What is Cryptocurrency?

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The cryptocurrency is a type of digital currency also known as a digit asset, which can be used to buy services or other goods. The currency is made up of cryptography. it is a peer-to electronic system used the internet to buy goods and services through the internet. It is a currency that is decentralized so no organization or board of directors has control of the currency. Around 1000 crypto-currencies exist all over the globe – click for source!

Cryptocurrencies Types

Bitcoin: Bitcoin is the world’s first cryptocurrency that was invented by Satoshi Nakamoto during the year 2009. It’s a digital currency which is used to buy goods or services online. The price of one bitcoin in Indian rupee is 4,69,986.99.

Ethereum: Ethereum is a decentralized, open-source computer platform that is based on blockchain, similar to bitcoin. The founder’s name is Vitalik Buterin. Ether is the title of the cryptocurrency used by it. It allows its users to generate digital tokens that can be used as money.

Litecoin Litecoin is a peer-to -peer cryptocurrency that is decentralized. Its block generation process is more than four times that of bitcoin. Therefore, its transactions can be completed quickly. It is a script algorithm that is used to process transactions.

Faircoin : Faircoin is a cooperative in Spain built on a socially conscious idea, is a part of Faircoin . Proof of work is used to confirm currency.

Dash Dash can be described as a peer-to-peer cryptocurrency. It has more features that bitcoin does, for instance immediate send, privacy-focused send among others. Dash uses an unique algorithm.

Peercoin: Peercoin is completely based on bitcoin protocol. It uses the proof-of-stake system as well as verification of work in order to prove the transaction.

Ripple Ripple is a distributed open-source protocol that is an actual-time gross settlement (RTGS).

Monero : There are a lot of differences from Bitcoin versus Monero. Monero runs on consumer CPUs, while bitcoin is based on powerful processors.

Benefits of Cryptocurrency:

The chances of a fraud happening with cryptocurrency are much lower.

It is more secure electronic payment method than the traditional one.

The transaction fee is lower than other options.

Bitcoin accounts are much more secure, as they use various cryptographic algorithms.

The drawbacks of cryptocurrency

Cryptocurrency cannot reverse the transaction when the transaction is complete.

The wallet ID is issued once and if the user has lost their wallet ID, then he cannot get another. So, it’s vital to ensure that the identity of your wallet secure.