Updated By: LatestGKGS Desk
Digital Currency: Cryptocurrency and transaction feature
Digital Currency: Cryptocurrency is a digital currency which can be used to transfer assets from person to person in a decentralized way
Decentralized means it is not regulated by any banks or central authority. Today, there is more than 1500 cryptocurrency, out of which some are coins and tokens.
coins can be bought in two ways, they may be mined through solving some complex equations and as a reward you get coins or they may be bought from exchanges.
The first cryptocurrency which was ever made was Bitcoin which was way back in 2009 by a person or a group named Satoshi Nakamoto. It gained popularity only in 2013, and that made its prices reach the moon.
The main reason behind its ever increasing price was limited supply, they are only 21 million and everyone wanted to get hold of it and so there was a surge in demand and hence the price shoot up.
Advantages of using cryptocurrency are that they are secure, immutable and cryptography is used to encrypt them. They can be instantaneously transferred across the globe with minimal transaction charge and that makes them better than fiat currency.
