However, some of the things that have advantages will definitely have losses. In the same way, cryptocurrency is a modern advantage that has advantages but no disadvantages. Any country has to buy them for buying and selling abroad, for transactions or forgetting its own convenience and necessities. And, we need currency to carry out this buying and selling process.
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We can buy anything with the money and make it our own. And in this case, each individual country must have its own currency. Similarly, India has the "Indian Rupee", America has the "United States Dollar" etc. And we can see, touch and use these kinds of coins in this market according to the rules.
However, cryptocurrency is a type of currency that is the complete opposite of ordinary currency. Because it is a digital currency that you can't touch or see with your eyes. Because cryptocurrencies do not have any physical shape or structure. The demand and circulation of this type of cryptocurrency or digital currency have increased a lot in the last few years. Now you may have understood what "cryptocurrency" is.
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Let's face it - most cryptocurrencies don't know much about cryptocurrencies. What is cryptocurrency? What is meant by cryptocurrency? In fact, cryptocurrency is a type of currency that can be used and traded only through the online internet. And so, this type of cryptocurrency is also considered as "digital money".
And as I said before, we cannot physically view, capture or transact these types of digital currencies. Remember, the government has no role in cryptocurrencies. This is because these types of currencies are called decentralized currencies, over which no agency or government board has rights. You can also use cryptocurrencies as your digital asset which can be used for online shopping.
In addition to shopping, you can use these cryptocurrencies for various services. Remember, cryptocurrency technology is used in these types of currencies. It is basically a peer to peer network system that we use to shop against the common currency through the internet. These types of currencies can be used without informing the government or the bank. Therefore, many people say that cryptocurrencies can be used illegally.
There are currently many platforms online from which anyone can buy or sell cryptocurrencies. The most popular and common currency among all types of cryptocurrency was "Bitcoin". This is what Bitcoin was created for the first time and is the most widely used. There has been a lot of controversy over Bitcoin cryptocurrency. However, the use of bitcoin is one of the most popular and widely used cryptocurrencies today. As such, there are many other cryptocurrencies besides Bitcoin that you may or may not know about. So you understand what cryptocurrency means.
What are the different types of cryptocurrency?
Now below we will learn about the types of cryptocurrencies. There are many types of cryptocurrencies. Below I will only talk about the types that have gained good popularity and which can be used.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (Doge)
- Faircoin (FAIR)
- Dash Peercoin (PPC)
- Ripple (XRP)
- Monero (XMR)
It is a digital currency that is used for online shopping. As I said before, bitcoin is a decentralized currency that is not controlled by the government or other institutes. Like the share market, the value of bitcoin continues to decrease and increase. However, at present, the value of a bitcoin is around Rs 25 to 30 lakhs.
Ethereum (ETH) is the second-largest and most popular cryptocurrency after Bitcoin. Like Bitcoin, it is an open-source, decentralized blockchain-based computer program. The founder of this widely used cryptocurrency is "Vitalik Buterin".
After Bitcoin, it is a very famous cryptocurrency. The price of "1 Ether" is currently around 80 to 90 thousand rupees. However, some time ago, at the beginning of 2020, the price of "1 Ether" was around 10 to 15 thousand rupees.
Litecoin (LTC) Litecoin is also a decentralized peer-to-peer cryptocurrency and an open-source software project that has been released under the MIT / X11 license. "Litecoin" was released in October 2011 by "Charles Lee".
Charles Lee was previously a Google employee. The features of this new cryptocurrency are almost identical to those of bitcoin. At present, the value of 1 Litecoin is around 10 to 15 thousand rupees. One of the major differences between Bitcoin and Litecoin is the block time. Litecoin Network targets 2.5 minutes of block time. 
Dogecoin's logo shows the face of the popular Shiba Inu dog. At present, the value of dogecoin is very low. At present in India, 1 DOGE = 0.62 rupees and 3 DOGE = 1.85 rupees. Here mining is done very quickly. Like Litecoin, Scrypt Algorithm is used here. Faircoin (FAIR) uses blockchain technology just like Faircoin and bitcoin.
However, it is said that it performs better than bitcoin. Fast and secure transactions are done here using much less energy. In a fair coin, "proof-of-stake" or "proof-of-work" is used instead of "proof-of-work" to verify the coins. Dash is an open-source cryptocurrency. Its previous names were Xcoin and Darkcoin. The name "Dash" means "digital" and "cash" which is a combination of Dash. It is a peer-to-peer cryptocurrency like Bitcoin which is open source. However, compared to bitcoin, there are definitely some advanced and modern features. For example, "InstantSend" and "PrivateSend".
In the case of InstantSend, a user can easily complete his transaction. However, in the case of PrivateSend, every transaction is completely safe where special attention is paid to the privacy of the user. A different type of algorithm called "X11" is used in Dash. In this case, even using much less powerful hardware, people can mine their own currencies. Peercoin (PPC) Peercoin is also called PPCoin or PPC.
It is a peer-to-peer cryptocurrency, similar to bitcoin, where both proof-of-stake and proof-of-work systems are used to verify transactions. Peercoin also uses SHA-256 ALGORITHM like bitcoin. There is very little power required for any transaction or mining. Ripple (XRP) This cryptocurrency was released in 2012 based on distributed open-source protocol.
Ripple is a real-time gross settlement system that runs its own cryptocurrency called Ripples (XRP). It is one of the most popular cryptocurrencies among the masses. Monero (XMR) This cryptocurrency released in 2014 mainly focuses on privacy. This cryptocurrency works on every system such as Windows, Mac, Linux, Android and FreeBSD. Bitcoin requires high-end CPUs and hardware, but Monero uses consumer-level CPUs and hardware. Advantages of cryptocurrency
In fact, the chances of cryptocurrency fraud are much lower. It can be said to be more secure than an ordinary digital payment. It is possible to do international transactions through your mobile. Compared to other payment options, transaction fees are much lower here. As a result of the use of cryptography algorithms, the accounts are much more secure. The peer-to-peer payment system makes it possible to send and receive payments from anywhere in the world within the network, without the approval of any external source of authority.
Disadvantages of cryptocurrency
Once a transaction is made through cryptocurrency, it is not possible to reverse it. If your currency wallet ID is lost, it is impossible to get it back. This is how the currency in your wallet will be lost. This is also a digital technology and so there is some possibility of hacking as a result of cybersecurity breaches. Since government authorities have no control over cryptocurrency, investing in these digital technologies is a risky business.
What we learned today, friends, today we learned about what cryptocurrency is and its different types. So, if you like our article today, then you must share the article. In addition, if you have any questions or suggestions related to the article, please let us know in the comments below.
I hope you understand what is cryptocurrency? how to mine cryptocurrency? how to buy cryptocurrency?. If you have any queries about this please comment to us or mail us.
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#how_to_buy_on_coingecko
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#what_will_chainlink_be_worth_in_2025
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#what_are_the_most_popular_cryptocurrencies
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#what_is_safemoon_cryptocurrency
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#what_is_trading_cryptocurrency
#shiba_inu_crypto_how_to_buy
#how_to_buy_shiba_crypto
#what_are_the_best_cryptos_to_invest_in
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#how_to_buy_vra_crypto
#what_is_cryptocurrency_and_how_it_works
#how_to_buy_crypto_on_trust_wallet
#what_will_be_the_next_big_cryptocurrency
#how_to_buy_holo_cryptocurrency
#how_do_you_crypto_mine
#what_is_cryptocurrency_investment
#how_to_buy_shiba_coin_on_trust_wallet
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