Crypto Currency


A cryptocurrency is a digital currency or an asset spread through multiple computers in a shared network. It is owned by an individual or an organization. Its ownership is recorded in a computerized ledger database. cryptography is about constructing and analyzing protocols that prevent the public from reading private messages. Software is used to protect transaction records, controls and verifies the transfer of ownership of coins. The unit of this currency is ‘çoin’. If this currency is backed by any asset or cash, then it is called stable coins. 

Cryptocurrency does not exist in physical form like paper. Cryptocurrencies typically use decentralized control. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. It is not governed by anybody of government. When implemented with decentralized control, each cryptocurrency works through a blockchain.

As per the degree of function and specifications, these cryptos are classified into various types. One of the popular currencies is Bitcoin. As of March 2021, there were over 18.6 million bitcoins in circulation with a total market cap of around $927 billion. There are few more types such as Litecoin, Peercoin, Namecoin, Ethereum, and Cardano. 

Some of the advantages of Cryptocurrency are easy funds transfer between two parties, cheap alternative, safe payments, wallet with public and private keys, and fun transfer involves minimal processing fees. However, the few disadvantages are secrecy or hidden nature of this crypto involves a lot of illegal activities like money laundering, tax evasion, etc. These payments are irreversible. 



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