An Insight into Cryptocurrency

June 2, 2021
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Currently business in the virtual world or the medium of transaction has become quite popular. Cryptocurrency is a type of virtual currency without any physical existence that is determined through a peer-to-peer network. This cryptocurrency is mainly generated from the cryptographic algorithm system. This is a kind of digital asset that can be used in many sectors. There are different kinds of virtual currencies in the world. Bitcoin and Dogecoin are two of them.

History of Cryptocurrency | From Where It Comes?

The concept of cryptocurrency originated in the early eighties. Behind this research and widespread popularity, there are some skilled and generous people known as “CYPEHERPUNKS”. These people wanted to bring changes to our social and political life through the technology of cryptography and privacy. People of this ideology mainly blamed the conventional economic system for making the rich richer and the poor poorer in the social system and wanted to change this system.

Instead of the central control system in the conventional economic system, “CYPEHERPUNKS” wanted an economic system that no one would have control over it. As a result of this study eCash, Digicash, B-Money, Bit Gold, Bitcoin, etc. was launched in the virtual market And Bitcoin was the first idea that was based on the block chain system. 

Appearance of Bitcoin and Dogecoin

What is Bitcoin? What is Its Value?

As the world’s first released of virtual currency, Bitcoin was brought to light on 18th August 2008. On October 31 of that year, a white paper was published on the bitcoin.org register page called Bitcoin Peer to Peer. In that paper, every detail about Bitcoin and how the peer-to-peer network would work were explained. The paper was published by Satoshi Nakamoto. Since that time, Satoshi Nakamoto has been considered the inventor of Bitcoin. But till now, his or her or the team’s real identity is unknown to all.

Over the next decade, Bitcoin became the world’s most popular cryptocurrency, and its value continued to rise high day by day. One of the features of Bitcoin is that it will have a maximum of 21 million units. After that, no more bitcoin will be introduced. About 1.5 million bitcoins have been mined till now and 3.5 million bitcoins remain for the next. The survey says that rest of the bitcoins will be mined by 2140.

PayPal recently announced the addition of several other cryptocurrencies, including Bitcoin, to its business services. As a result, PayPal users will be able to trade Bitcoin and other cryptocurrencies from their PayPal accounts and use their existing cryptocurrencies to buy products of their choice from around 27 million PayPal-supported sellers. After this, the rate of Bitcoin is increasing day by day.

Rate of Bitcoin: 

1 Bitcoin = 35,814.39 USD

When the price of one unit of bitcoin is so high, can we even buy a portion of bitcoin for one dollar? But it is a matter of joy that Bitcoin can be transacted in frictions up to 8 decimal points and this bitcoin transaction is called Satoshi.

1 Satoshi = 0.00035814USD  = 0.00000001

10 Satoshi = 0.00358144 USD = 0.00000010          

100 Satoshi = 0.03581439 USD = 0.00000100  = 1 Bit / μBTC (you-bit)

1,000 Satoshi  = 0.35814386 USD = 0.00001000    

10,000 Satoshi = 3.58143858 USD = 0.00010000   

100,000 Satoshi = 35.81438584 USD = 0.00100000 = 1 mBTC (em-bit)

1,000,000 Satoshi = 358.1438584 USD = 0.01000000  = 1 cBTC (bitcent)

10,000,000 Satoshi = 3,581.438584 USD = 0.10000000     

100,000,000 Satoshi = 35,814.385845 USD = 1.00000000  = 1 Bitcoin – BTC

What is Dogecoin? How to Use It?

Dogecoin is a virtual cryptocurrency that is a picture of the Shiba Inu dog from an internet meme. Its logo was officially launched on 8 December 2013. It became popular as a virtual currency in the virtual village within a short time.

1 Doge = 0.000009 BTC = 0.31 USD

Dogecoin is very easy to get started, using a similar to the work of bitcoin sites. First, you need a Dogecoin wallet> some good Dogecoin exchange sites> an ID/email of your Dogecoin. You need a Dogecoin Wallet address where your Dogecoin earnings will be deposited. If necessary, you can do all the transactions including conversion or withdrawal from there.

The platform is similar to wallet coin base address of the bitcoin site. Note that Dogecoin revenues will not be credited or sent to the Bitcoin wallet in any way. So you have to open a wallet of your own. And the condition for working on the Dogecoin site is the Dogecoin Wallet address. The Dogecoin site has several wallet addresses. 

The most popular Dogecoin site is: https://dogechain.info/

To create your account you must go to Menu> Dogecoin Wallet> Create Wallet> Fill-up email and password. Then confirm it. Now you can log in to your account.

Some Common Features of Bitcoin and Dogecoin

There are some common features between Bitcoin and Dogecoin. Now we will see them-

1. One of its features is that the assets in this currency and its transactions are completely encrypted and much more secure than the traditional currency or any other assets.

2. Another interesting feature of these currencies is they do not have any third-party control. So none can know the information of those who are exchanging these currencies. For this reason, transactions can be completed with this currency without any anonymity. 

Bitcoin and Dogecoin can be a good profit and asset for one. But a lot of countries do not support this virtual currency for their economic issues.

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