What exactly is Cryptocurrency and its types?

The digital currency, also known as digital assets is utilized for buying services and other objects. The currency is encrypted. It’s an electronic peer-to-peer system which allows users to buy goods and services over the internet. It’s decentralized, meaning no government, agency or board can control the system. Nearly 1000 crypto currencies that exist across the world. Extra resources!

Cryptocurrencies Types:

Bitcoin: Bitcoin is the first currency in the world which was made by Satoshi Nakamoto in 2009. It is employed for online transactions. The worth of one bitcoin in Indian rupees is 4,69,986.99.

Ethereum: Ethereum is also an open-source, decentralized Blockchain-based computing platform similar to bitcoin. Vitalik Buterin is the name for the person who invented it. The token for cryptocurrency is referred to as Ether. It allows users to create digital token that can then be used as currency.

Litecoin: Litecoin is a peer-to-peer decentralized cryptocurrency. Block generation time of litecoin is more than four times that of bitcoin. This means that its transactions get completed fast. The system uses a script algorithm to mine.

Faircoin: Faircoin is a part of the vision for a socially conscious society that is a co-operative organization with its headquarters in Spain. The system uses proof of work to validate the authenticity of its coins.

Dash Dash is a peer-to -peer cryptocurrency. However, it comes with more advantages over bitcoin, such as instant send, private send as well as other features. Dash uses an uncommon algorithm.

Peercoin Peercoin has built on top of the bitcoin protocol. It makes use of the proof-of stake system along with verification of work in order to prove the transactions.

Ripple: Ripple is based on distributed open source protocols and is a real-time gross settlement system (RTGS)

Monero : There is a major difference from Bitcoin versus Monero. Monero runs on processors for consumers, while bitcoin uses high-end processors.

The benefits of cryptocurrency:

The odds of a fraudulent transaction that occurs with cryptocurrency are less.

It’s much more secure than traditional digital transactions.

It’s transaction fees is less as compared to other payment methods.

The security of cryptocurrency accounts is higher since they utilize distinct cryptography algorithms.

The Negatives of Cryptocurrency

Cryptocurrency is not able to offer the possibility of reversing after completion of the transaction.

It provides wallet Id once and if the user loses the ID for his wallet, then he cannot get another. Therefore, it is very crucial to keep your identity of your wallet secure.

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