Cryptocurrency is a digital asset that can be used to buy goods and services. It is highly decentralised in nature, meaning unlike other currencies, it is not controlled by a central authority.
Bitcoin is the world's largest and most popular cryptocurrency. While cryptos are mostly traded on exchanges, slowly countries are warming up to the idea of using them as legal tender. El Salvador is the first country to legally adopt Bitcoin as a currency. This small country in Central America adopted Bitcoin earlier in September. And other countries are mulling to follow El Salvador's footsteps.
What makes cryptos different from regular currencies is the fact that all their transactions are highly encrypted. Cryptos use blockchain for managing and recording transactions. Multiple entities are involved in this process, making it an extremely secure technology.
As of today, the crypto market is worth over $2 trillion, with it clocking over 8 percent in the last 24 hours.
Some most popular cryptos are Bitcoin ($47,400, +9 percent); Ether ($3,269, 9 percent); Cardano ($2, +4 percent), Polkadot ($31, 10 percent), Solana ($156, 12 percent), Dogecoin ($0.21, 7 percent).
Here's a quick guide to cryptocurrency for beginners:
(Edited by : Yashi Gupta)