What is cryptocurrency & how it works?
Cryptocurrency is a digital currency. It is a way of securely sending payments across the internet using cryptography. Cryptocurrencies permit their owners to purchase services and products, or to exchange them for benefit.
Cryptocurrency is something that is growing popular nowadays and people are learning about it. I am writing this blog post because I feel as though most of us know a little or nothing about it. So today, I am going to be sharing with you what cryptocurrency actually is and how you can earn more of it.
Cryptocurrency is a digital currency. Basically, it's a way of securely sending payments across the internet using cryptography. These payments don't rely on a third party like Visa or MasterCard to process transactions, which makes cryptocurrencies more secure than traditional financial transactions.
Through the technology, cryptocurrencies can be sent from one person to another without needing a traceable payment method such as an Internet banking account or a mailing address. The only thing you need in order to receive cryptocurrency is an unspent private key—a piece of information that is needed in order to spend cryptocurrency.
The cryptocurrency industry is a rapidly growing industry, and it's something that many people consider to be making a lot of money. But cryptocurrency isn't new to this world. In fact, it's been around since 2009. In 2017, there were an estimated 60,000 cryptocurrency wallets worldwide. These are extremely popular especially among those who don't have access to a traditional financial institution. In turn, these wallets help people keep their privacy and increase their security so they can transact with any asset regardless of whether it's from an exchange or a physical store.
How to buy cryptocurrencies?
Firstly, let me tell you about the popular crypto exchange platforms in the world.
In India, these apps- WazirX, Zebpay, Coinswitch Kuber, and CoinDCX GO are the top cryptocurrency exchange platforms.
Investors can download these applications from Google Play Store or App Store. They simply need to join utilizing their credentials, complete the KYC interaction, transfer cash to the crypto wallet, and make the purchase. There isn’t any restriction on what we can purchase and how much. The investors can begin with as low as they need to. The purchase is finished within a few minutes after transferring money to the wallet. In this way, people can buy cryptocurrencies.
If you want to make a payment with cryptocurrency, you must download a special software program called a cryptocurrency wallet. It is run by a decentralized network of computers making periodic checks to ensure that your balance is not too large or too small. A cryptocurrency wallet is software that permits you to move funds starting with one record then onto the next. To finish a transaction, you need admittance to a secret key, known as a private key. The private key is similar to a bank account. You can claim different keys and own every one of the funds sent to those keys. A public ledger is used to record transactions.
Uses of Cryptocurrency
Investment: Investing in cryptocurrency can be a great way for the average person to get in on some serious action. Cryptocurrencies, like Bitcoin, are digital units of currency that can be exchanged for conventional currency. In 2017, Bitcoin surpassed $100,000 to become the best performing currency in world markets and has been steadily rising ever since.
Online Shopping: Have you ever wondered how to buy things with cryptocurrency? It's not hard at all! The truth is there are numerous online stores that you can purchase cryptocurrency with. You can utilize cryptocurrency to buy merchandise online and hire individuals to perform various jobs. However, due to the anonymous nature of cryptocurrency, people who don't understand how it works may be put off by some of the unfamiliar aspects of cryptocurrency.
Top 15 cheap and potential cryptocurrencies in 2021
These are the top cheap and potential cryptocurrencies that are worth investing your money in 2021:-
Basic Attention Token
Note: Even though I have made a list, it's advisable that you should do your own research completely and then invest your money in cryptocurrency.