Updated: Jan 18
Written By Gurnoor Kaur
Edited & Presented By Delhi Royale
1. What are Cryptocurrencies?
Crypto-Crypto-Crypto you must have heard about it either in the newspaper or big T.V. debates. Some people do promote crypto as it is something that will turn them rich overnight which is not so true. Let us know 'What cryptocurrencies are'. Crypto is a collection of binary data which is designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a computerized database using strong cryptography to secure transaction records to control the creation of additional coins and to verify currency that is secured by cryptography which makes it nearly impossible to counterfeit or double spend. Cryptocurrency is now spreading its roots in the world as youth is majorly looking forward to investing in crypto.
How Many Cryptocurrency In World
2. One, two, or three! How many cryptos are on the world tree?
Yes, you may find it fascinating but there are almost 10,000 cryptocurrencies. Not all of them are as famous as Bitcoin or Dogecoin but still, they are counted. Most of these cryptos don't carry any following or trading volume. Many currencies have gained popularity and some wish to do so. List of some World's most famous cryptos have names such as Solana, Avalanche, USD coin, Chainlink, Polygon, Vechain, TRON, Z Cash, EOS, Tezos, NEO, Dash, Stacks, DogeCoin, Tether, Binance Coin, Polkadot (DOT), Bitcoin (BTC), Ethereum and list goes on and on and on.
How Crypto Works
3. Crypto's Wonder OF Work
We all come across a question 'How does crypto works? And the answer is here, Cryptocurrencies run on a distributed public ledger known as 'blockchain', a record of all transactions updated and held by currency holders. Mining and computers play an essential role in generating coins. Computer intelligence is needed to solve massive mathematical problems to complete the process. If anyone wants to buy crypto they can buy it from brokers and use your crypto wallets to keep them safe and spend them. Owners of crypto don't own something physical or tangible. But you got a key that allows you to move a record or a unit of measure from one person to another vacuuming the place of a third party.
Cryptocurrency To Invest
4. WHAT! Are All Cryptos Not The Same?
If you divide the whole house of Cryptocurrencies into rooms then you get 5 rooms in total. The first room will be knowns as 'Payment Currencies' as suggested by their literal meaning you can use these currencies to pay for goods and services, pay your bills, cash out from digital currencies to local fiat currencies like the Indian Rupee. Some examples of 'Payment Currencies' are BTC (Bitcoin) and LTC (Litecoin).
Another room of the house will be known as 'Blockchain Economies', these platforms allow holders to create their digital assets referred to as tokens, decentralized applications (Dapps), etc. Some famous names out there are Ethereum (ETH) and Tron (TRX).
The third one is tagged as 'Privacy Coin', these are in contrast to blockchains they are some digital assets created with a focus on privacy. In coins transactions, the sender and receiver know the number of coins transacted. Balance too can only be checked by the holder. Monero (XMR) and PIVX (PIVX) are two examples of 'Privacy Coins'.
The fourth type is 'Utility tokens'. These are tokens that are used for a blockchain-based product or service. Utility tokens are part of the 'Blockchain Economy'. GNT (Golem) and OmiseGo (OMG) are some Utility Tokens.
The last type is 'Stable Coins'. The name suggests 'stability' is the major factor of 'Stable Coins' because their rates are always constant because of a different method to maintain stable prices. Thus quality is not observed in other digital assets as they keel on fluctuating. USD Coin (USDC) and Paxos (PAX) are examples of Stable coins.
Elon Musk On Cryptocurrency
5. Why do we reflect on Elon Musk whenever we hear the word Crypto?
and SpaceX. Elon Musk's major move of stating that Tesla would be accepting payments in Bitcoin led to a giant profit of 101 million USD. Elon Musk's company tesla holds 42,902 bitcoins that are worth around $2.8 Billion. Elon Musk carries a major influence in the crypto world as his single tweet shakes the market once he tweeted that Tesla won't be accepting payments in bitcoin because it asks for high energy consumption in mining. This single tweet lead to the fell of bitcoin to nearly $30,000.
This is the amount of influence he carries on the crypto world. Elon holds Ethereum and Dogecoin too. Elon Musk's companies have held Bitcoin. Once 'Tesla' announced that they would be accepting payments in Bitcoins, which gave a major boost to crypto. Elon denies any humour about selling crypto anytime in the future. Elon Musk's major holdings and market value turn him into a beast as his statements affect the market in multiple ways. Crypto's power can be seen when the world's most powerful man owns tonnes of them.
Luxurious Pro Network Token
6. Let's talk about LPNT & ETH (Ethereum)
Luxurious Pro Token is a multi-utility cryptocurrency based on the Ethereum blockchain which aims to add value to the financial experiences of the user base. The coin aims to address daily financial needs and relevant issues of users and critical issues of the cryptocurrency industry. It should ensure worldwide circulation of LPNT via diversified digital financial and a commerce network to make LPNT usable in all parts of the world.
