Cryptocurrency Explained: How and Why It Matters?


Cryptocurrency is a virtual currency introduced in 2009, and the first cryptocurrency was Bitcoin. Cryptocurrency is not a physical currency like coins or rupee notes and we cannot touch it or keep it in our pockets. 

Cryptocurrency is in our digital wallet, so we can also call it online currency because it exists only online. Payments made by Bitcoin are created through computers. Unlike Indian Rupee, Dollar or Euro, this currency has no government authority or Central Bank control.

Bitcoin doesn't follow the traditional banking system. There are more than 5000+ cryptocurrencies available worldwide, and some of the popular cryptocurrencies are Bitcoin, Ethereum, Ripple, Litecoin, Tether and Libra. We can invest in these cryptocurrencies, and like Bitcoin, we can easily buy and purchase them. 

The most popular cryptocurrency is Bitcoin because most companies worldwide are accepting Bitcoin payment, and the number of companies is increasing day by day. Soon, we can use Bitcoin for purchasing, travelling, shopping, food delivery etc.

In India, the slow speed of cryptocurrency adoption was because it was illegal as it was banned by the Reserve Bank of India (RBI). But in March 2020, the Supreme Court removed this ban and made cryptocurrency legal in the country.

The second reason Bitcoin is not getting very popular in India was that people believed that investment should be made in traditional instruments like FD, Mutual Funds, shares, and gold.

Advantages of Cryptocurrency

Some of the advantages of cryptocurrency are: -

  • Transactions (including international transactions) are easy and fast
  • Transaction fee is very low
  • No middlemen involved
  • Transactions are more secure and confidential

Big companies like Facebook, PayPal, Amazon, and Walmart are linked with cryptocurrency and some of the world's wealthiest persons, namely Elon Musk, Jack Dorsey, Mike Tyson, and Kanye West, use cryptocurrency very frequently.

Most cryptocurrency users are from the U.S.A, Japan, Spain, and China. So, if you are thinking of investing in Bitcoin, let me tell you that using cryptocurrency is very easy. By using Binance App, you can easily invest, buy and sell Bitcoin and other cryptocurrencies. 

The price of 1 Bitcoin is Rs.32 lakh, and this changes according to the demand of Bitcoin just like the prices in the stock market.

Written by - Mukund Tiwary

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