What Is Cryptocurrency: Cryptocurrencies have skyrocketed in value over the last few years. They are extremely popular these days as supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable.Also Read - PM Kisan Samman Nidhi Scheme: How to Check balance? Step-by-step Video Guide

Although, there are still many people who have heard about them, but how many people actually know what Cryptocurrency is? How many people know where they come from and how they work? Also Read - What is Black Fungus? Latest Symptoms, Causes, Preventive Measures Explained | Watch Video

In this video let’s understand what is cryptocurrency, types of cryptocurrency, advantages and disadvantages of cryptocurrency.

What Is Cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

They are systems that allow for the secure payments online which are denominated in terms of virtual “tokens,” which are represented by ledger entries internal to the system.

Many cryptocurrencies are decentralized networks based on blockchain technology. Blockchain is a decentralized technology that spreads across many computers that manages and records transactions. Part of the appeal of this technology is its security.

The first blockchain-based cryptocurrency was Bitcoin, (Bitcoin cryptocurrency) which still remains the most popular and most valuable. Bitcoin was launched in the late 2008 by an individual or group known by the pseudonym “Satoshi Nakamoto.

Types of Cryptocurrency

The total value of all cryptocurrencies on April 13, 2021, was more than $2.2 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $1.2 trillion.

Apart from Bitcoin Ethereum, Litecoin, Cardano, and Binance Coin are raging higher.