What is Cryptocurrency | Advantages and disadvantages of crypto currency

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What is Cryptocurrency Advantages and disadvantages of crypto currency
What is Cryptocurrency Advantages and disadvantages of crypto currency

What is a cryptocurrency like bitcoin, Ethereum, Binance, etc? What is all this, after all, where did this cryptocurrency come from and which country’s currency is this?

Just like the currency of America is the Dollar, the Renminbi of China, the Ruble of Russia, and the Rupee of India, similarly Crypto will also be the currency of any country.

But for your information, let me tell you that crypto is not a company of any country, it is not controlled by any country.

So in today’s post, we will know what is cryptocurrency, who made it and how many types of cryptocurrency are there, so let’s start.

What is Cryptocurrency

What is Cryptocurrency: Cryptocurrency is a digital currency that we can neither see nor touch because it is in digital form, it is made by a computer algorithm and it is not controlled by any country or institution i.e. it is an independent currency. You can buy and sell anything with a cryptocurrency.

The system of cryptocurrency is a peer-to-peer electronic system. It is a type of blockchain which is not connected to a single computer but to thousands of computers, so the question of fraud does not arise in it.

If a hacker thinks of hacking it, then he will have to hack all the computers because crypto is in the form of a blockchain i.e. there is no one computer that can be hacked.

What is Cryptocurrency Advantages and disadvantages of crypto currency
What is Cryptocurrency Advantages and disadvantages of crypto currency

Who started Cryptocurrency

The cryptocurrency was first started by a computer programmer named Satoshi Nakamoto, he created this digital currency in the year 2009 which we know as bitcoin.

Initially, no one knew about digital currency, but after some time bitcoin started becoming quite popular and people started using this digital currency, after that its price became very high and it spread all over the world.

And today there are more than 1000 cryptocurrencies in the whole world and cryptography is used to make these cryptocurrencies.

Types of Cryptocurrency ( Top 10 Cryptocurrency)

Talking about the present, there are more than one thousand cryptocurrencies in the market at present. In today’s post, we will learn about the Top 10 Cryptocurrencies.

1. Bitcoin (BTC)

Market CapOver $846 billion
Launch 2009
InventionSatoshi Nakamoto

The market cap of bitcoin is approximately $846 Billion. Bitcoin cryptocurrency is the world’s first digital cryptocurrency, it can be used anytime and anywhere, in which one person can send money to another person without the help of a third party. You can do transactions with this digital currency.

Its creation and regulation are done with the help of the electronic system, whatever transaction happens in it is in the form of codes i.e. money comes in the form of codes in a bitcoin wallet.

This bitcoin cryptocurrency was created in the year 2009, it is said that this bitcoin was created by an engineer named Satoshi Nakamoto but no one knows this person, because of this many people call themselves Satoshi Nakamoto but till today No one knows who the real programmer.

Today its value has increased a lot, today the price of 1 bitcoin is in the millions, you can see by searching in Google, your senses will be blown because some time ago the price of 1 bitcoin used to be $ 0.1

Bitcoin is a decentralized currency, which means that no government or organization is involved in it.

2. Ethereum (ETH)

Market CapOver $361 billion
Launch2013
InventionVitalik Buterin

The market value of Ethereum is $361 billion, this currency is also quite popular and it is not owned by any government or institution, it is an open-source decentralized blockchain-based company platform.

This Ethereum cryptocurrency was created by a programmer named Vitalik Buterin, this cryptocurrency is also known as Ether.

This currency is used for interchange currency, either a type of token which is Ethereum is a type of token which is used for transactions within the Ethereum blockchain e.g. you can use non-fungible tokens. (NFT) can be seen. This currency is used in NFTs transactions.

3. Tether (USDT)

Market CapOver $ 79 billion
Launch2014
InventionCraig Sellars

The market cap of this currency is $ 79 billion, it is the third largest currency according to the market cap. This digital currency is pegged to the US dollar, it was created in 2014, and the value of 1 Tether is always one dollar.

It was used to make the use of digital currencies easier and it is also quite popular for digital currencies.

4. Binance Coin (BNB)

Market CapOver $68 billion
Launch2017
InventionChangpeng Zhao

Binance Coin was launched in July 2017. Binance Coin (BNB) is the parent cryptocurrency of Binance Cryptocurrency which is the world’s largest exchange by volume.

It was launched in the year 2017 itself and in a very short time, this currency became very popular.

5. XRP (Ripple)

Market CapOver $37 billion
Launch2011
InventionDavid Schwartz, Jed McCaleb, and Arthur Britto

XRP was launched in the year 2011, this XRP is made by Ripple company, Ripple is a company that has its own payment platform which is designed for the transaction of money on the world level

Ripple is based on a distributed open-source protocol with a market cap of around $37 billion.

6. Terra (Luna)

Market CapOver $34 billion
Launch2018
InventionDo Kwon and Daniel Shin

With a market cap of approximately $34 billion, Terra is a blockchain platform that allows users to make payments using stablecoins that are algorithmically stabilized by the site’s native cryptocurrency, Luna. It was launched in the year 2018.

7. Cardano (ADA)

Market CapOver $33 billion
Launch2017
InventionCharles Hoskinson

It has a market cap of $33 million, it is also an open-source project.
Changemakers, innovators, and visionaries use Cardano, a proof-of-stake blockchain platform

8. Solana (SOL)

Market CapOver $33 billion
Launch2020
InventionAnatoly Yakovenko

With a market cap of $33 billion, it is a highly functional open project that uses the permissionless nature of blockchain technology to provide decentralized finance solutions

9. Palkadot (DOT)

Market CapOver $22 billion
Launched2020
InventionGavin Wood

This company has a market cap of $22 billion, it is a multi-chain application environment, and Polkadot helps to transfer not only tokens but also data and other assets. It was launched in 2020.

10. Litecoin (LTC)

Market CapOver $9 billion 
Launch2011
InventionCharlie Lee

Litecoin cryptocurrency It is also a very popular cryptocurrency, its features are very similar to bitcoin, it was invented in 2011 and it also works with the help of decentralized peer-to-peer technology.

Transactions happen much quicker in Litecoin as compared to Bitcoin, because the block generation time of Litecoin is 4 times less than that of Bitcoin, so transactions are quicker in Litecoin.

Advantages of Cryptocurrencies

  • There is no chance of fraud in this because the transactions that take place in crypto are only between two persons, no third party can interfere in it.
  • The transactions that take place in Cryptocurrency are many times safer than the normal digital payments made.
  • The transaction fees for the transactions done in cryptocurrency are very low compared to other payments.
  • The crypto wallet in it is very safe because a cryptography algorithm is used it.

Disadvantages of Cryptocurrency

  • In cryptocurrency, if you give a transaction to someone by mistake, you cannot get it back.
  • If you accidentally lose the ID of the wallet of cryptocurrency, ie if you forget the ID of the wallet, then you will never be able to open that wallet and the money that will be in your wallet will remain in it forever.

What did you learn about cryptocurrency today?

Today we have provided you with complete information about cryptocurrencies like what is cryptocurrency, who started it, and how many types of cryptocurrencies are there in which we learned about cryptocurrencies like Bitcoin, Ethereum, Binance, and Luna.

If still, you have any questions related to cryptocurrency, then you must comment below this post, we will definitely try to answer your question.

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