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What Is Crypto - Currency?

Riddhi Gala (Xth STD, Abhinav Vidyalay)

What Is Crypto-currency ?

A cryptocurrency is a digital or virtual currency that is protected by encryption (plain text converted into unreadable text), making fraud and double-spending almost impossible. Many cryptocurrencies use blockchain technology to create distributed networks. This means that all your money is in different places and no one can trace it. Terrorists and criminals benefit from the possibility to keep crypto-currency without revealing their actual identities. People can also misuse it to store illegal money.

Cryptocurrencies are online payment systems that are based on virtual "tokens" that are represented by records on the system's internal database. Various encryption methods that are converting a particular piece of information in a secret code to hide the meaning of information and cryptographic approaches public-private key pairs (it is for receiving crypto-currencies which are linked to a private key ), and authentication functions t(to get verification of the transaction occurred), are referred to as "crypto."

Why should you invest in cryptocurrencies?

It simply takes a few minutes to set up a secure account, and you can use your debit card or bank account to purchase cryptocurrencies. You can acquire as little (or as much) crypto as you like. You can simply transfer your bitcoin to anybody else or use it to pay for products and services, unlike stocks and bonds. Cryptocurrency is a whole new world if you're looking to invest in it today. There was a lot of mystery around crypto currency five years ago, but now there's more information and updates available. Investing in cryptocurrencies today is safer than ever before, as long as you use the information accessible to you.

How do you purchase cryptocurrencies?

You may purchase major cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ethereum Classic (ETC) on Coinbase . You may also look at new currencies like Stellar Lumens or EOS. One excellent strategy is to think about what you want to achieve with crypto and then select the currency that will assist you get there. For example, if you want to buy a laptop using cryptocurrency, bitcoin is the most commonly accepted cryptocurrency, therefore it could be a suitable choice. Ethereum, on the other hand, is a popular alternative for playing a digital card game. Keep in mind that you don't have to purchase the entire coin. You may buy fractions of coins on many apps in your local currency. India's legal position of cryptocurrency has been involved in a scandal. This year, the government presented a measure that would have banned all cryptocurrency, including Bitcoin and Dogecoin. But nothing has changed. Reports have appeared in recent weeks claiming that government officials had abandoned the plan of a total ban on cryptocurrency.

Things You Can Buy Using Crypto-currency In INDIA

On Amazon you could buy Furniture, Household appliances. On Windows you can buy games, movies and apps. You can buy Books and Study material at Sapna Online. You can buy gift cards from Amazon, Flipkart, Myntra etc. You could recharge Mobiles through applications like Unocoin, Zebpay wallets. And you can make donations to open source projects and humanitarian charities.

What are the uses of cryptocurrency?

Using bitcoin to travel can help you save money on currency conversion costs. There's already a small but growing group of self-described "crypto nomads" that spend crypto entirely, or almost exclusively, when they travel. Donating and receiving cryptocurrency has advantages, and many charitable organizations accept bitcoin donations.

De Louvois, a bitcoin luxury marketplace, allows the "crypto wealthy" to buy sports vehicles with bitcoin. For those with deep enough digital wallets, the marketplace also provides a variety of other luxury items including art, premium wines, and real estate. Elon Musk has said that Tesla will soon accept cryptocurrency as payment for its vehicles.

A student who is interested in making his career in the field of ECONOMICS or FINANCE should start learning about this from a tender age. For example, if you want to be a cricketer after growing up you don't start training yourself in your twenties you start training at a young age if you want to gain proper knowledge about cricket and play well so you can make your career in Cricket. Similarly if you want to pursue career in field of ECONOMICS or FINANCE you should have knowledge of stock market, crypto-currency, mutual fund markets, digital gold etc. Thank you for reading my article



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