In the world of digitalization, everything is going digital. We often heard about digital payments (Internet banking, e-wallets), digital business and many more. In fact, we also have digitalization of currency. Cryptocurrency, also sometimes referred as crypto, is a new word added in the field of digital investment.
Ten Lines on Cryptocurrency in English
Here, we are presenting ten simple lines in the form of sets on Cryptocurrency in very easy language so that you can understand this topic quickly.
1) Cryptocurrency is basically a form of digital currency which is highly encrypted.
2) Cryptocurrency is a group of binary data which acts as a medium of exchange.
3) Cryptocurrency does not exist physically.
4) The first cryptocurrency is Bitcoin.
5) Crypto-currency is decentralized (not monitored by central authority).
6) In 2009, Satoshi Nakamoto developed first Cryptocurrency.
7) EI Salvador (country in central America) was the first country which declare Cryptocurrency as legal tender in June 2021.
8) Cryptocurrency had been banned in Turkey on 30 April 2021.
9) All the records of cryptocurrency are stored in ledger (computerized database).
10) The transactional records of Crypto-currencies are highly secured by Blockhain technology.
1) Transactions through Cryptocurrencies are cheaper.
2) Transaction (either domestic or international) through Crypto-currency is very fast.
3) Due to lack of central control, Crypto can be used for illegal purposes.
4) Hidden data is a major concern in Cryptocurrency.
5) Cryptocurrency is an end-to-end process; no third party (bank) is involved.
6) However, investing in Cryptocurrency can be risky.
7) The RBI (Reserve bank of India) had banned Crypto-currency on April 2018, but later started it again.
8) Bitcoin (BTC), Ethereum (ETH), Binance coin (BNB), etc. are some popular Cryptocurrencies.
9) Transactions made by cryptocurrency is not reversible.
10) Owner can buy stakes of Cryptocurrency in fractions.
Everything has its merits as well as demerits. We are moving towards a high-tech World, where we want everything to be done in few minutes without any interruption. Cryptocurrency is the most recent form of digital currency. It could play special role in the upcoming future.
FAQs: Frequently Asked Questions
Ans.Vietnam (country in Asia) is the highest user of Cryptocurrency.
Ans. Yes, but not as a legal tender. India uses 9% of cryptocurrency.
Ans. China, had considered Cryptocurrency as illegal.
Ans. Bitcoin is the first and oldest Cryptocurrency.
Ans. Cryptocurrency which is not a bitcoin is considered as Altcoin or Altercoin.