Cryptocurrency

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A cryptocurrency is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Or in other words we can say :

Cryptocurrency is a medium of exchange created electronically in the blockchain using encryption techniques to control the creation of monetary and to verify transfer of funds.Bitcoin is the best known example.

In 2009,the first decentralized cryptocurrency bitcoin was created by developer Satoshi Nakamoto.

Available cryptucurrencies in market

The first thing that comes to our mind is that how many cryptocurrency options we have?So let me tell you,more than 6,700 different cryptocurrencies are traded publicly.According to CoinMarketCap.com cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on April 13, 2021, was more than $2.2 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $1.2 trillion.

10 largest trading cryptocurrencies

The list of 10 largest cryptocurrencies is below.

Cryptocurrencies

Bitcoin

Ethereum

Binnance Coin

XRP

Tether

Cardano

Polkadot

Uniswap

Litecoin

Stellar

Why cryptocurrencies are popular?
  1. Supporters see it as future currency and are racing to buy it.such as Bitcoin' s value is increasing enormously. 
  2. Secondly,cryptocurrency removed central bank from managing its supply.Its the only way to get rid of bank mafia.Transaction is only between buyer and seller. 
  3. Thirdly,cryptocurrency is interest free.
  4. Fourthly,supporters like the technology behind it,which is block hain. Its decentralised processing and more secure than traditional payment system.

Bitcoin


Bitcoin is a software a software.It is a digital phenomenon, a set of protocols and processes. It is the most successful use of cryptography for creating virtual money Bitcoin has inspired hundreds of imitators but it remains largest cryptocurrency by market capitalization.


How do I buy cryptocurrency in Pakistan?

There is only one exchange which is working in Pakistan and people can use it to buy Bitcoin .Localbitcoins.com us the only platform where you can buy and sell bitcoins in Pakistan.To trade bitcoins using localbitcoins.com you need to create an account first.

Can Bitcoin be hacked?


The issue of security has been fundamental one for bitcoin since its development. But bitcoin itself is very difficult to be hacked and that is largely due to the blockchain technology which supports it.


On the other hand ,having said that it is almost impossible for hackers to hack bitcoin until and unless you reveal your private password doesn't mean it is absolutely safe investment. There does exits security risks at various stages of trading process.


Is it legal to buy Bitcoins in Pakistan?


On April 2018,State Bank of Pakistan banned all cryptocurrencies. They ordered all banks and monetary service providers to block all transactions of cryptocurrency. So it is not legal to buy Bitcoins in Pakistan but still people are investing in Bitcoin. Therefore you to be very careful while investing in Bitcoin or any other cryptocurrency because there is chance you might get caught by FIA.


What impact does halving have on bitcoin?


The obvious impact is that the amount of newly mined bitcoins  per  day will fall from 1800 to 900 bitcoins and revenue of the miners will be reduced by half.The decrease in the rate of bitcoins creation will tighten its supply and ll lead to increase in the price of bitcoin. Meanwhile the reduction of revenue for miners may squeeze out miners who are less efficient. 


Bitcoin mining


 If Pakistan uses this energy for bitcoin mining using the latest S19 Pro Antminer (assuming 10,000MW of excess energy available at a cost of $0.12 per kW/hour), it can generate $35 billion worth of Bitcoin per year at current valuations.


Conclusion 


I ll conclude with statement of Abu Shaheer,

he is the founder of Pakistan based cryptocurrency pakcoin.


He said, " People are turning to cryptocurrency as an investment but slower than the western world as the literacy rate is lower here and its totally a new phenomenon for them."




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