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What Is Cryptocurrency? Most Popular Crypto Name Here


We will discuss the beginning of our series on cryptocurrency – the most common questions that everyone wants to know. Hope everybody on this site also had a great day!. To understand what cryptocurrency is, we first need to know what is meant by these two words (crypto + currency).

Cryptography – The Latin word Kryptos means ‘hidden’, while the word grapy comes from the French and German word ‘graphic’ which means ‘writing process’. The term was used in the Middle Ages to conceal valuables. Cryptography is actually a type of writing where there is a lot hidden. Cryptography is basically a modern art like writing code that decodes meaningfully. It was first used during World War II when news signals were sent by radio and failed because decryption methods were not known then.

What Is Cryptocurrency

Currency: The second part of cryptocurrency is currency. It is basically a kind of token that has a certain price with which to buy a product or service. Before the coinage was created there was a system where goods were available instead of goods. The monetary system constitutes a stable economic system. Currency and notes are a very common method in conventional transactions. Moreover, various types of paper, including bank checks, and money orders, are prevalent as currency. From this point of view, cryptocurrency has made the currency system much more advanced digitally.

For so long we have understood the meaning of crypto and currency. Putting them together, it stands to reason – cryptocurrency is a secure and hidden currency system, much like conventional currency, which has monetary value. Bitcoin, Etherium, Lightcoin, and other cryptocurrencies are under the same umbrella. There are more than 1500 cryptocurrencies so far and it is increasing day by day.

Inventing Cryptocurrency –

From age to age, people have been looking for improvements in the monetary system that will govern our economy in the future. However, people first get a touch of success when they learn about Satoshi Nakamoto, the inventor of Bitcoin (in 2006). It was the first stable and successful cryptocurrency to be published in 2009. About 1000 cryptocurrencies have been discovered since then. That is why all these currencies are expected to be a huge trade for future generations. And we are researching a currency that has a stable future.

Efforts to identify Satoshi Nakamoto have been going on for years but all have failed. It is unknown at this time what he will do after leaving the post. And these unknown people (or maybe a team) are responsible for the digital revolution called cryptocurrency. The NSA recently released a report stating that “Satoshi” contained 50 words from the writing pattern that could be used to identify Satoshi Nakamoto. The study is based on the method of ‘Stylometry’.

Why are people attracted to cryptocurrency?

Cryptocurrency is a popular topic. Not only is this a different monetary policy, but it also frees us from the clutches of the government. This money is completely free from government control and bank charges. It’s faster, more secure, and it can never be stolen or damaged, and it can be shared in any number.

Another advantage of cryptocurrency is that it controls the digital economy with a high level of security. What’s more, the management of transactions through this system does not have to be a victim of any kind of fraud or deception. It also takes less money to manage these transactions than the banking structure or system.

One of the main attractions of people buying cryptocurrency is the ever-changing market. However, there are some downsides. However, in this time market, it is very profitable and therefore attracts investors to invest here.

Criticism surrounding cryptocurrency

There is a constant buzz about cryptocurrency and it has become a daily topic of discussion around the world. No matter how good it looks on the outside, on the inside, the matter has gone too deep. Here are some of the ones I found to be interesting:

Illegal Financial Activities: Cryptocurrency is the first choice for anyone who engages in illegal activities with money. Because it is not possible to track transactions here. And how will it be possible to know where an address without a name or address is available. It is not possible to know where it is coming from. Cryptocurrency is everyone’s first choice when it comes to buying drugs, weapons, or anything illegal on the Dark Web.

Hacking: Cryptocurrency, where fraud is free, is more likely to fall into the hands of hackers. If my wallet or account holds data on a third-party server and there is a possibility of data theft from that server. We will discuss this in more detail later.

Price Fluctuations: Investing in cryptocurrencies is always risky because there is no exact market address. History shows how long it took to get from ০ 0 to ০০ 1,000, but in just a few months, the price (৯ 900 to ০০ 8,500) skyrocketed. Although it seems like a lot of profit from the outside if you want to lose money then you can invest here.

Efforts to identify Satoshi Nakamoto have been going on for years but all have failed. It is unknown at this time what he will do after leaving the post. And these unknown people (or maybe a team) are responsible for the digital revolution called cryptocurrency. The NSA recently released a report stating that “Satoshi” contained 50 words from the writing pattern that could be used to identify Satoshi Nakamoto. The study is based on the method of ‘Stylometry’.

Another advantage of cryptocurrency is that it controls the digital economy with a high level of security. What’s more, the management of transactions through this system does not have to be a victim of any kind of fraud or deception. It also takes less money to manage these transactions than the banking structure or system.

Some popular cryptocurrencies

We already know what cryptocurrency is and how it works. Let’s find out now about the four most popular cryptocurrencies.

Bitcoin: Among the digital currencies, Bitcoin is the most popular and the first digital currency discovered in 2009. 2016 is considered an unforgettable year for Bitcoin as its current target exceeds $ 6,500 which is currently $ 6332 and is expected to increase further in the future.

Ethereum: It’s a bit like Bitcoin, but almost everything is controlled by blockchain technology. Its current market value is $ 325.

Ripple: Although it is a digital currency, it is the most widely used digital currency for transactions with banks. This is why Ripple is becoming very popular for dealing with the international market in a short period of time.

Light Coin: This is another popular cryptocurrency that is quite similar to Bitcoin, but much faster. It currently has a market value of about 60.

How much is a cryptocurrency

What is the real value of 1000 cryptocurrencies? It is known that looking at the most powerful cryptocurrency Bitcoin –

  • Bitcoin was first launched in 2009 at a cost of 0
  • At the end of 2010, the value of Bitcoin did not come to ড 1, but the market price at that time was ৩ 0.39.
  • The value of Bitcoin stood at $ 29.56 in 2011.
  • In 2012, the value of Bitcoin stood at $ 210.
  • In 2014, the maximum value of Bitcoin stood at $ 975.
  • When the price of Bitcoin suddenly dropped in 2015, its market price was between $ 219 and 461.
  • Bitcoin surpassed $ 950 in 2016.
  • 2016 is a good year for Bitcoin because it started at $ 950 but on September 2 it surpassed $ 4.70.
  • In March 2016, Bitcoin surpassed the price of gold. At that time 1 Troy Ounce Gold was worth $ 1233 and 1 Bitcoin was worth $ 128. That is why Bitcoin was named ‘Digital Gold’.

End

After all, in the modern age, cryptocurrency is changing our economic system differently. Which depends entirely on technology! Got a different idea about cryptocurrency today. In the next article, we will discuss blockchain technology.



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