What is cryptocurrency? (what is cryptocurrency in Bengali)

  

Today we are in our article What is cryptocurrency?, (About cryptocurrency in Bengali) Talk about this.

In addition, we will talk about the types, advantages, advantages, and disadvantages of cryptocurrency. Look, friends, there are definitely benefits to every technology that has moved into the modern and digital age of the Internet today.

However, some of the things that have advantages will certainly have losses. In the same way, cryptocurrency is a modern advantage that has advantages but no disadvantages. Any country has to buy-cut, trade, or buys for its own convenience and necessities.

And, we need currency to move this buying-cutting process forward. We can buy anything with the money and make it our own. And in this case, each individual country must have its own currency. For example, India has "Indian Rupee", America has "United States Dollar" etc.

And we can see, touch and use these kinds of coins in this market according to the rules. However, cryptocurrency is a type of currency that is the complete opposite of ordinary currency. Because it is a digital currency that you can't touch or see with your eyes.

Because cryptocurrencies do not have any physical shape or structure. This kind of thing happened almost a few years ago cryptocurrency Or digital currency The demand and circulation of these have increased a lot.

Now maybe you "What is cryptocurrency?" understood the matter at least. Come on, What is cryptocurrency? Didn't know the matter a little more clearly.

What is cryptocurrency? (Cryptocurrency in Bengali)

What does cryptocurrency mean?

In fact, Cryptocurrency Is a type of currency that can only be used and traded through the online internet. And so, these types of cryptocurrencies "digital money” Is also taken as.

And as I said before, we cannot physically view, capture, or transact these types of digital currencies. Remember, the government has no role in cryptocurrencies.

This is because these types of currencies are called decentralized currencies which are not owned by any agency or government board. You can also use cryptocurrencies as your digital asset that can be used to buy / cut/shop online.

In addition to shopping, you can use these cryptocurrencies for various services. Remember, cryptocurrency technology is used in these types of currencies. It is basically a peer to peer network system, which we use to shop against the common currency through the internet.

These types of currencies can be used without informing the government or the bank. Therefore, many people say that cryptocurrencies can be used illegally. There are many online platforms from which JKOs buy and sell cryptocurrencies. Of all the cryptocurrencies, the most popular and common currency was "Bitcoin“.

It was created first and is the most widely used Bitcoin. There has been a lot of controversy over Bitcoin cryptocurrency. However, the use of bitcoin is one of the most popular cryptocurrencies today.

As such, there are many other cryptocurrencies besides Bitcoin that you may or may not know about. So you understand what cryptocurrency means.

What are the different types of cryptocurrency?

Now below we will learn about the types of cryptocurrencies. There are many types of cryptocurrencies.

Below I will talk only about the types that have gained good popularity and which can be used.

1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Litecoin (LTC)
4. Dogecoin (Doge)
5. Faircoin (FAIR)
6. Dash
7. Peercoin (PPC)
8. Ripple (XRP)
9. Monero (XMR)

Let's take a closer look at the types of cryptocurrencies below.

Bitcoin (BTC)

When we talk about cryptocurrencies, the name of bitcoin comes first among the types.

Because bitcoin is said to be the first cryptocurrency in the world.

It is said that In 2006 By an unknown person or group “Satoshi NakamotoBitcoin was invented under the name.

It is a digital currency that is used for online shopping.

As I said before, bitcoin is a decentralized currency that is not controlled by the government or other institutes.

Like the share market, the value of bitcoin continues to decrease and increase.

However, at present, the value of a bitcoin is around 25 to 30 lakh rupees.

Ethereum (ETH)

The second largest and most popular cryptocurrency after Bitcoin is “Ethereum“.

It's the same with bitcoin Open-source, decentralized blockchain-based computer program.

The founder of this widely used cryptocurrency is "Vitalik buterin“.

After Bitcoin, it is a very famous cryptocurrency.

“1 EtherIt is currently priced at around Rs 80,000 to Rs 90,000.

However, sometime before the beginning of 2020 “1 EtherIt cost about 10 to 15 thousand rupees.

