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| BITCOIN |
What is cryptocurrency?
Cryptocurrency is an online transaction system that basically depends on the internet and is used to buy goods and services. Nowadays it takes a huge response all over the world. Some billionaires mention that it's the money of the future. A lot of companies like Tesla, Microsoft, and others are dealing with cryptocurrency.
How many cryptocurrencies are there and whats their net worth?
There are more than 10,000 different cryptocurrencies all over the world. (According to Coinmarketcap.com). And their net worth can be $1.3 trillion (coinmarketcap.com, July 16,2021)There's a lot of crypto such as bitcoin,ehtereum,litecoin, ripple,.monoro etc.
How is cryptocurrency works?
Cryptocurrency is a peer-to-peer system, so it directly goes from sender to receiver, its money exchanging system is different from others.
Wallet system:
The wallet is known as an online moneybag. every user has a wallet and he uses this to collect his bitcoin or currency. Mention that every wallet has its own address or information. Users can be identified by that pieces of information.
Blockchain:
It's very important. when a sender sends money and the receiver gets it, it was recorded in an open book that's called a blockchain.Anyone can see this blockchain information any place in the world.
Mining system:
In this blockchain system, there's a team that follows this transaction, they are called miners. so there is less risk in this transaction. mention that their name never be revealed. And also mention that you can earn your coin with this mining system.
Is it legal?
Cryptocurrency is fully legal in the USA and many other countries and they deal with it. But in our country BANGLADESH this is not legal. And we don't know how much time the government will take to make it legal?
Why is cryptocurrency so popular?
Nowadays cryptocurrency is so popular because a lot of people all over the world deal with it. Cryptocurrency like bitcoin that mentions the currency of the future shows that many people invest in it. They make the race to buy it before they are more valuable.
Invest in this sector is always risky. Experts say that investing in cryptocurrency is one of the most riskier investment choices, but there are some policies and systems if you want to invest. You can study on it and make bit little risk there.
Some drawbacks!!!!
There is no place where cryptocurrency can be stored. so that if you lost your computer data or wallet data and you don't have any backup you can lose all the currency. Also, many kinds of hacking possibilities and malware attack risks were there. we can mention that in 34 Years of time bitcoin was attacked more than 40times and the currency was stolen by hackers
