What is cryptocurrency, should you invest in it?

Cryptocurrency is electronic or digital money that is transacted on blockchain technology. You can keep this digital token (commemorative currency) with yourself or spend as you wish without the intervention of any bank or any other authority.

Also read : 

Bitcoin mining

world best free bitcoin earning sites

Digital currencies like cryptocurrencies mainly work on the concept of cryptography or cryptography. This technology is called blockchain technology. Each digital currency token is created using code that is created using data stored in interconnected blocks.

Blockchain technology was invented in the 1980s. This technology has gained a lot of credibility with money investors in the cryptocurrency market.

Anyone can create cryptocurrencies, so there are thousands of such digital currencies to be found in the cyber world; The most popular among them are Bitcoin, Ethereum, Litecoin and Dogecoin.

Trade and purchase of goods can be done in digital currency. Apart from buying and selling things online, many people invest in digital currencies.

Bitcoin being the most popular cryptocurrency, it can be used for low-cost ATM withdrawals.

You can buy cryptocurrency tokens in exchange for conventional currency if you want. The value of the tokens you buy may increase or decrease according to the market price.

Many people have profited from investing in cryptocurrencies, some even claim to have become millionaires.

But can you really make a profit with a small investment in this invisible business?

Millionaire by investing in cryptocurrency

Investing in cryptocurrencies may seem attractive to new investors who want to make easy profits with little risk. However, simple investments in cryptocurrencies can be high in risk.

Cryptocurrency is an unregulated currency, meaning no one in the world controls cryptocurrency — no bank or financial institution, no one.

Blockchain technology is created in such a way that only investors are responsible for its currency exchange and control. This is precisely why cryptocurrencies cannot be trusted.

Dr Adam Steen, professor of accountancy at Deakin University, said cryptocurrencies are not worth as much as people think they are worth.

It is not a paper money

According to Dr. Steen, the cryptocurrency journey began as a unique and innovative way of investing. Like a trend at that time it quickly gained popularity among people.

But since there is no regulatory authority for cryptocurrencies, many investors fall prey to scams and scams.

Moreover, since this currency is invisible and out of reach of the public, fraudsters take advantage of it. For many, this invisible money exchange is incomprehensible, so fraudsters are taking advantage of this incomprehensibility to cheat people.

In 2017, a cryptocurrency named Plus Gold Union Coin was launched in Australia. A gang extorts huge sums of money from the migrant population here.

Plus Gold Union Coin (GPU) holders call for an initial investment of $7,500 per token. In return for this amount of investment, they are tempted to get a profit of 2 lakh dollars in just a few years. Many have been lured by this amount of profit with little investment.

tags : cryptocurrency,what is cryptocurrency,cryptocurrency explained,what is cryptocurrency in hindi,what is bitcoin,what is cryptocurrency and how does it work,cryptocurrency for beginners,cryptocurrency trading,what is crypto,what is cryptocurrency mining,what is cryptocurrency?,what is cryptocurrency malayalam,cryptocurrency news,what is cryptocurrency for beginners,what is cryptocurrency and how to invest,cryptocurrency mining,cryptocurrency basics