What is cryptocurrency and how it works in 2024

What is Cryptocurrency: In this fast-moving digital world, the currency has also taken a digital form

and this digital currency is called Cryptocurrency.

Like Bitcoin whose name you have heard many times. But what are the benefits of this cryptocurrency and how is it used?

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You will be given answers to such questions here. So today let’s learn about cryptocurrency

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What is Cryptocurrency?

1. Cryptocurrency meaning

Cryptocurrency is a virtual currency. Which was introduced in 2009 and the first cryptocurrency was Bitcoin. Cryptocurrencies are not like real notes or coins.

This means that we cannot take this currency in our hands like money but it remains safe in our digital wallet.

That is why it is also called online currency because it works online only. Payment with Bitcoin is done through a computer.

2. What is cryptocurrency

Cryptocurrency is a digital currency! Which is used through Blockchain technology! on this currency! There is no control of the bank or the government so that!

Its validity and future are still in question! Cryptocurrency works on Peer-to-peer networks. Which we use instead of money! To buy goods or obtain a service.

3. Cryptocurrency Investment

You already know that! The government has complete control over our Indian Rupee or similar currencies of other countries but!

It has no control over cryptocurrencies like bitcoin. Government authority such as Central Bank, or any other country or agency has no control over this virtual currency.

That is, bitcoin does not follow the traditional banking system, but instead! Transfer continues from the computer wallet to another digital wallet.

Not that! Bitcoin is not the only cryptocurrency. More than 5000 different cryptocurrencies exist, and some popular cryptocurrencies you can invest in are Ethereum, litecoin, tether, Libra, Ripple, and Prime coin. And just like Bitcoin, they can be bought and sold easily.

That’s a different thing! At present, the most popular currency is bitcoin, and how popular a coin is it? You guessed it! From this, it will seem that!

Now many companies in the world are starting to accept bitcoin payments, and the number of these companies will increase rapidly. In such a situation, shopping, trading, food delivery, and traveling, all this is done using bitcoin.

4. Is Cryptocurrency Legal In India

Slowly but surely in India, the trend is increasing in places like Bitcoin Payment Smart City, the reason for this slow speed of Cryptocurrency in India was to be Illegal.

Because Cryptocurrency was banned by RBI. But now in March 2020, the Supreme Court has removed this ban. i.e!

Now it is legal to use cryptocurrency in India, and hence in India now! The number of cryptocurrency users is increasing.

Another important reason why cryptocurrencies like Bitcoin are not becoming increasingly popular in India like other countries is our beliefs or old thinking!

Have to invest. So mutual funds, shares, FD, and gold should be done only which is not wrong. but! Investing in this new currency of the new age has its advantages. such as! In this, you can do transactions easily and quickly. With this, international transactions can be completed in a jiffy.

You have to pay a negligible transaction fee. There is no broker in this. Due to this transaction is more secure and confident.

Bitcoin is not a new concept! Big companies like Facebook, PayPal, and Amazon are associated with cryptocurrencies, and today most of the richest people in the world, also use Cryptocurrency.

Countries like the USA, China, JAPAN, SPAIN, and Romania have the largest number of Cryptocurrency users and are still growing rapidly.

5. Cryptocurrency App

Now you know so much about Cryptocurrency! Maybe you also want to invest in cryptocurrencies, then let me tell you that! It is also easy to invest in it, and you do not need to pay any big price, in the beginning, you can start investing with 100 rupees.

All you have to do is install a crypto exchange app like Coinswitch, Kuber, or Wazirx, and invest in Bitcoin in just a few clicks. You can buy and sell it.

You will find it as easy as shopping from any online platform. Signing up for these apps is also easy. You have to enter your mobile number.

In which a message will come to your number on which OTP will be done, just complete the process of that OTP, and complete KYC. After that, you can start investing.

KYC for you! Enter your full name, date of birth, and email! Then you have to use the OTP received in your email. after this! You will have to do the PIN code verification in the 2nd stage, then to verify the national identity, you have to verify any one of the Aadhar cards, passports, or voter IDs.

You are in the next stage! Enter your bank account details so that! Then you can buy and sell this digital currency! You have to deposit money in the account of this app, and then there is bitcoin from this money. Or you can buy any other Cryptocurrency, it is also easy to sell it.

Conclusion

Friends, you also need to know this. That! While using Cryptocurrency, you have to remember that! You will have benefits in this, but!

There is also a lot of risk in this. Therefore, while buying any cryptocurrency, do some research on it.

How was the performance of that cryptocurrency in the last month? This will give you an idea of ​​the ups and downs of that currency. Due to this, your chances of profit will be higher and risk will be lower.

What is the future of Cryptocurrency in India? We will know this only later on! Use it wisely now. So you can make a lot of profit.

Hope you have a good understanding of Cryptocurrency. If you like this information, do share it with your family members.

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