What is CryptoCurrency and How Many It Types?

What is CryptoCurrency?

Cryptocurrency is a digital currency or we can say virtual currency where it is used for buying any type of goods and services via online modes. These modes are in the form of networks where all the nodes of the network help to complete the transaction between the sender and receiver. The details of the transaction between the sender & receiver are recorded in the “Public Ledger” which is known as “BlockChain”. And, It uses cryptography to secure our transactions.

It is a decentralized currency which means there is no control over the government. If there is no control over the government that means there is no person in the world who can control these currencies.

Now you must be thinking that if there is no authority to the government to control it then who is controlling these currencies and most important who invent these currencies. Alright, let’s see…

Who Controls it?

We are the people who are controlling these currencies or we can say that all the people around the world are controlling them because we all accept this currency as a medium of exchange and we all know that the technology used in crypto is a very good technology and this technology should be further developed and we also believe that this is our future currency.

Who Invent this?

Well, it’s a very interesting question because there is no proper answer to tell who invented this currency. But there is a name “Satoshi Nakamoto” that is used by the presumed person who developed  “Bitcoin”. Bitcoin is a part of the cryptocurrency & it is the first and only cryptocurrency in the crypto world, as now there are thousands of coins available.

“Satoshi Nakamoto” is the only person who is known for creating the crypto world. Because he is the person who gives a new technology “BlockChain” or a new type of concept(crypto) to the world.

As I mentioned, Satoshi Nakamoto is just a name where it is used for describing the inventor of cryptocurrency because we really don’t know who is satoshi Nakamoto that’s why we presumed this name as the creator of the crypto world.

What was the main purpose of creating this currency?

The purpose of creating this currency was to eliminate the traditional method of currency (which we are using like Rupee, US Dollar, Euro, etc.) or to eliminate banks. According to Satoshi Nakamoto, Bank is not good for us because banks take all our money and regulate it in their own way, if we do a transaction with any other person then banks take higher fees which are not fair, those are our money why anybody regulates like this. For the purpose of removing this system, he makes a crypto world, where anyone can do anything with their currency.

well, this is the purpose but for now, we all are using this currency for trading as well as for investment purposes where peoples invest their money into it and sell it when its prices increase.

Types of CryptoCurrency

In today’s time, there are so many cryptos are available like:

  • Bitcoin
  • Ethereum
  • Litecoin
  • XRP (Ripple Coin)
  • Cardano
  • Solana
  • USD Coin
  • Avalance
  • Polkadot
  • DogeCoin
  • Polygon (Matic Coin)
  • Binance Coin
  • Tron
  • Monero
  • Internet Computer (ICP)
  • SandBox (Sand Coin)
  • Loopring

This is enough, if you want to check how many cryptos are there then go for these sites:

https://coinmarketcap.com/

https://www.coingecko.com/

Here you can check all cryptos their volumes, prices, charts, etc, and many other things

Conclusion

That’s it, guys if you like this blog then please comment below on what thing you like the most or what thing you do not like. And please share this blog with your friends, family, and with your neighbors who want to know about finance. Because this blog is totally about financial education/information.

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