[ 400 Words ] Essay on Cryptocurrency in English ( Short & Simple )

Today, we are sharing Essay on Cryptocurrency in English. This article can help the students who are looking for essay on Cryptocurrency in Hindi. This is the simple and short essay on Cryptocurrency which is very easy to understand it line by line. The level of this article is mid-level so, it will be helpful for small and big student and they can easily write on this topic. This is the Long essay on Cryptocurrency that will be useful for class 5, class 6, and class 7, class 8, 9, 10.

essay on cryptocurrency in english

Cryptocurrency par nibandh English mein


In today's time every single person is thinking of becoming rich in less time. Cryptocurrencies are more prevalent among individuals with such a desire. When the price of cryptocurrency is low, then people buy it and keep it. And when its price increases, then people earn a lot of profit by selling it. Because its cost goes up to crores of rupees.

If its prices rise rapidly, then believe me people can become millionaires overnight. Cryptocurrency is a type of currency that no one can see or touch. Because it does not have any physical form, it is only written in digital numbers. In today's time, the world's most expensive and famous cryptocurrency is bitcoin.

What is Cryptocurrency:

Cryptocurrency is a type of digital virtual currency that cannot be seen or touched by anyone. Rather it is stored digitally in digits. No government or institution has any right over this currency, nor can there be any kind of interference in it.

With the rapid rise and fall in its prices is recorded. So investing money here can be risky. But it is up to you whether you want to invest here or not. Bitcoin is the world's first cryptocurrency and its value today is in crores of rupees.

Where is Cryptocurrency Used:

Cryptocurrency is used properly and illegally in many countries. Due to the lack of monitoring by the government or any organization, its use is enough to transact illegal money. The biggest example of this is online ransom.

What is an online ransom:

Online ransom is the same crime as it is offline. In common parlance, the ransom is called when a person steals something important from another person, demanding money from another person in exchange for returning it. In the same way, the online ransom is also the same.

But in this, nothing important is done in physical form, rather digital data of people is stolen or corrupted and people have demanded cryptocurrency in return for recovering that data. Criminals demand cryptocurrency because the police can never reach them.

How cryptocurrency is transacted:

Cryptocurrency is in a digital form, it does not have any physical form. Hence it is kept in the digital device through the wallet. The wallet has a unique ID which is made up of some random combination of numbers and letters.

People use this ID to send or receive cryptocurrency. Reports of cryptocurrency transactions are reflected in the blockchain. In this blockchain, only the ID of the wallet is visible, and which wallet has full details of how much currency was sent from which wallet to which wallet.

Is Cryptocurrency Legal:

Cryptocurrency is banned in some countries. In the initial days, it was banned in a country like India. But by bringing some changes in its regulation, cryptocurrency is legal in India today's days. Only certain crypto channels as specified by the Government of India allow the trading of cryptocurrency.

What is the popular cryptocurrency:

The first cryptocurrency was bitcoin. After that different companies made many cryptocurrencies. Some of the more popular cryptocurrencies are as follows.
  1. Bitcoin.
  2. Cradano.
  3. Litecoin.
  4. Ethereum.
  5. Ripple.
  6. Dogecoin.

F.A.Q ( Frequently asked questions )

  1. What is Crypto Currency?
  2. Cryptocurrency is a type of virtual currency that is used as real currency. It has no physical form, it is visible only in digital form.

  3. How is cryptocurrency exchange done?
  4. Cryptocurrency transactions are done with the help of digital wallets.

  5. When was cryptocurrency introduced?
  6. The cryptocurrency was introduced in the US in the year 2009.

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