Cryptocurrency is a 'virtual' currency that runs on the Internet. It is a currency that is built on computer algorithms. It is a free currency with no owner and no monopoly. Unlike the rupee, dollar, euro or other currency, it is not governed by any state, country, institution or government. It is a digital currency for which cryptography is used. Generally, it can be used to buy goods or services.

Cryptocurrency profits are high, making it easy to transact online. Cryptocurrency has no regulatory body, so it is not affected by conditions such as a noset change or a currency devaluation. When Bitcoin was launched in 2009, its value was zero dollars. Even in 2010, its value did not reach even 1 dollar, but today the value of Bitcoin has reached more than 44,000 dollars.

Types of cryptocurrencies

Bitcoin is the most popular cryptocurrency market. There are hundreds of other cryptocurrencies in the world besides Bitcoin. Examples are Red Queen, Sia Queen, Sis Queen, Voice Queen, Etherium, Ripple, Litcoin and Monero.

Advantages of cryptocurrency

Anything has its pros and cons. Cryptocurrency also has its advantages and disadvantages. Its disadvantages are less and its advantages are more.

1. Cryptocurrency is a digital currency with very few fraud cases.

2. It is beneficial to invest in cryptocurrency if you have more money as its value increases very fast. This is a good investment platform.

3. Most cryptocurrency wallets are available which makes online shopping and money transactions easier.

4. Cryptocurrency is not controlled by any monopoly. Therefore, the value of this currency is less likely to fall.

5. There are many countries where capital is not controlled. That is, there is no limit on how much money can be brought into the country and how much can be sent out. Therefore, by purchasing cryptocurrency, it can be easily sent abroad and converted into money.

6. The biggest beneficiaries of cryptocurrency are people who want to hide their wealth. So cryptocurrency has emerged as the best platform to hide money.

7. Cryptocurrency currency is completely safe. For this you need to authenticate, because such currency is based on blockchain.

Disadvantages of cryptocurrency:

1. The biggest disadvantage of cryptocurrency is its non-physical existence, as it cannot be printed. No notes of this currency can be printed, no bank account or passbook can be issued.

2. There is no country, government or institution that controls the cryptocurrency, due to which its value fluctuates greatly. Its price sometimes rises and sometimes falls sharply, which makes investing in it risky.

3. It can be easily used for wrongdoing like buying arms, supplying drugs, black market as it is used only between two people. So it can be dangerous.

4. There is also the risk of being hacked, but blockchain hacking is not easy. It has full security, although it is difficult to completely prevent hacking as there is no owner of the currency.

5. Another disadvantage is that if something goes wrong in the transaction, it cannot be corrected. If an overpayment is made by mistake, the user cannot return it, which can lead to huge losses.