Cryptocurrencies have run their coin in the financial market in a very short time. Cryptocurrency can also be called digital money because it is available only online and we cannot do it physically.
Cryptocurrency: It is also called digital currency. It is a kind of Digital Asset that is used for the purchase of things or services. Cryptography is used in these currencies.
Cryptocurrency is a Peer Peer Electronic System, which we use to purchase Goods and Services through the Internet in place of regular currencies. In this system, the government can work without informing the banks, so some people believe that Cryptocurrency is being used in the wrong way.
Types of Cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (Doge)
- Faircoin (FAIR)
- Dash
- Peercoin (PPC)
- Ripple (XRP)
What are the benefits of CryptoCurrency-
- There is less chance of fraud in Cryptocurrency.
- In this, the transaction fees are very less.
- Accounts are very secure in this because different types of Cryptography Algorithm are used in it.
What are the disadvantages of Cryptocurrency-
- Once a transaction is completed in Cryptocurrency, it would have been impossible to reverse it.
- If your Wallet ID is lost then it is lost forever as it is not possible to recover it. In such a situation, whatever money you have in your wallet is lost forever.
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