Thursday, May 23, 2024

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What is Cryptocurrency?

Cryptocurrency is a digital or virtual currency secured by cryptography. It is means of payment that can be used to buy and sell goods and services. Many companies have issued their own currencies called tokens, and they are used to purchase services and goods provided by the company.

Cryptocurrency is a digital asset based on a network distributed across a large number of computers. Its decentralized structure keeps them out of the control of government and central authorities. So, the central government has no control over it. Cryptocurrency has declared illegal in many countries and Nepal is also one of them.

Cryptocurrency works on a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions.

According to market research website Coin Market Cap, there are currently over 14,500 cryptocurrencies on the market and cryptocurrencies are growing by the day. Bitcoin is the First ever cryptocurrency invented by Satoshi Nakamoto in 2008.

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