It is ranked number 75 in the world. LPNT offers several advantages of the coins such as decentralised scalability, safe and speedy transactions, worldwide transactions at low rates, hackproof cryptographic security, zero chargebacks, access and mobility, no mediation, a decentralized wallet, and trading services. LPNT is growing majorly in the crypto world.
LPNT Token Price
Then comes Ethereum crypto introduced by Vitalik Buterin, a Canadian Russian programmer. Ethereum is open access to digital money and data-friendly services for everyone - no matter the holder's background or location. ETH is tagged as one of the hottest cryptos of the year carrying a market value of more than $521 billion, which is a quarter of the whole crypto world. ETH is tagged as the world's one of the most expensive crypto. The current price of ETH is 4,023.46 USD which is very impressive in a world full of cryptos.
Luxurious Pro Network Token Price In India
Cryptocurrency Is Legal In India
7. How India is reacting to Crypto?
Over time India has reacted differently to the Crypto world. There were times when Bitcoin was mentioned as something used to pay on the dark web for guns. Several controversies were attached to crypto. India is expected to ban cryptocurrencies in the country in an attempt to introduce a sovereign digital currency sometime soon. But on the other hand, experts are worried about the ban leading to an exodus of talent and business both from India. They will move to places where crypto is legal to use and flourish.
Prime minister of the country Mr. Narendra Modi described that crypto should be used to boost democracy and not to harm it. Sooner or later a bill or law should be declared ending up the confusion by keeping consumers' interests in mind. But till that date, it is not intelligent to invest in cryptos without knowing the government's ideology towards it.
Cryptocurrencies have their advantages and disadvantages but the fact can't be ignored is that they are taking up the world in a new direction. A part of the world is accepting and a part is opposing emerging currencies but still, debates will someday lead to conclusions. Maybe the upcoming era will be ending up the notes and some digital currencies will conquer the market, Who knows?
Comment Below & Let Us Know
Your Favourite Crypto !
Instagram - @delhi_Royale
Blystone, Dan. “How Elon Musk Became Elon Musk.” Investopedia, 2019, www.investopedia.com/articles/personal-finance/061015/how-elon-musk-became-elon-musk.asp.
Conway, Luke. “The 10 Most Important Cryptocurrencies Other than Bitcoin.” Investopedia, www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/#:~:text=One%20reason%20for%20this%20is.
“Cryptocurrency - Wikipedia.” En.m.wikipedia.org, en.m.wikipedia.org/wiki/Cryptocurrency.
“Cryptocurrency in India: The Past, Present and Uncertain Future.” The Economic Times, www.google.com/amp/s/m.economictimes.com/tech/trendspotting/cryptocurrency-in-india-the-past-present-and-uncertain-future/amp_articleshow/81410792.cms. Accessed 22 Dec. 2021.
“Ethereum Price - Google Search.” Www.google.com, www.google.com/search?q=ethereum+price&oq=eyherreum&aqs=chrome.1.69i57j0i13j0i13i433j0i13l6.2518j0j4&client=ms-android-samsung&sourceid=chrome-mobile&ie=UTF-8#sbfbu=1&pi=ethereum%20price. Accessed 22 Dec. 2021.
Exodus. “What Are the Different Types of Cryptocurrencies? - Exodus Support.” Support.exodus.com, support.exodus.com/article/1084-what-are-the-different-types-of-cryptocurrency.
Kumar, Ravi Prakash. “Elon Musk Says He Owns Bitcoin, Dogecoin and Ethereum.” Mint, 22 July 2021, www.livemint.com/market/cryptocurrency/elon-musk-says-he-owns-bitcoin-dogecoin-and-ethereum-11626891681223.html.
“Luxurious pro Network Token (LPNT) Price to USD - Live Value Today.” Coinranking, coinranking.com/coin/PcFhLcWtO+luxuriouspronetworktoken-lpnt#:~:text=LPN%20token%20(LPNT)%20is%20a. Accessed 22 Dec. 2021.
“PM Modi Says Cryptocurrency Should Be Used to Boost Democracy.” NDTV Gadgets 360, www.google.com/amp/s/gadgets.ndtv.com/cryptocurrency/news/prime-minister-narendra-modi-cryptocurrency-india-democracy-2646457/amp. Accessed 22 Dec. 2021.
“What Is Cryptocurrency? Cryptocurrency Security: 4 Tips to Safely Invest in Cryptocurrency.” Www.kaspersky.com, 11 Jan. 2019, www.kaspersky.com/resource-center/definitions/what-is-cryptocurrency.
“What Is Ethereum?” Ethereum.org, ethereum.org/en/what-is-ethereum/.
Shocking LPNT Coin Price Today ! Know Everything About LPNT Token. Know How Luxurious Pro Network Token Is Based On Ethereum. LPNT Token Price Dropped, Is It A Time To Invest ? Find Out Luxurious Pro Network Token Price In India At Delhi Royale Luxury Lifestyle Blog https://www.delhiroyale.in/luxury-lifestyle-blog