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What is a BitCoin or Cryptocurrency

A currency is an object  which is voluntarily accepted  in exchange of goods and services in an economy. Similar to that, cryptocurrency is a digital form of currency which is voluntarily accepted  in exchange of  physical currency say coins and notes or goods and services . The reason it is named cryptocurrency is that it can be generated through encryption techniques or mining. The most popular cryptocurrency in the world today is bit coin. Bit coin was developed  by Satoshi Nakamoto who is supposed to be an unknown group of people or  pseudonym of a person. It is a Peer To Peer Electronic Sysytem which enables people to do transaction from one person to another in exchange of money or good and services. The best feature of bit coin is that it is a decentralized form of currency which mean that it is a bank free currency. This means that there is no middle man in the transaction done through cryptocurrency and neither does this currency is controlled by a single authority. Another amazing factor of bitcoin is that through it transactions can be done anonymously thus it help with withhold the identity the user. This form of transaction is transparent as all the transactions done through bit coin are available in public domain. Bit coin as emerged as a revolution in the digital currency market. People invest on bit coin with hope to withdraw it when its value rises in the market. The current value of a bit coin is 2,70,351.96 Indian rupees. Another good factor of bit coin is that it is limited in number which is estimated around 21 million and therefore it will be difficult to min more bit coins after a time and the given amount with circulate in the digital currency cycle. The Block Chain process and security keys have increased its credibility among people. Cryptocurrencies are a form a international currency and thus can be used anywhere in the world. But, still it is not a legal tender so sometimes it becomes difficult to convert it into physical form of money. Owing to which bit coins transactions are looked with skeptically. Still there are some companies who accept cryptocurrency as mode of transaction since cryptocurrency is looked forward as a revolution in future economy of the world. The most prominent cryptocurrency used nowadays are :- 1) Litecoin(LTC) : It was founded by Charlie Lee in October 2011.It is an altcoin or alternative digital currency. It is also a peer to peer cryptocurrency andopen-source software project released under MIT/X11 license. The current rate of onelitecoin is 2,873.64 Indian rupees. 2)Ethereum ( ETH) :Ethereum was founded byVitalikButerin. VitalikButerin who is  a Russian-Canadian programmer and writer. It is also an open-source software. It works on the concept of  blockchain-based distributed computing. The current price of one Ethereum is 10,709.65 Indian Rupee. 3) Zcash ( ZEC) : ZCash is also a crypto currency which was founded by Zooko Wilcox-O’Hearn in October 2016 . It is an open financial system with the privacy feature and fungibility i.e.  the property of a good or a commodity whose individual units are essentially interchangeable. The price of one Zcash coin is 4,256.39 Indian currency. 4) Dash (Dash): Dash coin. was launched in January 2014 as "Xcoin" by Evan Duffield. It is also an open source crypto currency. The current price of Dash coin is 5,784.95 Indian currency. 5) Ripple (XRP) : Ripple is a real-time gross settlement system, currency exchange and remittance network. It was created by Ripple Labs Inc., a US-based technology company.The currency price of one ripple is ?27.07 These currencies can play a very major role in the future as they do not depend on fiscal or monetary policies of a nation or central banks. It can help people at the time of economic depression like the one in 2008 in USA. It can help people of poor countries with weak currency to trade at an equally powerful currency. Todays economic models can not ignore this parallel economy running across the world. There is not even a shadow of doubt that cryptocurrency is the ore of 21th century.


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