Crypto currency is also called digital currency. It is a means of financial transactions. It is a type of digital asset that is used for the purchase of goods or services. This currency is a virtual and cannot be seen, nor can it be touched, due to which it is called digital currency.
It is not controlled by any country or government, due to which it was initially declared illegal, but at present some countries have recognized it. But in some countries it is still ban.
There are currently over 1500 cryptocurrencies in use around the world. The name of the world’s first digital currency is Bitcoin, which was proposed and developed by Satoshi Nakamoto in 2009. Although in the beginning no one knew the Bitcoin, but in today’s time the cost of a Bitcoin is 23, 28, 285 Indian rupees. Crypto currency is not operated by any government or bank of any kind like Indian Rupee. It is a currency completely based on blockchain technology.
How does crypto currency work ?
Cryptocurrencies work through a block chain. When a transaction takes place in crypto currency, it is recorded in the block chain. That transaction is kept in a block. Each block has a code by which the transaction is made secure. This block is monitored by a powerful computer which is called cryptocurrency mining, by whom this mining is done, they are called miners. People doing mining work are given crypto currency coins, it is a kind of reward for them.
Once information is moved to the blockchain, it cannot be deleted or changed, nor can it be viewed by everyone. The entire database is stored on a network of thousands of computers called nodes. New information is added to the blockchain only when more than half of the nodes agree that it is valid and correct.
Those who accept and do not accept crypto currency
Cryptocurrency has been given legal recognition by the government in countries like America, Australia, countries of the European Union and Canada. Apart from this, crypto currency is completely banned in countries like Bangladesh, China, Turkey, Iran, Algeria, Bolivia, Colombia, Indonesia, Nepal, Qatar, Vietnam etc.
Types of Crpto Currency
It was the world’s first cryptocurrency, bitcoin was launched in 2009 by Satoshi Nakamoto.
It was launched in 2015. This is another type of cryptocurrency, it is also an open source decentralized computing platform based on blockchain. The founder of this cryptocurrency is Vitalik Buterin. It uses a digital token, which is called Ether. There are 2 versions of this cryptocurrency, first Ethereum (ETH) and second Ethereum Classic (ETC). It is the most actively used blockchain network in the world.
It was jokingly produced in 2013 by Billy Markus and Jackson Palmer. When bitcoin was in circulation, Dogecoin compared it to a dog, but later it became a cryptocurrency itself. his cryptocurrency has earned a good name in the shortest time.
It was invented by Charlie lee in 2011. It is decentralizes peer to peer currency. This exchangeable currency is almost the same as that of bitcoin.
Monero is a popular cryptocurrency. It is mostly used in the dark web. Because Monera currency is known for its security reasons. Therefore, this currency is also mostly used for illegal activities. It was released in 2014.