What is Cryptocurrency ?

A cryptocurrency is a digital or virtual currency that is secured by cryptography,which makes it nearly impossible to counterfeit or double-spend.Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

What was the first cryptocurrency ?

The first cryptocurrency was bitcoin. The bitcoin domain was registered in 2008,but the first transaction took place in 2009. It was developed by someone called ‘Satoshi Nakamoto’. However, there is speculation that Nakamoto is a person as the bitcoin creator or a group. The Most Common Types of Cryptocurrency Bitcoin,Bitcoin Cash,Litecoin,Ethereum,Ripple,Stellar,NEO,Cardano.

Advantages of Cryptocurrency

Cryptocurrencies hold the promise of making it easier to transfer funds directly between two parties, without the need for a trusted third party like a bank or credit card company. These transfers are instead secured by the use of public keys and private keys and different forms of incentive systems, like Proof of Work.

Disadvantages of Cryptocurrency

Cryptocurrency blockchains are highly secure, but other aspects of a cryptocurrency ecosystem, including exchanges and wallets, are not immune to the threat of hacking. The semi-anonymous nature of cryptocurrency transactions makes them well-suited for a host of illegal activities, such as money laundering and tax evasion.

Different Types Of Cryptocurrency Exchanges

1- Centralized Cryptocurrency Exchanges Also known as a CEX, centralized cryptocurrency exchanges are similar to traditional stock exchanges. The buyers and sellers come together and the exchange plays the role of a middle-man. In the crypto-world, “centralized” means to trust somebody else to handle your money. Among different types of cryptocurrency exchanges, one of the main issues with centralized cryptocurrency exchanges is their vulnerability to hacks.
2- Decentralized Cryptocurrency Exchanges Decentralized cryptocurrency exchanges who aim to stay true to the pure philosophy behind the cryptocurrency industry. A DEX does not rely on a middle-man to hold your funds. It is a marketplace where buyers and seller come together and process the transactions directly between one another. In other words, DEXs facilitate peer-to-peer trades. Decentralized cryptocurrency exchanges are harder to hack.


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