New things were created to live in new ways in this digital era. In finance came new ways to invest and make a profit. Cryptocurrency is a new way nowadays.
What is Cryptocurrency?
Cryptocurrency is a virtual or digital currency, which is secured by cryptography, which makes it nearly possible to counterfeit or double-spend.
Its a form of digital asset based on a network that is distributed to a large number of computers.
How does Cryptocurrency work?
Cryptocurrency works like a credit card or GPay ( Google Pay ). This is an online transaction where people can invest in this and make a profit.
To exchange cryptocurrency people must have exchanged a peer of Digital Wallet which is also known as a cryptocurrency wallet.
Different from Traditional Transaction
Cryptocurrency is a unique feature of traditional transactions. These are some features are-
Blockchain Technology -
Blockchain technology is a database that keeps records of transactions and payments in cryptocurrency.
Store data in the form of blocks that are "linked" or "chained" together.
Cryptography means to make the blockchain secure.
It is generated in the form of codes which are also known as cryptographic codes.
How to use Cryptocurrency?
Cryptocurrency works like traditional methods which are also included in digital format.
These are some methods to use Cryptocurrency that are -
People can buy cryptocurrency online.
For that, it will be purchased for a fixed amount. Like a fixed deposit in a bank by the time, its value will be increased.
People can also invest in cryptocurrency by purchasing in a fixed amount and after some days or years, it will be made a profit.
Is Cryptocurrency Safe?
A question has come to everyones mind whether its safe or not. Many sites believed that it would be safe but many experts say that if cryptocurrency is hacked then the hacker will be getting more than 50% and every user will be fooled by the fake user.
Another fear is that they will lose access to the account which they are running. Losing personal accounts means losing money and the private key to investment.
Cryptocurrency In India
Cryptocurrency also came in when Digitalization started in India many people have invested in Cryptocurrency.
According to recent news, the Indian government has set to ban cryptocurrency.
In the BBC ( British Broadcasting Corporation) news this ban will be related to private cryptocurrencies.
It will be focused on a Crypto-focused bill which is part of the Regulation of Official Digital Currency Bill which is issued by RBI ( Reserve Bank of India) and introduced in the winter session.
In the end, we can say that Cryptocurrency is the new version of investment also with some dangers and with government rules and regulations. So, we think that we should invest wisely.