Cryptocurrencies are also called as virtual currencies


In today’s world there is digitalization, modernization and globalization all over. Peoples are connected to everyone socially and digitally. We all use money in form of COINS and CURRENCIES. The money which we use in our day to day life are all governed and centralized by our country’s government. For every money spent or earned we have to pay taxes and our transactions are recorded continuously in government’s record. This type of money is called “FIAT CURRENCY.”


Do you know there is another form of currency around us?

They are called as CRYPTOCURRENCIES. The word “Crypt” itself means hidden. So, Cryptocurrency means Hidden/ secret currency in form of digital money.

It all started in year 2008, when the very first cryptocurrency was invented. It was named as BITCOIN. It was created by SATOSHI NAKAMOTO. Nobody knows whether he’s a single person or group of peoples. The identity is still anonymous. Bitcoin was then launched and came in use from the year 2009. The quality people loved about it was its anonymity. It was totally decentralized and did not come under any governing bodies. It has its own blockchain technology. BLOCKCHAIN is the heart of BITCOIN. Blockchain is used as Wallet to keep Bitcoins. Buying and selling of cryptocurrencies are placed through EXCHANGES. Later you can convert these cryptocurrencies into your FIAT currencies through your local exchanges. E.g.: Giottus (INDIA).

As we are in 2020 now, there are around 2000+ cryptocurrencies in all. BITCOIN was first so it has the largest market cap till now. Other cryptocurrencies are known as “ALTCOINS.”

Happy learning :)