According to Oxford Dictionary, “Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.”
Crypto means various encryption algorithms. Cryptocurrency is encrypted data of currency. It is a digital currency. We can also call it virtual currency. It is secured by cryptography. Cryptocurrency is the secured transfer and exchange of digital tokens in a decentralized manner. Cryptocurrency is a medium of exchange like USD but designed for the purpose of exchanging digital information through the process of cryptography.
There are various ways to use cryptocurrency. It is used for fundraising, store of wealth, gaming, hedge against inflation, utility tokens, healthcare CBDCs, trading as well as financial inclusion. It is also used as a means for businesses to stay alive.
Bitcoin is the first cryptocurrency started in 2009. The current total value of Bitcoin is $826 billion. Ethereum is the secondly built cryptocurrency, developed in 2015. Its market value is $390 billion. Litecoin, Dogecoin, Cardano, Binance coin, Polkadot are some examples of cryptocurrency. Coinbase, Binance, block folio, e Toro, cash app are some apps of cryptocurrency.
The USA’s cryptocurrency market is currently one of the biggest globally which is used to buy, sell, and spend cryptocurrency in the US. India is the second country to use the cryptocurrency market. In 2021, the Indian cryptocurrency market is worth an estimated $5.39 billion. The third country e to make more use of cryptocurrency is Japan. Around 6.29 million people use the cryptocurrency market in Japan.