What is Crypto currency

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 What is Crypto Currency 

Currency

World economy works on a mode of payment for cost of service, materials, exchange etc. Every country have its own currency, symbol and this is listed and approved by the United Nation. About 180 currencies recognized as legal tender in United National members. These figures changes time to time. 

Every currency have different rate of exchange i.e. value compared to other currency. At present Kuwaiti dinar is the world strongest and highest valued currency where as US dollar is the world dominant reserve currency.

Types of currency :

  • Commodity Currency
  • Metallic (Gold or metal) Currency
  • Paper Currency
  • Plastic Currency
  • Electronic Currency
  • Crypto Currency
In last one decade, one new form of money introduced i.e. Crypto currency. It is a digital currency that can be used to buy goods and services. These are strong cryptography to secure online transactions. Crypto currency is a digital or virtual currency that is secured by cryptography which makes it nearly impossible to counterfeit or double spend.

Different from digital wallet.

Digital currency is the electronic mode of currency notes which are stored in digital wallet whereas Cryptocurrency is the encrypted for of digital currency, which is still highly volatile in global investment market. Cryptography does not exist in physical form (like paper money) and it is typically not issued by a central authority.

What is Central Bank Digital Currency(CBDC)

A central bank digital currency uses an electronic record or digital token to represent the virtual form of fiat currency of a particular nation. A CBDC is centralized, utilizes technology to represent country official currency in digital form. It is issued and regulated by competent monetary authority by the country.

Crypto currency are legal or not

In many countries the crypto currencies are not legal. In India the crypto currency is not illegal. It means we can buy, but in case of any fraud / loss, the government will not responsible for that loss. India has no regulatory framework to govern cryptocurrencies as of now.

Progress of crypto currency 

Some crypto currency i.e. Bit coin are fast growing. People are investing money as increase of crypto currency rates, the money are increased hundreds of times. Some time the crypto currency rates goes down also. There is no surety of progress or loss of crypto currency. People have to invest money in crypto wisely after doing good market research.

There are hundreds of crypto currency in the world. There is a list of top cryptocurrencies based on their market capitalization, or the total value of all the coins currently in circulation.

 Bitcoin (BTC) : Market cap: Over $641 billion

Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.

Bitcoin’s price has skyrocketed as it’s become a household name. Five years ago, you could buy a Bitcoin for about $500. As of June 2021, a single Bitcoin’s price was over $32,000. That’s growth of about 6,300%.



Ethereum (ETH) : Market cap: Over $307 billion

Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).



Ethereum has also experienced tremendous growth. In just five years, its price went from about $11 to over $2,500, increasingly roughly more than 22,000%.


Tether (USDT) : Market cap: Over $62 billion

Unlike some other forms of cryptocurrency, Tether is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those


denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.


Binance Coin (BNB) : Market cap: Over $56 billion

The Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world.


Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.

Its price in 2017 was just $0.10; by June 2021, it had risen to over $350, a gain of almost 350,000%.


Cardano (ADA) : Market cap: Over $51 billion

Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin.


Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of June 2021, its price was at $1.50. This is an increase of 7,400%.




Dogecoin (DOGE) : Market cap: Over $44 billion

Dogecoin has been a hot topic thanks to celebrities and billionaires like Elon Musk. Famously started as a joke in 2013, Dogecoin rapidly became a prominent cryptocurrency option, thanks to a dedicated community and creative memes. Unlike many other cryptos, such as Bitcoin, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.


Dogecoin’s price in 2017 was $0.0002. By June 2021, its price was at $0.32—a 159,900% increase.





XRP (XRP) : Market cap: Over $40 billion

Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.


At the beginning of 2017, the price of XRP was $0.006. As of June 2021, its price reached $0.92, equal to a rise of 15,233%.


USD Coin (USDC) : Market cap: Over $23 billion

Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.


 Polkadot (DOT) : Market cap: Over $21 billion 

Cryptocurrencies may use any number of blockchains; Polkadot (and its namesake crypto) aims to integrate them by creating a cryptocurrency network that connects the various blockchains so they can work together. This integration may change how cryptocurrencies are managed and has spurred impressive growth since Polkadot’s launch in 2020. Between September 2020 and June 2021, its price grew 615%, from $2.93 to $20.95.


Uniswap (UNI) : Market cap: Over $13 billion

Uniswap is an Ethereum-based token that powers Uniswap, a decentralized crypto exchange that uses an automated liquidity model for trading. This means there is no central facilitator, like a bank or broker-dealer. Instead, it’s powered by smart contracts and pooled user resources. Uniswap’s platform is open source, so anyone can use the code to create their own exchanges.


Launched in 2020, Uniswap’s price started at $0.48. By June 2021, 


Precaution : 

Before purchase of crypto currency, a brief information to be collected. As their rates are fluctuating day by day even every minute, their rates are changes. Before investing, make sure you wont get affected much if you loses your money. However, the rates are increased hundreds of time more than their starting values, but still their rates may get affected with world economics, political, climatic affairs. 

Please visit my website : https://suntel.co.in 


Myself working in Bharat Scouts & Guides, National Trg. Centre, Pachmarhi as computer operator. M.Com, MBA.

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