Litecoin (LTC)

Litecoin is also a must decentralized peer-to-peer cryptocurrency And an open source software project that has been released under the MIT / X11 license.

In October 2011 “Charles Lee” Was released by“ Litecoin ”.

Charles Lee was previously a Google employee.

The features of this new cryptocurrency are almost identical to those of bitcoin.

At present, the value of 1 Litecoin is around 10 to 15 thousand rupees.

There is a special difference between Bitcoin and Litecoin in terms of block time.

Litecoin Network targets 2.5 minutes of block time.

However, the Bitcoin network is targeted at a block time of 10 minutes.

Therefore, transactions in litecoin are confirmed more quickly than in bitcoin.

Dogecoin (Doge)

Dogecoin is a cryptocurrency that was invented by Billy Markus And Jackson Palmer Named by a software engineer.

They released Dogecoin on December 6, 2013, with the aim of creating a fast, fun, and free payment system.

Popular with Dogecoin's logo Shiba Inu dog Its face is shown.

At present, the value of dogecoin is very low.

Currently in India, 1 DOGE = 0.62 Money and 3 DOGE = 1.85 Money.

Here to mining is done very quickly.

Like Litecoin, Scrypt Algorithm is used here.

Faircoin (FAIR)

Faircoin and bitcoin uses blockchain technology.

However, it is said that it performs better than bitcoin.

Fast and secure transactions are done here using much less energy.

To verify the coins in Faircoin, "proof-of-stake" Or"proof-of-work place of proof-of-cooperation” Is used.

Dash

Dash is an open-source cryptocurrency.

Its previous names were Xcoin and Darkcoin.

The name "Dash" means "digital" and "cash" which is a combination of Dash.

It is a peer-to-peer cryptocurrency like bitcoin which is open source.

However, there are definitely some advanced and modern features here compared to bitcoin.

For example, “InstantSend” and “PrivateSend” etc.

In the case of InstantSend, a user can easily complete his transaction.

However, in the case of PrivateSend, every transaction is completely safe where special attention is paid to the privacy of the user.

A different type of algorithm called "X11" is used in Dash.

In this case, even using much less powerful hardware, people can mine their own currencies.

Peercoin (PPC)

Peercoin is also called PPCoin or PPC.

It's a peer-to-peer cryptocurrency, just like bitcoin.

Where, both proof-of-stake and proof-of-work systems are used to verify transactions.

Peercoin also uses SHA-256 ALGORITHM like bitcoin.

Any transaction or mining here requires much less power.

Ripple (XRP)

This cryptocurrency was released in 2012 based on the distributed open source protocol.

Ripple is a real-time gross settlement system that runs its own cryptocurrency called Ripples (XRP).

It is one of the most popular cryptocurrencies in the world.

Monero (XMR)

Released in 2014, this cryptocurrency mainly focuses on privacy.

This cryptocurrency works on every system such as Windows, Mac, Linux, Android and FreeBSD.

Bitcoin requires the use of high-end CPUs and hardware,

However, in the case of Monero, consumer-level CPU and hardware can be used.

Advantages of cryptocurrency

• In fact, the chances of cryptocurrency fraud are much lower.
• It can be said to be more secure than an ordinary digital payment.
• It is possible to do international transactions through your mobile.
• Compared to other payment options, transaction fees are much lower here.
• As a result of the use of the cryptography algorithm, the accounts are much more secure.
• The peer-to-peer payment system allows you to send and receive payments from anywhere in the world within the network, without the approval of any external source or authority.

Disadvantages of cryptocurrency

• Once a transaction is made through cryptocurrency, it is not possible to reverse it.
• If your currency wallet ID is lost, it is impossible to get it back. The currency in your wallet will be lost in this way.
• It is also a digital technology and so there is some possibility of hacking as a result of cybersecurity breaches.
• Since government authorities have no control over cryptocurrency, investing in these digital technologies is a risky business.

What we learned today,

Friends, today we have learned what cryptocurrency is. about cryptocurrency in Bangla) And its various types.