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| A Paragraph on Cryptocurrency: Essay on Cryptocurrency (100, 200, 250, 300 Words) in English |
Today, we are sharing a Paragraph on Cryptocurrency. This article can help the students who are looking for information about a Paragraph on Cryptocurrency in English. This essay on Cryptocurrency is very simple and easy to remember. The level of this paragraph is moderate so any students can write on this topic. This article is generally useful for all classes.
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Paragraph on Cryptocurrency Details
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Cryptocurrency |
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Paragraph on Cryptocurrency or Essay on Cryptocurrency |
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English |
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Students of any Class 1-12 |
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Text |
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Paragraph on Cryptocurrency in 100-150 Words / Essay on Cryptocurrency in 100 Words
Students can find below a paragraph of Cryptocurrency in 100-150 words or essay on Cryptocurrency in 100 words:
The demand and supply are responsible for the fluctuating prices of crypto in the market. Since the prices are quite high for the ordinary people, the crypto investors can buy stakes in fractions. Unlike share market, they can even buy very small amount of crypto at a time. Some famous Cryptocurrencies are given below:
- Bitcoin (BTC): Bitcoin is the first crypto-currency developed in 2009.It is one of the famous cryptocurrencies.It also makes use of Blockchain technology.
- Ethereum (ETC): Vitalik Buterin created Ethereum in 2013. In terms of market capitalization, Ethereum or simply Ether stood second after Bitcoin. Ethereum 2.0, an upgraded series of Ethereum is also implemented.
- Dogecoin (DOGE): Billy Marcus and Jackson Palmer developed Dogecoin. It came in the market in6 December 2013, soon reaching high market capitalization.
- Litecoin (LTC): Charlie Lee, an engineer, created Litecoin in 2011. It provides much faster transactions thus making it a desirable choice for the investors.
Paragraph on Cryptocurrency in 200-250 Words / Essay on Cryptocurrency in 200 Words
Students can find below a paragraph of Cryptocurrency in 200-250 words or essay on Cryptocurrency in 200 words:
Cryptocurrency is an encrypted digital currency that is processed and validated through data mining. The term has got wide popularity in recent times has it has become stronger by 400 percent of its initial value.
The process of using cryptocurrency for transaction is complex. There is no third party involved between the two who are transacting. Once a request is generated, a minor has to solve a complex problem after which the transaction is validated and kept in a public ledger. Public ledgers are like a storage bank where all the confirmed transaction are kept. The identity of the individuals is kept confidential.
Bitcoin is one such cryptocurrency. It was the brainchild of Satoshi Nakamoto who in 2009 invented Bitcoin. Bitcoins are infused in the market through miners. Once a transaction is validated miners got Bitcoins as rewards. More number of transactions means more number of Bitcoins in the market.
Recently RBI issued guidelines to banks and Non-Banking Financial Institution (NBFI) saying that any entity dealing in Cryptocurrency should be done away with. As there is a possibility that money through this can be channelled to fund terrorist activities, money laundering and other fraudulent activities. However RBI has not completely banned Cryptocurrency.
Given, the rising tensions between superpower and uncertainty about dollar fluctuation, Cryptocurrency can provide an alternative source. These can be made more secure through global norms. Recently Venezuela started Petro virtual currency in order to deal with the economic breakdown. The growing presence of virtual currency can’t be ignored.
Paragraph on Cryptocurrency in 300 Words / Essay on Cryptocurrency in 300-500 Words
Students can find below a paragraph of Cryptocurrency in 300-500 words or essay on Cryptocurrency in 300 words:
In simplistic terms, Cryptocurrency is a digitised asset spread through multiple computers in a shared network. The decentralised nature of this network shields them from any control from government regulatory bodies.
The term “cryptocurrency in itself is derived from the encryption techniques used to secure the network.
As per computer experts, any system that falls under the category of cryptocurrency must meet the following requirements.:
- Absence of any centralised authority and is maintained through distributed networks
- The system maintains records of cryptocurrency units and who owns them
- The system decides whether new units can be created and in case it does, decided the origin and the ownership terms
- Ownership of cryptocurrency units can be proved exclusively cryptographically.
- The system allows transactions to be performed in which ownership of the cryptographic units is changed.
Types of Cryptocurrency
The first type of crypto currency was Bitcoin, which to this day remains the most-used, valuable and popular. Along with Bitcoin, other alternative cryptocurrencies with varying degrees of functions and specifications have been created. Some are iterations of bitcoin while others have been created from the ground up
Bitcoin was launched in 2009 by an individual or group known by the pseudonym “Satoshi Nakamoto. As of March 2021, there were over 18.6 million bitcoins in circulation with a total market cap of around $927 billion.
The competing cryptocurrencies that were created as a result of Bitcoin’s success are known as altcoins. Some of the well known altcoins are as follows:
- Litecoin
- Peercoin
- Namecoin
- Ethereum
- Cardana
Today, the aggregate value of all the cryptocurrencies in existence is around $1.5 trillion—Bitcoin currently represents more than 60% of the total value.3.
Advantages and disadvantages of Cryptocurrency
Cryptocurrency has the following advantages
- Funds transfer between two parties will be easy without the need of third party like credit/debit cards or banks
- It is a cheaper alternative compared to other online transactions
- Payments are safe and secured and offer an unprecedented level of anonymity
- Modern cryptocurrency systems come with a user “wallet” or account address which is accessible only by a public key and pirate key. The private key is only know to the owner of the wallet
- Funds transfer are completed with minimal processing fees.
Cryptocurrencies have the following disadvantages.
- The almost hidden nature of cryptocurrency transactions makes them easy to be the focus of illegal activities such as money laundering, tax-evasion and possibly even terror-financing
- Payments are not irreversible
- Cryptocurrencies are not accepted everywhere and have limited value elsewhere
- There is concern that cryptocurrencies like Bitcoin are not rooted in any material goods. Some research, however, has identified that the cost of producing a Bitcoin, which requires an increasingly large amount of energy, is directly related to its market price.
Conclusion on Paragraph on Cryptocurrency in English
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Few Lines on Importance of Cryptocurrency??
In computer science, a cryptocurrency, crypto-currency, or crypto is a digital currency that does not rely on any central authority to uphold or maintain it. Instead, transaction and ownership data is stored in a digital ledger using distributed ledger technology, typically a blockchain. However, when a cryptocurrency is issued by a single issuer or minted or created prior to issuance, it is generally considered centralized.
Despite the name, cryptocurrencies are not considered to be currencies in the traditional sense and while varying treatments have been applied to them, including classification as commodities, securities, as well as currencies, cryptocurrencies are generally viewed as a distinct asset class in practice. Unlike paper money, cryptocurrency does not exist in physical form and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC). Traditional asset classes like currencies, commodities, and stocks, as well as macroeconomic factors, have modest exposures to cryptocurrency returns.
The first modern cryptocurrency was Bitcoin, which first released as open-source software in 2009. As of March 2022, there were more than 9,000 other cryptocurrencies in the marketplace, of which more than 70 had a market capitalization exceeding $1 billion.
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