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Cryptocurrency – meaning and definition

Any kind of money that exists digitally or virtually and uses cryptography to safeguard transactions is known as cryptocurrency, also referred to as crypto-currency or crypto. Cryptocurrencies use a decentralised mechanism to track transactions and create new units rather than a central body to issue or regulate them.

What is cryptocurrency?

A digital payment system known as cryptocurrency doesn't rely on banks to validate transactions. Peer-to-peer technology makes it possible for anybody, anywhere, to send and receive payments. Payments made using cryptocurrencies do not exist as actual physical coins that can be transported and exchanged; rather, they only exist as digital entries to an online database that detail individual transactions. A public ledger keeps track of all bitcoin transactions that involve money transfers. Digital wallets are where cryptocurrency is kept.

Due to the fact that transactions are verified using encryption, cryptocurrency has earned its moniker. This means that the storage, transmission, and recording of bitcoin data to public ledgers all entail sophisticated code. The purpose of encryption is to offer safety and security.

The first cryptocurrency was created in 2009 and is still the most well-known today: Bitcoin. A large portion of cryptocurrency interest is in trading for financial gain, with speculators occasionally sending prices stratospheric.

How does cryptocurrency work?

A distributed public ledger known as blockchain, which is updated and maintained by currency holders, is the foundation of cryptocurrencies.

Through a process known as mining, which employs computer power to solve challenging mathematical problems, units of Bitcoin are created. Additionally, users have the option of purchasing the currencies from brokers, then storing and spending them in digital wallets.

Cryptocurrency examples

There are thousands of different cryptocurrencies. Here are some of the most popular ones:

Bitcoin:
Founded in 2009, Bitcoin was the first cryptocurrency and is still the most commonly traded. The currency was developed by Satoshi Nakamoto – widely believed to be a pseudonym for an individual or group of people whose precise identity remains unknown.

Ethereum:

Ethereum is a decentralized blockchain platform that was created in 2015. It is best known for its cryptocurrency, Ether (ETH), which is also known as Ethereum or ETH. After Bitcoin, Ethereum is the second most popular cryptocurrency.

Litecoin

It’s most similar to bitcoin, but it’s developed faster to create new innovations, such as faster payments and faster processes to facilitate more transactions.

Ripple:

Ripple

Founded in 2012, Ripple is a distributed ledger (DLL) system that can be used to monitor a wide range of transactions, including but not limited to cryptocurrencies. The company behind Ripple has collaborated with banks and financial institutions around the world.

Altcoins

Altcoins are a group of non-Bitcoin cryptocurrencies that are referred to as "altcoins" to differentiate them from Bitcoin.

Is cryptocurrency safe?

The majority of cryptocurrencies are built on blockchain technology.

Blockchain is the technical term used to describe how transactions are organized into “blocks” and time-stamped.

The end result of blockchain is a digital record of cryptocurrency transactions, which is very difficult for hackers to manipulate. Two-factor authentication

For example, you may be asked to provide a user name and password to initiate a transaction. After that, you may need to provide an authentication code that is sent via text message to your mobile phone.

Despite the existence of securities, this doesn’t mean that cryptocurrencies are immune to hacking. A number of high-profile attacks have caused significant losses for cryptocurrency start-up companies.

Coincheck, for example, was hacked for $534,000, while BitGrail was hacked for $195,000, two of the most high-profile cryptocurrency attacks of 2018.

Cryptocurrencies are not backed by government-issued money. Instead, their value is based on supply and demand, which can lead to wild fluctuations that can result in substantial gains or losses for investors.

In addition, cryptocurrencies are subject to much less regulatory oversight than other financial products, such as stocks, bonds and mutual funds.

How to Invest in Cryptocurrency Safely

Here are 4 ways to invest in cryptocurrencies safely

All investments are risky, according to Consumer Reports, but some experts believe cryptocurrency is one of the riskiest investments. If you're considering investing in cryptocurrencies, here are some tips to help you make an informed decision.

Research exchanges:

Learn about Cryptocurrency Exchanges. There are estimated to be more than 500 cryptocurrency exchanges. Before investing, do your research, read the reviews, and consult with more experienced investors.

Know how to store your digital currency:

When you purchase cryptocurrency, you’ll need to store it somewhere. You can store it on exchanges or in your digital wallet. There are many different types of wallets, but each has its advantages, technical limitations, and security. Like exchanges, you should research your storage options before making a purchase.

Diversify your investments:
One of the most important aspects of any successful investment strategy is diversification. This is especially true when it comes to investing in cryptocurrencies. For instance, don’t invest all your money in one cryptocurrency just because it’s a well-known name. There are literally thousands of cryptocurrencies to choose from, so it’s better to diversify across different currencies.

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Be Prepared for Volatility:

It is important to be aware of the volatility associated with the cryptocurrency market, as it is in its early stages of development and is highly speculative. Therefore, it is essential to be prepared for the potential for significant price fluctuations. If one's investment portfolio or mental health is not able to withstand this level of volatility, cryptocurrency may not be the best option for them. As cryptocurrency is still in its infancy, it is important to conduct thorough research and to invest conservatively to gain an understanding of the market.

One of the most effective ways to protect oneself online is by utilizing a comprehensive antivirus program. Kaspersky Internet Security protects you from malicious software, spyware, and data breaches, as well as protecting your online payments with bank-level encryption.

What is insurance ?

Insurance is a contract, defined by a policy, in which an individual or entity receives financial protection or reimbursement against losses incurred by the insurance company.The company collects customer risk to make payments more affordable for the insured.

The need for insurance -

The insurance plan is beneficial for anyone looking to protect their family, property / assets and their own financial risk / loss: Insurance plans will help you pay for medical emergencies, hospitalization.
contraction and treatment of any illness, and future medical care.
The financial loss of the family due to the unfortunate death of the sole breadwinner can be covered by the insurance plan. The family can also repay the home loan or any other loan taken by the insured person in his / her lifetime.
If you are not around in the future, an insurance plan will help your family maintain their standard of living. This will help them cover the cost of running the home through a lump sum insurance payout.
In case of death / accident / medical emergency of the policyholder the insurance money will cover your family space required for breathing and all expenses.
Insurance plans will help protect your child’s future in terms of education. Let your children pursue their dreams and ambitions without compromising, even when you are not around.
Many insurance plans come with savings and investment plans with regular coverage. These help to create wealth / savings for the future through regular investments.
You pay a regular premium and one part of it goes for life coverage while the other part goes to a savings plan or investment plan, which you choose based on your future goals and needs.

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