There is a lot of discussion these days about crypto currency. Bitcoin is a Cryptocurrency. In this article, we will tell you about this cryptocurrency in detail. Bitcoin Wallet is very similar to our mobile wallet. Where we deposit our money and transact with it. There are many companies that are in the business of bitcoin. If you don’t know what is Cryptocurrency and how to buy and sell cryptocurrency? So we are going to give all the information about it.
It is believed that Cryptocurrency was started by Satoshi Nakamoto in 2009, but it is not so. Even before this many investors or countries had worked on digital currency. The US created prime electronic gold in 1996, gold that could not be held, but could be bought with other things. However, it was banned in 2008.
What is Cryptocurrency
Cryptocurrency is a type of digital money, which you cannot touch, but can keep. That is, it is a digital form of currency. It is not in your pocket in a solid form like coins or notes. It happens completely online. Cryptocurrency is a word made up of two words. Crypto which is a Latin word derived from cryptography and which means hidden. So Cryptocurrency means Hidden Money or Secret Digital Rupee.
Understand it in simple language in such a way that every country has its own currency. Like India has Rupee, America has Dollar, Saudi Arabia has Rial, England has Euro. Every country has its own currency. That is, such a money system which is recognized by a country and the people there can use it to buy essential things. That is, that which has any value is called money.
How Cryptocurrency is traded
Whenever there is a transaction in Cryptocurrency, its information is recorded in the blockchain, that is, it is kept in a block. The security and encryption of this block is done by the miners. For this they solve a cryptographic puzzle and find the appropriate hash (a code) for the block.
When a miner secures a block by finding a strong hash, it is added to the blockchain and verified by other nodes in the network. This process is called consensus. If a consensus is reached, the block is confirmed to be secure. If it is found to be correct, cryptocoin is given to the miners who secure it. It is a reward that is considered a proof of work.
How to Buy and Sell Cryptocurrency
Due to the increasing popularity, there are many crypto exchange platforms in the market now. In such a situation, it is quite easy to buy and sell cryptocurrencies like Bitcoin and Dogecoin in the country and abroad. Popular platforms include Exodus, Electrum, Mycelium, eToro, Binance. The process of buying and selling cryptocurrencies is also quite easy. All you have to do is sign up on these platforms. After this, after completing your KYC process, money will have to be transferred to the wallet. After that you can make purchases.