the list of top cryptocurrency today.

What we will cover in this Topic?

1. What is Cryptocurrency? – full explained.
2. How does Cryptocurrency Work?
3. How much is Cryptocurrency Market Capitalization?
4. Why is Crypto Coin so Popular?
5. Is it legal or illegal?
6. Invest or Not?
7. Types of Cryptocurrency.
8. Its Advantages and Disadvantages
9. Can Cryptocurrency be brought in the real form?
10. Conclusion

Read this post full for all these information.

What is Cryptocurrency? – Full Details:

Here are some pointers in the details that will clear the questions related to your cryptocurrency.

1. What is Cryptocurrency? – What is this?

Cryptocurrency is an online virtual digital currency. Due to being decentralized, it is not the right or control of any man or country, no country can control cable rules by controlling them. Because they are dependent on the transaction, in which many equations are solved in a few seconds.

Anyone can make them by mining them. This is a powerful currency based on blockchain technology. They are made up to a certain number but their price depends entirely on the market.

It is made through mining for which mining machines are installed. Read the full information from here.

2. How does CryptoCurrency Work?

How cryptocurrency work – mostly works on crypto coin blockchain technology. It is a very strong technology but today a lot of cryptocurrency is being seen on different technologies.

Blockchain technology is the first and best example bitcoin. Bitcoin is the driest in the first crypto coin. It is also called mother of cryptocurrency.

Now it comes to crypto coin work so that we can tell you it works entirely on the online virtual system. This allows you to send or receive coins payment from one place to another in the whole world without even informing a mediator, agency or government.

The purpose of crypto coins was to make the online transaction easy in the world. An example of this is bitcoin, but today crypto currency has changed its purpose and has reached business and mining by turning it into a business model.

Now every day a new crypto coin launches is being done through new ICO. It has become a business. The purpose of this type of business model is to gather more and more bitcoin and increase its background business by crowdfunding.

3. How much is CryptoCurrency Market Capitalization?

Regarding the market capitalization of Cryptocurrency, it is in billion and trillion dollars. This is the only market that has reached at this juncture very little time. This can also grow in the future because new coins are being launched on the day and people are showing their considerable interest in it.

Today, more than 1000 crypto coins are available and the new ICO is so full. These ICOs are constantly growing in the market capital of crypto coin. Along with this many businesses based on crypto are getting started. Here we are discussing the market cap of some top queen –

Currency Market Capital

1. Bitcoin: $ 152,035,502,563
2. Ethereum: $ 92,629,945,750
3. Ripple: $ 35,308,294,504
4. Bitcoin Cash: $ 20,531,585,293
Cardano: $ 9,759,623,454
6. NEO: $ 8,251,490,000
7. Stellar: $ 7,881,194,569
8. Litecoin: $ 7,342,675,723

4. The Reason for Cryptocurrency’s Popularity?

The biggest reason for cryptocurrency being popular is through making a lot of money in less time. As the market has become very popular, big business man and market are launching their crypto coin to earn good money.

People also want to earn more money in less time, so companies easily raise money. Further, the price of these coins increases both.

One reason for being popular is that even people have a new opportunity to earn money with their job or business. They are interested in making some money by investing without doing much work.

5. Is it legal or illegal?

If you talk about the history of cryptocurrency, bitcoin comes to mind. Bitcoin is the first cryptocurrency, today that is blowing in the market.

Bitcoin had started from 2009. There was a lot of slow start in the start up, and some companies came in, which was giving some additional profit when investing via bitcoin. This was the time when the price of bitcoin began to grow rapidly as the people became aware of it.

Can not tell with cryptocurrency any surety of being legal or illegal because it is a virtual digital currency that works online. Legal or illegal means to depend on any country’s government for what it believes in these coins.

On the one hand, some countries have also banned them by treating them as illegitimate and some other countries accepted it as a future coin.

Now talk about india government, so here the government is not directly saying legal nor illegal. In a way, the government left it to the people, so that the government got away from the responsibility of the people’s advantages and disadvantages.

The government has kept it in a distance, nor is it legal, nor illegal. Here the two conditions can be according to me which the government can think of –

First Legal: If the Government of India leverages the cryptocurrency, then many people can invest in knowing something without earning their hard work, as the up and down in the crypto market is very fast and it is also difficult to find out. Because of this, if people lose their money, then they can assume the government responsible for it.

Secondly illegal: If the government illegal it, then perhaps in the future the government or the country has to suffer losses due to abandoning a big opportunity because the crypto coin is increasing rapidly with online. And because of this, our country will not go down in the top country list. Maybe due to these reasons the government is not fully implementing any decision.

6. Invest or Not?

See crypto market is growing very fast. Some people are investing in it and nothing else. Taking some profits or even doing a loss. Investing and not depends on you completely.

I did not say to invest or not to do so. I’m just showing you the condition so that you can easily understand your decision.

If you want to earn money by investing in the rest, then you have to understand this market. For this, you should start with some money by following those people who are already working in this market, then gradually understand it and then the bigger I’m sure you’ll start making good money from it.

7. Types of Cryptocurrency

Cryptocurrency began in 2009 with bitcoin. Since then, more than 1000 crypto coins are present in the market. Some came and went too. I do not know the names of all. I’m sharing the name of a particular coin –

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Doge Coin etc.

8. Benefits and Disadvantages of Cryptocurrency

With all the things, the advantages and disadvantages are involved, then how to avoid the crypto coin. Let’s know –

Benefits:

1. You can transfer money to anyone anywhere in the world.
2. It does not know about your personal information such as ID and name.
3. This allows you to secure a transaction as it works on high technology.
4. There is very little charge when compared to common credit or debit cards while transferring too much amount.
5. The chance of having an account hack is reduced.

Loss :

1. Once the payment has been sent to the transaction, it can not get the payment from the BAPS.
2. Personal information is not used in their use, hence it is being used in fairly illegal work which is not okay.
3. If you go to the Wallet ID or the company blocks your account then you can do the full amount of money.

9. Can Cryptocurrency Actually Be Used?

Cryptocurrency is a virtual coin it can be difficult to bring in real –

  • This is decentralized currency, it does not have any right.
  • It is the earliest currency used in the whole world, due to which its transaction can be troublesome.
  • Its price is up and down very fast. The uncertainty of its price can be a problem.
  • Not everyone will recognize this, as long as the government does not accept it.
  • One reason for this is its sub-unit as the subunit satoshi of bitcoin is that the price of 1 coin is very high and it is difficult to convert it into a real coin as subunit.
10. Conclusion:

What is the cryptocurrency explain by this post? How it works. What is the type of it and the advantages, what is the loss etc. it is legal or illegal. After reading them you will understand a lot.

Right now, in the big age of online internet, it is important to understand these coins a little bit so that you can get some advantage. We have shared a lot of information related to Cryptocurrency on this blog. You can read all the posts.

Friends, this is what is Cryptocurrency. If you get to know something then you can make a comment, and for similar information, please subscribe to the blog or email us on social media.

About Manish Singh

Hey Mania, Welcome to the Techmenia! I’m Manish Singh, a blogger from Varanasi, UP, India. Here at Techmenia, I write about latest news on technology and science, and also making money online. We also have some knowledge about Health & fitness. So, Stay with us and Subscribe our blog via email don't forget latest update.

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