Everything you need to Know about Cryptocurrency – Beginner’s Guide

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Cryptocurrency

Crypto Currency: Cryptocurrency spreads over a huge space in the financial column of every newspaper. Over the past few years, various coins in the cryptocurrency have gained much popularity, especially Bitcoin and Dogecoin. But there are many other coins as well that could be a great investment for your future and are discussed later on. So, whether you want to invest in cryptocurrency for the diversification of your portfolio or for any other reason, you need to know about cryptocurrency in detail to make informed decisions.

What is Cryptocurrency?

In simple language, cryptocurrency is a decentralized digital or virtual currency secured by cryptography and based on blockchain technology. Just like normal currency, coins in cryptocurrency are intended to act as a medium of exchange. The first cryptocurrency was invented in 2009, known as Bitcoin, and is still the renowned currency in the crypto market.

What are the various coins in Cryptocurrency?

As per July 2022 data, there are 20,268 cryptocurrencies in existence, and their growth rate is astonishing. Following are the numerous well-known coins in cryptocurrency-

  1. Bitcoin (BTC) – Bitcoin is the most common cryptocurrency allegedly debuted by Satoshi Nakamoto. Since its inception, the journey of this currency was much like a roller coaster ride.
  2. Ethereum (ETH) – The second most common name in the crypto space that you’re most likely to come across is Ethereum. The smart contract aspect of Ethereum has helped it make it one of the most popular cryptocurrencies.
  3. Cardano (ADA) – The co-founder of Ethereum created Cardano. This cryptocurrency uses smart contracts, enabling identity management.
  4. Binance Coin (BNB) – This cryptocurrency was created as a token to pay for discounted trades. But now it can be used for payments and purchasing various goods and services.
  5. Dogecoin (DOGE) – Dogecoin was created as a joke after the run-up in Bitcoin. It takes its name from an internet meme featuring the Shiba Inu dog. Dogecoin can be used for payments or sending money. Also, it has unlimited issuance, and its value rose greatly after Elon Musk’s tweet.

What are the benefits of investing in Cryptocurrency?

There are lots of benefits of investing in various coins in cryptocurrency. Below are the top four benefits to consider.

  1. Transaction Speed – While most transaction takes three to five days to settle, the cryptocurrency transaction could be completed within a few minutes. The trade gets executed in a minimal amount of time, and the funds are available to use once settled.
  2. Transaction Cost – Compared to other financial services, the transaction cost is relatively low in cryptocurrency. For sending money internationally, cryptocurrency transactions would save you from huge expenses.
  3. Accessibility – Anyone can quickly set up a cryptocurrency wallet using a computer or smartphone and an internet connection. There’s no ID verification and background check. It is the best option for people who don’t want to go through a centralized authority to make online transactions.
  4. Security – Your crypto wallet is secured by a private key to which you only gain access. No one else can sign a transaction or access your fund until you provide them with the private key. In addition, the blockchain system also contributes to facilitating secured transactions.

Cryptocurrency is an amazing marketplace that provides investors with various opportunities to grow their wealth tremendously. To make the best investment decisions, you must be aware of important coins in Cryptocurrency along with every update about them. Remain in touch with the platforms that provide you latest news about cryptocurrency so that you can tap the amazing opportunities at the earliest and carry out your journey in the crypto space without much inconvenience.

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