Crypto CurrencyDecember 13, 2023
What is Cryptocurrency?
Currently, Cryptocurrency is used by government, businessmen, It has gradually become popular among ordinary working people. Here are some basic things you should know about Cryptocurrency.
Cryptocurrencies are a type of money that can be used like dollars and euros. To be clear, it is a kind of Digital Money/Online Money.
Unlike other regular money, Cryptocurrency can only be seen online. The good thing about that is that the government and banks can no longer control it like other normal currencies
Another advantage of doing business using cryptocurrencies is the low transaction fees. Compared to the transaction fees of financial institutions and banks, it is significantly less. Another advantage is that Cryptocurrency cannot be faked like real money.
Cryptocurrencies are not controlled by one person or group of companies. Cryptocurrencies are created by a group of computer networks.
We can store Cryptocurrencies inside a Digital Wallet. The digital wallet can also be stored in the cloud through online. Or you can save it offline on your PC. If you want to transfer money or buy things online, you have to do it through a computer or phone. The list of money import and export can be reviewed on the Blockchain. Blockchain is, to put it simply, a kind of chart that records the input and output of money like in our bank book. But the downside of Blockchain is that all Digital Wallet Users can see the list of transactions.
One of the main advantages of cryptocurrencies is that they can hide who the digital wallet user is. All money transactions are visible on the Block Chain, but we do not need to enter real names and real addresses in making a Digital Wallet. And when making a money transfer, it is almost impossible to trace who transferred whom.
Since this cannot be followed, the negative effects have started to appear. At the moment, Cryptocurrency is very popular among illegal organizations. According to the survey, there are more than 8000 types of cryptocurrency trading as of January 2022, and Bitcoin is currently the most valuable coin in the market. 1 Bitcoin has a price of ($43000).
Bitcoin (BTCs) was launched in 2009 and was the first crypto coin. When Bitcoin was first introduced in Jan 2009, the value of Bitcoin was only US Dollar 0, and until March 2010, 1 Bitcoin was only worth US Dollar $0.003.
When Bit coin was first introduced in 2009, I used to give a lot of free bit coins a day. People didn’t take it if it wasn’t worth it. They didn’t take it. Because of what they lost, they lost the millionaire lives that will happen now.
The reason for saying this is because at that time the value of the free bit coin was 0$
In Nov 2021, the value of 1 Btc is over USD 60,000. At that time, a person used his Bit coin to buy a pizza for 200 bit coin. Looking back now, the value of the pizza he bought and ate is worth more than 10 million dollars. If he had known, he wouldn’t have even swallowed that pizza. How to find Bitcoin? You can find it by mining or you can find it by trading online.