Cryptocurrency: Everything You Need to Know
A cryptocurrency is nothing but a digital currency that you can exchange online to buy goods or services, but please use only a strong cryptography ledger to secure your online transactions. The most popular cryptocurrency in the present time is Bitcoin, and its price now is approximately 2.5 million rupees.
A cryptocurrency uses blockchain technology, a decentralized technology that spreads across computers to record and manage transactions. It’s highly secure.
Top 5 Cryptocurrencies by Market capitalization
The top 5 cryptocurrencies by market capitalization are Bitcoin, Ethereum, Tether, Binance Coin, and Cardano; their values by market capitalization are $735.3 billion, $324.2 billion, $61 billion, $57.5 billion, and $54.6 billion, respectively.
Why Is Cryptocurrency So Popular?
Cryptocurrencies appeal to people for a variety of reasons, such as people consider them future currency, a cryptocurrency removes the role of central banks, the transactions of cryptocurrency is highly secure as it uses the blockchain technology, and its growing value.
Should You Invest in Cryptocurrency?
Cryptocurrencies may go up in value, but many investors don’t consider them real investments. It is because cryptocurrency doesn’t generate a cash flow; someone pays you more for the currency than you did, and that’s how you earn profit. A currency must have to have stability so that merchants and customers determine the fair price of goods or services. If you invest your money in a cryptocurrency, you may get more value for it in the future, but there is no guarantee of its stability.
How to Buy a cryptocurrency?
You need to create an online account on an app that can hold your currency; some cryptocurrency exchange apps are WazirX, Unocoin, CoinDCX, Zebpay, and CoinSwitch Kuber.
Are Cryptocurrencies Legal?
Cryptocurrencies are legal in some countries, including the USA, but China has banned their usage. However, the Indian government has not banned the usage of cryptocurrency. You can exchange cryptocurrencies in India, but beware of fraudsters while buying or selling them.