Cryptocurrency is digital currency, we also say that is the alternative of payment by using the encrypted algorithm which is complicate to understand by any normal user. In this the payment process in totally digital and in encrypt form that no third- party control or regulate it. To use the cryptocurrency, you must need wallet. It is exchange through only by computer which is not depend on any government organizations. For invest in the digital currency there is risk as compare to traditional investment. In traditional investment there is some person or organization involvement in it whereas in talk about digital there is no involvement.
Types of Cryptocurrency
- Bitcoin
- Ethereum
- Doge coin
- Binance Coin
Some platform who deals with Cryptocurrency
- Wazirx
- Coinswitch Cuber
- Binance
Bitcoin
Bitcoin is refers as the virtual cryptocurrency. It is specially design act as payment outside the control of any person, organization. It also removed the third part involvement. Bitcoin is first introduced in 2009 by an anonymous developer. When developer develop this then he only introduced in only for games. At present the price of 1 Bitcoin is approx. 15Lac.
Bitcoin is form of currency that is difficult to understand. If you want to buy a bitcoin then you must put into your cryptocurrency wallet.
Bitcoin Blockchain technology
Bitcoin is based on the blockchain technology it means to produce a bitcoin then it must some power because it is digital. More you want to produce the bitcoin you need more power and more pc which can produce the bitcoin. It also referred as Mining.
Bitcoin Mining
Mining means to develop the bitcoin in less time. A Variety of software and hardware are required to Mining. When first time bitcoin mining then it may possible only one pc is require to develop it, in the mining every pc connected by block chain technology. In simple words we can say every information is store in the form of block, and information can go to every block and it can’t be delete. But with increasing the popularity of Bitcoin more miner joined it then it required more pc, more power.
In Trade with Cryptocurrency you must need a Cryptocurrency wallet. Without this you can’t trade in Cryptocurrency.
A new term NFT is introduced which stands for Non-Fungible Token. It is anything like art, Any famous personality names, etc. In NFT the physical convert into digital. But this is not thing that is fix anyone who can interest in to buy NFT he need to buy after it register to his name and again he wants to sell then he mentions the some price and other persons who want to buy it.
There is till time only one country who declare and setup first bitcoin station is El Salvador. Which can accept bitcoin as well as we also trading in bitcoin. But due to some cases of theft and fraud El Salvador take action in the bitcoin wallet.
Government Actions
To see the popularity of bitcoin, government impose some taxes because govt want to collect some money which he can invest his own policies and schemes.
Disadvantages of Bitcoin
- Terrorist
Terrorist use the bitcoin for terrorist activities because no- third party involvement, no govt control etc. We can also say that due to time changes the modern terrorist also updated and use the technology in modern era.
2. Ransomware
Ransomware means to ransom money for regain your data. In recent news we heard the news in which person lock your pc, laptop data and demands money to regain their data but only in bitcoin form because no-third party involvement, no one can trace who send and who receive it.
- Black Market: – Bitcoin is also used in Black market. Black market is that market which is not under any control by government organization. For illegal things that are ban or restricted by the government that all things can be done under this market because no govt. org interfere in this. E.g. Some drug addict person is used for buy drugs that are legal ban.
- Dark Web: – Dark web is the palace that is not accessible to any person. It is use for illegal purposes. However, this is use for illegal purposes but anybody can’t enter in the world of dark web. In the world of Internet, we only use the whole internet’s just 5-10 % Part. The part which is dark web we can’t access as normal which we only search like google. To enter in the world of dark web we need some special software which helps us to access the dark web.
Dark web is just like black market which is used for illegal purposes.
Crypto Jacking
This is the new form of hacking. In this hacker can hack the user pc without his permission. To mining the bitcoin more energy, more pc is required to produce more bitcoin in less time.