Cryptocurrency is a digital currency, which is an indispensable form of payment created using encryption algorithms. Cryptocurrency, also known as virtual currency or digital currency, has come the first digital asset to be extensively accepted as a licit form of payment online and offline across the globe. To use cryptocurrencies, you need a cryptocurrency portmanteau. These holdalls can be software that’s a pall- grounded service or is stored on your computer or on your mobile device.
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The conception of Cryptocurrency surfaced in 2009 with the launch of Bitcoin, which remains the most popular and precious cryptocurrency to date. Over the times, several other Cryptocurrencies have been introduced, similar as Ethereum, Litecoin, and Ripple, among others. In this composition, we will explore the world of cryptocurrency, its types, pros, and cons for the global frugality which would be imperative from the UPSC test perspective.
Types of Cryptocurrency
The first kind of cryptocurrency, Bitcoin, remains to this day the most used, valuable, and popular cryptocurrency in the world. Along with Bitcoin, other alternative cryptocurrencies have been created with various degrees of functions and specifications. Some have been derivatives from Bitcoin, while others have been created from scratch.
The Bitcoin currency was started in 2009 by an anonymous figure or group, who went by the name of Satoshi Nakamoto. Altcoins are cryptocurrencies that were formed as a result of Bitcoin’s popularity. Litecoin, Peercoin, Namecoin, Ethereum, Cardano, and Dogecoin are some of the more well-known cryptocurrencies.