Bitcoin, Ethereum & Altcoins:An Introduction to Cryptocurrencies

Cryptocurrency also called Crypto, is a mode of digital payment system, it does not require any bank involvement , nor the sanction of any financial institution.

It exists only in digital form, and people use it mainly for online transactions. Many physical purchases are possible by using this . There are everal companies sell cryptocurrency, unlike traditional money printed only by the government.

While ordinary currency is made of Paper or plastic, we can hold it or store in our purses …cryptocurrency exists only in digital form and we can store is in our digital wallet .

We dont need any authorisation for carrying transactions through crypto currency. Although government regulations are absent from the cryptocurrency market, they are taxable assets. You’ll need to file any profit or loss with the Internal Revenue Service/Tax service.

Banks always insure our money kept in our bank accounts against any loss, while cryptocurrency has no recourse in case we face any loss.

Thanks for the detailed explanation, Sutapasima! I appreciate the breakdown, especially for someone like me who’s not very familiar with cryptocurrency. It's fascinating how it's entirely digital and doesn’t involve banks. The concept of a digital wallet is new to me, but I see how it's crucial for storing crypto.

It's also good to know that even though cryptocurrencies are not regulated by governments, we still need to report any profits or losses for tax purposes. The point about the lack of insurance is a bit concerning, as it means we need to be very careful with how we manage and secure our crypto assets.

Thanks Suta For This Information On Bit Coins

Names of popularly used Cryptocurrencies

Bitcoin (BTC) Bitcoin is the original cryptocurrency and is still the most well-known. ...

Ethereum (ETH) ...

Tether (USDT) ...

USD Coin (USDC) ...

BNB (BNB) ...

Binanva Coin USD (BUSD) ...

XRP (XRP) ...

Cardano (ADA)

Solana (SOL)

Dogecoin (DOGE)

Polkadot (DOT)

Dai (DAI)
Polygon (MATIC)

Shiba Inu (SHIB)

TRON (TRX)

Avalanche (AVAX)

Litecoin LTC

Stellar XLM

Bitcoin cash BCH

These are few more units of Cryptocurrency .

A cryptocurrency is a digital or virtual currency secured by cryptography.

This makes it nearly impossible to counterfeit or double-spend. Most cryptocurrencies exist on decentralized networks using blockchain technology—a distributed ledger enforced by a disparate network of computers worldwide.

Cryptocurrency transactions occur through electronic messages that are sent to the entire network with instructions about the transaction. The instructions include information such as the electronic addresses of the parties involved, the quantity of currency to be traded, and a time stamp.

Suppose Alice wants to transfer one unit of cryptocurrency to Bob. Alice starts the transaction by sending an electronic message with her instructions to the network, where all users can see the message. Alice's transaction is one of a number of transactions that have recently been sent. Since the system is not instantaneous, the transaction sits with a group of other recent transactions waiting to be compiled into a block (which is just a group of the most recent transactions). The information from the block is turned into a cryptographic code and miners compete to solve the code to add the new block of transactions to the blockchain.