Cryptocurrency: From its Start to End !

Let's delve into the A to Z of the cryptocurrency!

The word 'cryptocurrency' is a combination of two English words, 'crypto' meaning secret and 'currency' meaning money or currency. In the general sense, cryptocurrency is the secret currency. It is a 'virtual' currency that runs on the Internet.

It is a currency that is built on computer algorithms. It is a free currency with no owner and no monopoly. Unlike the rupee, dollar, euro or other currency, it is not governed by any state, country, institution or government. It is a digital currency for which cryptography is used. Generally, it can be used to buy goods or services.

Cryptocurrency profits are high, making it easier to transact online. Cryptocurrency has no regulatory body, so it is not affected by conditions such as a asset change or a currency devaluation. When Bitcoin was launched in 2009, its value was zero dollars. Even in 2010, its value did not reach even 1 dollar, but today the value of Bitcoin has reached more than 44 thousand dollars.

Types of cryptocurrencies

Bitcoin is one of the most popular cryptocurrencies in the world. There are hundreds of other cryptocurrencies in the world. Examples are Red Coin, Sia Coin, Sis Coin, Voice Coin, Etherium, Ripple, Lit Coin and Monero. 

What is Bitcoin?

Bitcoin is a cryptocurrency that has properties similar to other virtual currencies. It is a virtual currency that cannot be touched by one's own hands. It is transacted online from one wallet to another. It can also be converted into other currencies. Bitcoin came into circulation in 2009. It is believed to have been invented by Satoshi Nakamoto of Japan, although his name and identity are said to be fictional.

It exists only in the virtual world, the Internet. But, just as goods can be bought with physical currency, so also goods can be bought and sold with this currency. Its transactions are based on a peer-to-peer network. This means it can be transferred from one account to another without a server. All you need is an internet connection. Its value is the same all over the world. For example, the value of a bitcoin worldwide was $19,860 once upon a time.

The smallest currency of Bitcoin is Satoshi. 100 million satoshi is a bitcoin. Bitcoin can be purchased for any currency, goods or services. It is not controlled by any country, bank or authority.

It is risky to invest money in it. Many times its price has dropped by 40 to 50 percent in just a few hours. Most of the cryptocurrency is being used for illegal purposes.

How did Bitcoin get started?

It is said that Satoshi Nakamoto launched this software around 2009. It was initially used to play online games. After a while, it started to be used by people who earn money by working online.

They gradually started using such currency instead of paper notes and started accumulating bitcoin. Then the market demand increased and it became a global currency. Bitcoin is currently the most popular cryptocurrency in the world.

Some other popular currencies besides Bitcoin

Apart from this there are some other good cryptocurrencies available in the market. Here is a list of some of the most widely used ones today:

1. Red Coin: This is one of the crypto currencies that can be used for special occasions. It is used to give advice to people.

2. Sia Coin: It is also one of the most widely used coins today. It is on the rise now. The value of this coin is currently rising sharply.

3. Yes Coin: This is a revolutionary cryptocurrency. It is moving forward with zero cost financial transactions and incredible speed. It is being used to secure business, property and digital certificate data trading. It provides business with infrastructure construction. It works on blockchain which is a part of Bitcoin.

4. Voice Coin: This is a platform designed for emerging musicians where singers can determine the value of their music themselves. They can provide sample music tracks for free. The main purpose of this platform is to monetize independent artists.

5. Monero: This is a special type of cryptocurrency used for security. This is known as a 'ring signature'. It is mostly used in the dark wave and block market. It is widely used in the black web and block market. It is used for smuggling. This currency can be easily blackmailed.

The Benefits of Cryptocurrency

Anything has its pros and cons. Cryptocurrency also has its advantages and disadvantages. Its disadvantages are less and its advantages are more.

1. Cryptocurrency is a digital currency with very few fraud cases.

2. It is beneficial to invest in cryptocurrency if you have more money as its value increases very fast. This is a good investment platform.

3. Most cryptocurrency wallets are available which makes online shopping and money transactions easier.

4. Cryptocurrency is not controlled by any monopoly. Therefore, the value of this currency is less likely to fall.

5. There are many countries where capital is not controlled. That is, there is no limit on how much money can be brought into the country and how much can be sent out. Therefore, by purchasing cryptocurrency, it can be easily sent out of the country and converted into money.

6. The biggest beneficiaries of cryptocurrency are those who want to hide their wealth. Therefore, cryptocurrency has emerged as the best platform to hide money.

7. Cryptocurrency currency is completely safe. For this you have to authenticate, because such currency is based on blockchain.

Disadvantages of cryptocurrency:

1. The biggest disadvantage of cryptocurrency is its non-physical existence, as it cannot be printed. No notes of this currency can be printed, no bank account or passbook can be issued.

2. There is no country, government or institution controlling the cryptocurrency, due to which its value fluctuates greatly. Its value sometimes rises and sometimes falls sharply, which makes investing in it risky.

3. It can be easily used in misdeeds like arms purchase, drug supply, black market as it is used only between two people. So it can be dangerous.

4. There is also the risk of being hacked, but blockchain hacking is not easy. It has a complete security system, although it is difficult to completely prevent hacking as there is no owner of the currency.

5. Another disadvantage of this is that if there is any mistake in the transaction, it cannot be corrected. If an overpayment is made by mistake, the user cannot return it, which can lead to huge losses.

Cryptocurrency legal or not?

Is cryptocurrency that is not under the control of any regulatory body legally legal or illegal? This is a question that is playing on the minds of many. The answer is relative. Its validity depends on the country in which you are using it. The reason why its validity depends on the laboratory is that it is not recognized by all the countries of the world.

In some countries, cryptocurrency is still not legally recognized, of which Nepal is one. Similarly, some countries have placed it in the "gray zone", meaning that it has neither been formally banned nor its use recognized.

Recently, Russia, China, Bolivia and other countries have banned crypto. However, even in prohibited countries, these crypto-mining activities are being carried out underground, the agencies said. Although the Chinese government has banned crypto mining, data from Chinese cybersecurity company Qihoo 360 shows that underground crypto mining is still alive in China. In a November report, the research team estimated that there were an average of 109,000 active crypto-mining IP addresses in China on a daily basis. 

End of cryptocurrency!

Recently, the world's financial regulatory bodies have been working to end cryptocurrency. The main reason for this is that it is almost impossible to control and regulate crypto. If everyone in the world adopts crypto, the power of the world's central banks will become very weak because at that time the use and justification of physical currency will be lost. Financial regulators are mired in cryptocurrency due to their fear of power erosion and continuous rise of crypto.

Although the use of crypto has ended legally in many countries, financial regulators are unable to stop underground investment in it. The main reason for this is that even the high ranks of financial regulators and government offices invest in cryptocurrency. Catching small crypto-investors to show off (as if to abide the law) will go on and illegal crypto-investing will also go on. It's like this! What can be done!