Cryptocurrency is a digital currency that is completely electronic. It is a decentralized form of currency that can be used as a form of payment to buy goods and services. While some cryptocurrencies have entered the physical world with credit cards, etc. it still remains completely intangible.
Satoshi Nakamoto is the pseudonymous person or persons who created bitcoin-the first digital currency and also devised the first blockchain database. He is known as the founder of bitcoin - the most popular digital asset in the world. Today, Bitcoin is valued over USD 1 Trillion. Satoshi Nakamoto is said to own over 1 million bitcoins, whose current valuation is approx USD 60 billion.
Cryptocurrency uses a type of technology called Blockchain. Blockchain is best defined as a data structure that holds transactional records, and ensures complete security, transparency, and decentralization. The chain of records is stored in the forms of electronic blocks which are controlled by no single authority. Each transaction conducted on a blockchain is secured by using a digital signature. The data is completely encrypted and has digital signatures which makes it secure and tamper-proof.
Cryptocurrencies are very volatile, which has led some countries to completely ban trading of these. The five countries which have banned cryptocurrency strictly, are China, Bolivia, Indonesia, Turkey, and Egypt.
Bitcoin is one of the most popular cryptocurrencies in the world, however it is no longer the most traded due to its growing price levels. It wasn’t the most traded cryptocurrency on online exchanges in 2021. Tether has emerged ahead of Bitcoin and is one of the few currencies to reach over 100 billion U.S. dollars, after Bitcoin and Ethereum.
As the first cryptocurrency, Bitcoin (BTC) is still the most popular and highly valued cryptocurrency. It was initially created to be used as a digital payment system in 2009, however, it is very volatile. Bitcoin is currently trading at Rs 33 lakhs. The cryptocurrency was invented in 2008 and began use in 2009 when it was released as open-source software.
With the cryptocurrency frenzy taking over the world, Indians have also started pouring billions into the digital coins. Several cryptocurrency trading platforms have emerged in India that allow their clients to trade in cryptocurrency with ease in the last few years, and some of them have garnered over a million users. Some of the most popular cryptocurrency trading platforms in India are WazirX, CoinSwitch Kuber, CoinDCX, UnoCoin, and Bitbns. You can use any of these platforms to trade crypto in India.
Bitcoin was the first cryptocurrency which was unveiled by Satoshi Nakamoto as an open-source software in 2009. Since then, over 6500 cryptocurrencies (or 'altcoins' i.e., short for alternative coins) have been created. Bitcoin continues to lead the pack of cryptocurrencies and is the world’s largest cryptocurrency. Bitcoin-the first digital currency is currently valued at over USD 1 Trillion.
Bitcoin is very volatile and is currently trading at Rs 33 lakhs, while Ethereum which is the second-biggest cryptocurrency is trading at a price of about Rs 2.3 lakhs.
DOGE has risen to prominence in 2021 and is the cheapest cryptocurrency to purchase. Dogecoin’s value had soared tenfold after a conversation by Elon Musk about the digital currency. It currently has a record-breaking $80 billion market value. If you are new to the crypto world, then this is one of the best currencies for you to invest in. It is currently trading at Rs 16 in India.
Elon Musk’s Tesla owns the most crypto and is considered one of the biggest promoters of Bitcoin. Tesla had announced that it has invested USD 1.5 billion in Bitcoin. Musk had announced in March 2021, that Tesla will accept bitcoin as a payment option for its electric vehicles. Elon Musk has reportedly invested in Bitcoin, Dogecoin, and Ether.
Apart from Musk, MicroStrategy, Galaxy Digital Holdings, Voyager Digital, Square, and Marathon Digital Holdings are some of the companies which have invested massive amounts in cryptocurrency.
Cryptocurrency has emerged as a popular investment option for millennials. To convert your cryptocurrency to cash you can use a trader or broker to deposit, exchange or withdraw your cryptocurrency. Individuals can also use a peer-to-peer platform to convert their digital currency into cash by simply selling it. For trading cryptocurrency, you will have to incur a smaller fee for the transaction.
Britcoin is a digital currency that was launched by the UK government as an alternative to the pound. However the crypto is no longer traded. The currency failed to get any traction and was delisted from most exchanges in 2019.
Bitcoin on the other hand, is a widely popular digital currency that is traded globally. It is a decentralised currency which is not controlled by any governments. Currently Bitcoin is valued at over USD 1 Trillion.
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