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What is Cryptocurrency?

The digital currency, also known as digit assets are used for buying services and other items. It is a currency that uses cryptography. It's a peer to peer electronic system which uses the internet to buy goods and services through the internet. Cryptocurrency is a decentralized currency which means that no institution, board or government can control the currency. It is estimated that over 1000 cryptocurrency are in existence in the world. More hints?

  Cryptocurrencies Types

  Bitcoin: Bitcoin is the very first cryptocurrency in the world which was made by Satoshi Nakamoto in the year 2009. This digital currency is only employed for online transactions. The price of one bitcoin in Indian rupee is 4,69,986.99.

  Ethereum: Ethereum is also open-source, decentralized computer platform that is based on blockchain, similar to bitcoin. Its founder is Vitalik Buterin. Ether is the title of its cryptocurrency token. It allows its users to generate digital tokens that can be used to buy the exchange of currency.

   Litecoin Litecoin is decentralized peer-to-peer cryptocurrency. The block generation time for litecoin is 4 times faster than bitcoin. Therefore, its transactions can be completed quickly. The algorithm is script-based to mine.

  Faircoin: Faircoin is part of the larger socially conscious vision that is a co-operative organization based in Spain. The company uses proof-ofwork for verification of that the coins are genuine.

  Dash: Dash means digital cash, it can also be peering with peer cryptocurrency. Dash is more advanced than bitcoin like speedy send, privacy sent as well as other features. Dash uses an unique algorithm.

  Peercoin: Peercoin is completely based upon bitcoin protocol. It makes use of the proof-of stake system along with evidence of work to validate the transactions.

  Ripple: Ripple is an open source protocol and it is a real time gross settlement system (RTGS)

  Monero Monero: The key differentiator between monero and bitcoin is that bitcoin runs high-end CPUs while monero utilizes consumer CPUs.

  Advantages of Cryptocurrency

  The risk of being fraudulent.

  It's much more secure than normal digital payment.

  The fee for transactions is much lower than other options.

  Bitcoin accounts are much more secure because they employ various cryptographic algorithms.

  Disadvantages of Cryptocurrency:

  Cryptocurrency doesn't have the ability to reverse its transaction following successful completion of transaction.

  The wallet ID can only be given for a single time. If someone does not have the ID in his wallet they will not be able to obtain a replacement. Therefore, it is very crucial to keep your ID of the wallet safe.

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