In this blog our mission is to unlock the mysteries, complexities, and discover the untapped potential of these crypto worlds.
Birth of crypto currency
The whitepaper of the first crypto currency, Bitcoin was launched in 2008. Almost 15 years later, now today the popularity of crypto currencies has achieved position beyond imagination. Currently over 9000 crypto coins and tokens are in existence. Also handeling them become much handy.
Knowing crypto currency key concept
Crypto currency is digital money that doesn’t require a bank or financial institution to verify transactions and can be used for purchases or as an investment. Crypto currency is a digital asset designed as a medium of exchange that uses strong cryptography to secure financial transactions. It also controls the process of creating additional units, and verifying asset transfers. In simple words we can say it as an unchangeable ledger that tracks and records assets and trades.
Simply crypto currency transaction is combinational function of digital currency over virtual accounts of user’s.
How it works actually
- All the crypto currencies operate on blockchain.
- Means it uses Immutable, decentralized Ledger technology to record transactions.
- Transactions are recorded in group to form block.
- Again that block is verified by their miner communities based on underlined consensus mechanism.
- Users have digital addresses to hold, transfer and receive fund in their virtual account.
Different types of crypto currency
Mainly crypto currencies have four types
- Utility
- Payment
- Security
- Stablecoins
Others also Defi tokens, NFT, asset backed tokens etc. are some subcategories available. But Utility and Payment are more popular and adopted over worldwide. Beyond Bitcoin, there’s an entire ecosystem of alternative coins (altcoins) to bitcoin, each with its unique features and use cases.
The Art of Crypto Trading
Before entering into the volatile waters of crypto currency trading we should equip with the knowledge and strategies needed to survive in it. If we do crypto trading with market study and other basic knowledge then it will be best for long term investment on self-risk factor.
Otherwise it will become leaving paper boat into rainwater about your treasure. Means doing anything without knowledge is another risk with respect to money.
If You Forget the Password Then All the Money Can Be Lost ?
Yes it’s true!
As per very recent update approximately 3.8 million bitcoins are permanently lost forever. Which are about approximately 20% of total supply. This is happens due to various reasons, including loss of access to one’s private key, death and more.
Again “lost crypto wallet” is another topic for our study. But currently we have to keep in mind that while we are going to invest into crypto world then our private key or seed phrase need to be secure.
Behind every crypto currency they have its own story.
Yes, every crypto currency has its own motto and project. Depending on which they work and evolve in future. Every day innovations are continue to reshape their currency. We can see more analytics about every coin on coin market cap website. They show live information about 9765 coins. We can see some of them in below screen.
Most of the world’s countries are prohibiting crypto currency legally, but some small countries are in the support of it by identifying its potential.
E.g.
- One European Island Malta becomes Blockchain Island in 2018. Malta has provided blockchain companies with a conductive environment to develop their product by focusing on long-term development instead of short-term financial gains. By considering this some of the biggest players in the blockchain space to move their offices to Malta.
- El Salvador became the firstcountry in the world to use Bitcoin as legal tender, after having been adopted by the Legislative Assembly of El Salvador in 2021.
- Also many countries changing their decisions regarding adoption of crypto currencies.Means they are moving toward crypto currency adopting country.
Some plus point about crypto currency
- Failure of transaction is just impossible.
- Our currency always in our hand
- Available by 24×7, i.e. we can make transaction anytime.
- Anyone can use it.
Final words
As all efforts and innovations continues to reshape the crypto currency sector. Much more things are going to change to reduce current problems. So be a part of this change.