CRYPTOCURRENCY

Cryptocurrency: Future of Currency

What is Cryptocurrency? 

Its a type of digital currency which anybody can use & it's called the internet of money. We don't require anyone's permission to use it. It is considered that cryptocurrency will be the future of currency. It is not issued by the central authority. One of the advantages of it is that we can make payments directly without the involvement of banks. As we are moving towards the cashless society it's better that people have control over their money and not involving banks. In some of the countries trading of cryptocurrency is banned.

People buy a cryptocurrency for short term gains and long term investment.

There is more than 1300 cryptocurrency available.

Bitcoin is the most popular cryptocurrency. Today ( 1st August 2020) the value of 1 bitcoin is around ₹8,45,625(value varies). One of the advantages of cryptocurrency is that we can buy them in fractions also. There are many sites to buy bitcoins and other cryptocurrencies, some of them I will mention below-

Coinbase

Zebpay

Wazirx

Binance

So now just click on it and create your account and buy cryptocurrency.

When any new cryptocurrency is launched they cost only a few cents to buy and as the time goes there price increases in the market. So if anyone buys cryptocurrency when they are newly launched you can get a large amount of profit.

Blockchain

Since cryptocurrency is of so much value so we need to record transactions. Blockchain is a system which records all the data on thousands of servers. This information is not stored in the same location. Thus it can't be controlled by a single entity. Everybody has access to it but no one can control it.

Cryptojacking

This method is used by hackers for mining cryptocurrency. In this method, hackers use our device power to mine cryptocurrency. For this they don't need to attack our devices, send any malware this can be done by a simple javascript. When we are on any malicious site we think everything is normal but behind the scenes, hackers are using the power of our devices for mining cryptocurrency. This method was also used by one of the famous torrent site 'The Pirate Bay' for mining cryptocurrency.

Cryptocurrency is going to make a great future.

Hope you find this blog useful. Please share your reviews in the comment section.

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