Brief Introduction To Cryptocurrency

What is Cryptocurrency?

Cryptocurrency, also called as crypto, is any form of digital currency that can operate without the reliant of banks or governments, to maintain and operate it. There are more than 19,000 cryptocurrency projects that represent $1.6 trillion crypto market. Despite their name, cryptocurrencies are not considered to be currencies in the traditional sense and while varying treatments have been applied to them, including classification as commodities, securities, as well as currencies, cryptocurrencies are generally viewed as a distinct asset class in practice.

Types of Crypto currency

There are many types of Crypto currency present in digital world. Bitcoin, ethereum, litecoin and XRP are just few of them.

Bitcoin

Bitcoin is the most popular cryptocurrency present in the digital world. In 2022, june, a bitcoin is worth of 21,110 USD, Which is certainly a high amount. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.A blockchain is a growing list of records, called blocks, that are securely linked together using cryptography. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Bitcoin has been criticized for its use in illegal transactions, the large amount of electricity (and thus carbon footprint) used by mining, price volatility, and thefts from exchanges. Some investors and economists have characterized it as a speculative bubble at various times.

Ethereum 

Ethereum, also called as ether is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, Ether is second only to Bitcoin in market capitalization. Ethereum was conceived in 2013 by programmer named Vitalik Buterin. 

Litecoin

Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011.

In technical details, Litecoin is nearly identical to Bitcoin. A Litecoin is worth of 53 USD, in 2022, june.

Is Cryptocurrency safe?

Cryptocurrencies are usually built using blockchain technology. Blockchain describes the way transactions are recorded into "blocks" and time stamped. It's a fairly complex, technical process, but the result is a digital ledger of cryptocurrency transactions that's hard for hackers to tamper with.

Is Cryptocurrency worth it?

Cryptocurrency may be a good investment if you are willing to accept it is a high risk gamble which could pay off – but also that there is a strong chance you could lose all of your money. Prices of cryptocurrencies including bitcoin have been falling in 2022 amid a worldwide crypto price crash.