Many of us have heard about cryptocurrencies and the first thing that comes to our mind is its NOT FOR US. One of the reason behind it is lack of awareness about cryptos so I thought of writing about it. Bitcoin is one of the cryptos that everyone has heard of, the name in itself sounds super cool and fascinating. So lets talk about what actually they are and how they work.

Cryptos are digital or we can say virtual currencies (they are the cash for Internet) they are not in a physical form like cash or coins but its like a digital wallet we all have now days (paypal, paytm, google pay) so from these digital wallets we can transfer money to any other person who also have the same digital wallet the same way crypto currency works you can't touch them but you can electronically transfer them and these transaction are super fast, there's no legal fees like bank charges for doing any transaction in cryptocurrency if you want to do transaction you do not need any bank account and most of the country are now accepting it as a legal from of payment. 

So how many types of crypto currencies are there???

As per the reports of April 2021 there are 10,000 different types of cryptocurrencies, but below are the few popular ones 

Bitcoin

Litecoin

Ethereum

Ripple

They fall into 2 type of categories COINS AND TOKENS 

Mining of crypto means how they come in existence  

So let see how they are mined (originate) , crypto mining has only been started since Bitcoin was Mined in 2009 the crypto currency network is maintained by a decentralized web known as blockchain anyone can directly connect and participate in the cryptocurrency system there is no in between central bank that's why its called decentralized digital currency 

What to do with Crypto currency

Well crypto currency are not illegal in India but India does not have any regulatory body to govern them at the moment, but you can invest in the cryptos as trading is available its just like investing in stock market you need the trading account to trade in with crypto currency broker.

Latest news for Crypto 

El Salvador a small nation in central America become the first country in the world to adopt Bitcoin as a legal tender. 

What are your thoughts please mention in your comments. 

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