The digital currency or digit assets are used for buying services and other things. It is a currency that uses cryptography. It’s a peer to electronic system used the internet to buy items and services on the internet. The currency is not centralized and therefore there is no agency, government or agency can oversee the system. There are almost 1000 cryptocurrencies exist in the world. More help?
Types of Cryptocurrencies:
Bitcoin Bitcoin is the first cryptocurrency in the world. It was invented by Satoshi Nakamoto. It’s a form of currency that is used to purchase products and services only online. In Indian Rupee, one bitcoin equals 4,69.986.99.
Ethereum Ethereum can be described as an open source, decentralized blockchain computing platform that is similar to bitcoin. The name of its founder is Vitalik Buterin. Its cryptocurrency token is known as Ether. It allows users to create digital token by which they can be use as a currency.
Litecoin Litecoin is decentralized peer-to-peer cryptocurrency. Block generation times for Litecoin, which is four times faster than that of bitcoin, allows transactions to be executed swiftly. The script algorithm is used to process transactions.
Faircoin: Faircoin is part of the larger socially conscious vision that is a co-operative organization based in Spain. The proof-of-work system is utilized to validate coin.
Dash: Dash is a shorthand for digital cash and it is also peering to peer cryptocurrency. However, it comes with more capabilities than bitcoin like instant send or private transfer and many more. Dash uses an uncommon algorithm.
Peercoin: Peercoin is entirely based on the bitcoin protocol. The transactions are verified using both the proof-of stake system and proof-of work.
Ripple Ripple can be described as an open-source, distributed protocol which is an actual-time gross settlement (RTGS).
Monero: The most significant distinction between monero and bitcoin is that bitcoin uses high-end CPUs whereas monero is based on consumer CPUs.
The benefits of cryptocurrency
There is a lower chance of fraud that occurs with cryptocurrency are less.
It’s much more secure than normal digital payment.
Its transaction fee is lower as compared to other payment methods.
Cryptocurrency accounts are more secure as it makes use of different types of a cryptography algorithm.
The Negatives of Cryptocurrency
Cryptocurrency is not able to reverse the transaction once it has been completed.
The wallet ID is issued once and if the user had to lose the wallet ID it is impossible to get a replacement. It is crucial to secure your wallet ID.