What is cryptocurrency / How does it work / How to buy?

What is crypto currency and how does it work?

The main function of cryptocurrency is to transfer money from one computer to another. And this is done, through the blockchain. Blockchain acts like a bank. All the transactions done in this are recorded in this blockchain, which greatly reduces the chances of fraud.

What does cryptocurrency mean?

Cryptocurrency is a digital currency, which is managed by a decentralized system. In this, each transaction is verified by Digital Signature. And with the help of cryptography, its record is kept.

Now you will about how does it work & in other word how you will play?

In India, however, has no intermediaries in the trading of crypto and is conducted online by a network. This is the reason why it is known as unregulated market, which makes someone rich in an instant and throws them to the ground in a moment. But despite this ups and downs, the popularity about it is increasing.

Most popular digital currency is BITCOIN. Bitcoin is currently the world’s most valuable and most popular cryptocurrency. After this, if we talk about the second favorite cryptocurrency, then the name comes of Ethereum. On the other hand, talking about the top 10 digital currencies, these include Polkadot, Tether, Litecoin, Dodgecoin and others. Initially, Bitcoin dominated the crypto market, but over time this market grew and thousands of digital currencies came into play. But over time this market grew and thousands of digital currencies came into play. Today the scope of business of crypto has spread almost to most of the countries of the world.

Operated via Computer System – Simply put, cryptocurrency is a type of digital cash system, which is linked to a personal computer chain and is built on computer algorithms. There is no control of any country or government on this. Its popularity is increasing in such a way that many countries have legalized it. Preparations have also begun in Salvador to build a digital currency-focused bitcoin city.

Cryptocurrency Used through blockchain – The system used to transact cryptocurrencies is called blockchain. These digital currencies are encrypted (coded). It is controlled through a computer network. In this, every transaction is verified by digital signature. Its record is controlled with the help of cryptography. All this work is done through computer network. When a transaction takes place in crypto currency, its information is recorded in the blockchain, that is, it is kept in a block.

How crypto currency is bought?

There are two ways to buy crypto currency, but today the easiest and most popular way is to buy them through a crypto exchange. There are hundreds of crypto currency exchanges operating around the world. If we talk about India, there are many exchanges operating here including WazirX, Zebpay, CoinSwitch Kuber, Coin DCX Go. In addition there are international platforms such as Coinbase and Binance, where digital currencies from around the world can be purchased, including bitcoin, ethereum, tether and dodgecoin.

Most Important topic for investor regarding to working hours in cryptocurrency – Cryptocurrency exchanges open 24 hours a day – It is quite easy to buy and sell bitcoin and other cryptocurrencies in the country. The most important thing is that all these crypto exchanges are open round the clock for shopping. The process of buying and selling crypto currency through them is also very easy. You need to register on one of the exchanges for crypto trading and investing in Rupee. For this, after signing up on the site of the exchange, after completing your KYC process, money is transferred to the wallet. And then these digital currencies can be bought.

In India too, the number of people investing in crypto is continuously increasing. According to a report, there are about 15 million (15 million) active users in India who are registered with some crypto exchange operating in India. This is the reason why both the Reserve Bank of India (RBI) and the central government are strict keeping in mind the safety of Indian investors in this unregulated market. A bill is also to be introduced in the ongoing winter session of Parliament to curb private cryptocurrencies. Along with this, RBI has also given a proposal to the government regarding its digital currency.


About the author

A Ranjan is from Kolkata in West Bengal. He is double post graduate in Computer Science & Management (Marketing & Operation), who is fond of Science & Technology, Stock Investing, Travelling and Writing. He made the art of writing his profession and started working from home. He mostly writes about Stock Investment, Motivational Story, Technology, Travelling Field & Famous people. This is the first employee to join the Yono Informer Team.

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