What is Cryptocurrency? What advantages and disadvantages of cryptocurrency?

Hello steemit friends,

Whenever we go from one country to another, we get to see different types of currency as if we are in India, we use the rupee and if we go to America then the dollar moves there or If Europe goes to Europe, then there the Euro moves. Similarly, in every country, different types of currency are used which you can see on a piece of paper and today in this article, we are going to tell you about a digital currency that is going to be available throughout the whole world. And it is a very good currency for digital payments and its demand is increasing.

What is Cryptocurrency?

Cryptocurrency is a kind of digital asset for which it is used. Use it to buy almost identical or to take any service like we are using bitcoin. This is a Peer To Peer Electronics Payment System, which we do not use our internet using our regular currency and using any other currency to buy any goods. With the help of cryptocurrency, you can easily hide your money.

How does cryptocurrency work?

As we told you that this is a digital system through which you do not need any paper in it. It is only through your computer to pay someone's money or transfer money to someone, you can do it through it.

If you look carefully at Cryptocurrency, there are two things in which there is one thing Currency and an Encryption, which means safe money. In this, money can be transferred from one place to another without informing the other user, agency, and government.

Types of Cryptocurrency:

When Cryptocurrency began, then there were only one or two companies that made crypto coin but today there is more than 1000 cryptocurrency. Now we are telling you about some important cryptocurrency below.

Monero (XMR):
This is a special type of Cryptocurrency and it is most used in the Dark Web Black Market. In this, special type of security is used, which is called ring signature. It is mostly used in black marketing.

Dash:
It is also a type of Cryptocurrency. It was first known as Dark Coin. It works with the help of a network named MasterNode, and it is faster and more effective than bitcoin and it was first made in 2014 and since then it has been running so far.

Light Coin:
It was invented in 2011, with the help of this, Bitcoin works to transfer even more fast payments.

Zcash:
It was used in the last year of 2016, ie, as per our information like payment and payment of our bank account details, it is all encrypted. This is very secure cryptocurrency

Cryptocurrencies list:
• Bitcoin (2009)
• Ripple (2013)
• Litecoin (2011)
• Auroracoin (2014)
• Peercoin (2012)
• Dogecoin (2013)
• Namecoin (2011)
• Mastercoin (2013)
• Primecoin (2013)

Benefits of CryptoCurrency:

• Fraud has very few chances in cryptocurrency.

• Cryptocurrency is more secure than normal digital payments.

• It also takes lesser charge to transfer. Suppose you have to pay a lot, then you can transfer via cryptocurrency itself. In this, transaction fees are very less than your credit card, so it is used most often.

• The chances of hacking your account are very low because it uses the special type of security.

Loss of Cryptocurrency:

• The biggest disadvantage of cryptocurrency is that if you pay someone once or you get paid by mistake, you can not even reverse that payment.

• If your Wallet ID is missing or Company blocks your Wallet, then you can not complain.