What is cryptocurrency? Investing in cryptocurrency makes a person Millionaire? Know details
One of the most widely studied topics today is cryptocurrency. What is cryptocurrency? (What is Cryptocurrency? How does it work? How to buy cryptocurrency (How to Buy Cryptocurrency?) Or is cryptocurrency a good investment? We always remember such questions.
In today’s article, we will give you an idea about these few things. If you want to know about cryptocurrency. Or want to invest in cryptocurrency in the future. Then of course it is better to step in knowing this.
What is cryptocurrency?
Before going too deep into cryptocurrency, the first question that comes to our mind is that there are many types of currencies, but what is cryptocurrency in them? So it is better to say that cryptocurrency is actually a kind of digital currency. You can also call it a virtual currency.
That means we have such retail money or notes. This kind of money is not cryptocurrency. It is a virtual currency. That means you will not have physical existence. Cryptocurrency is a combination of the two words cryptocurrency.
Crypto means hidden or concealed. And currency means money or currency. This cryptocurrency is hidden money or currency. In fact, this virtual currency is secured through cryptography. And you can buy and store these cryptocurrencies in the specific wallet of your choice.
And if needed, you can sell your stored cryptocurrency. Or transfer to someone else. Or you can buy certain products through cryptocurrency. Although the chances of buying through this cryptocurrency are still very low. In fact, it is a kind of digital asset. It is based on a myriad of computers scattered around the world.
You can make online payments using cryptocurrency very securely. You will not need any intermediary for this. That is why it is possible to exchange money with this currency all over the world with comparative savings.
How many types of cryptocurrencies are there in the market?
Now the number of cryptocurrencies is not less. Let me tell you about some of them. The most popular of these is Bitcoin. Bitcoin’s journey began in 2009. Satoshi Nakamoto is said to have created the cryptocurrency.
Later, this cryptocurrency caused a stir all over the world. Gradually people’s interest in cryptocurrency increased. And with that, the number of cryptocurrencies continues to grow. There are now thousands of cryptocurrencies.
What are the most popular cryptocurrencies?
Let’s take a look at some popular cryptocurrencies. The first cryptocurrency to be named in terms of popularity is Bitcoin. I have already informed you about this.
Then there are many more coins. Which have gained immense popularity later on. Which contains Ethereum. There are also coins like Binance Coin, Tether, USD Coin.
How to buy cryptocurrency?
In many countries of the world now cryptocurrency can be bought very easily (buy cryptocurrency easily). If you want to buy, you have to take the help of the crypto exchange. In which you can easily buy the cryptocurrency of your choice by creating your account and easily linking it to the bank account. There are many such crypto exchanges in India. In which you can use WazirX, CoinDCX, Unicoin, etc. exchanges.
Is it possible to invest in cryptocurrency?
One thing you need to know about this first. Although cryptocurrency is actually a digital currency, many are now using it as a very important means of investment. There are two things you need to know to know the reason for this.
In July 2010, the price of a bitcoin was 0.9 US dollars. That’s a lot less than 1 1. In Indian currency, 0.09 US dollars is 66 rupees. However, at the time of writing this article, the price of a bitcoin stands at 32 lakh 7 thousand 740 rupees.
Imagine for a second you were transposed into the karmic-driven world of Earl. For this reason, many now see Bitcoin as one of the means of investment.
The Ethereum coin was launched on July 30, 2015. At launch, it was priced at 3 0.31 per Ethereum coin. That means you had to pay 31 rupees for every coin in Indian currency.
However, at present, its price has increased a lot. At the time of writing this article, the price of each Etherium coin has increased by Rs. 2 lakh 47 thousand 941. I mean think of its field once. If you had bought Etherium at a very low price during or after the launch, what would it be now?
This huge return is what everyone is thinking of cryptocurrency as one of the means of investment now. However, before investing in cryptocurrency, invest only after knowing everything well and doing your own research. It is better not to invest by listening to others.
In the following articles, we will cover more important information about Bitcoin or Etherium, or other cryptocurrencies. But before that, let’s take a brief look at what we learned from today’s article.
What did we find out today?
What is cryptocurrency?
In short, Bitcoin is a digital currency. Which is made with the help of blockchain or the myriad of computers spread across the globe.
What are the names of some cryptocurrencies?
Cryptocurrency is now scattered all over the world. However, some of the most popular cryptocurrencies are Bitcoin, Etherium, Tether, USD Coin, and other cryptocurrencies.
How to buy cryptocurrency?
To buy cryptocurrency, you must first open an account at Cryptocurrency Exchange. There are many such exchanges in India. Some of the most popular are WazirX, CoinDCX, etc.
Should I Invest in Cryptocurrency?
Why only cryptocurrency, before investing anywhere, you need to do your own research on that subject. Cryptocurrency has become a great investment medium these days. But you have to decide whether it is right to invest here or not.
How to invest in cryptocurrency in the following articles. Or we will share more information about cryptocurrency.