What to know before buying cryptocurrency

Cryptocurrency is encrypted digital currency that is processed and validated through data mining. Through cryptocurrency, users can directly send money to other users. The first cryptocurrency was invented by Satoshi Nakamoto in 2009 based on blockchain technology. There are a Limited no of coins and every bitcoin is a unique code. Every transaction of the coin is stored as a block and all the transactions of the particular coin or connected like a chain and hence the blockchain technology.

Cryptocurrency does not have regulatory bodies it is a decentralized currency to the transactions require a much lower face. Every transaction will be recorded in a public ledger and almost impossible to modify these details by hacking. So, it’s a step towards ensuring transparency in financial transactions.

types of cryptocurrency

It is a good alternative for the country that has weak economics because of weak economic value then they have to pay more money to other countries for trade, Services, etc., but if they use cryptocurrency as an alternative currency they can avoid the situation. Because the value of cryptocurrency depends on the demand and it has no value itself it will have only if there is a demand for it. So, we cannot trust crypto and a public ledger that contains information regarding transactions because this cryptocurrency will be misuse for Illegal activities as drug dealings, etc.

There is no Uniform international law so countries such as India, Canada, Imposed banking ban on Cryptocurrencies which means the bank ban dealing with crypto. There is a disadvantage if you lost your Virtual coin nobody can retrieve them there is no responsible authority. Many people are investing in cryptocurrencies to become rich useful innovations of blockchain technology. In the Banking Sector implementation of blockchain technology can solve the issue of money laundering because every transaction will be connected.

1 BITCOIN IS EQUAL TO 31,91,839.07 INR.

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