What exactly is Cryptocurrency and its types?

Digital currency or digital assets, are utilized for purchasing services and other things. The currency is secured. It’s a peer-to-peer electronic system that allows you to acquire goods and services via the Internet. It is decentralized, so nobody, not even a government body can regulate it. There are almost 1000 cryptocurrencies exist around the world. Additional info?

Cryptocurrencies of different types:

Bitcoin: Bitcoin is the world’s first cryptocurrency created by Satoshi Nakamoto during the year 2009. It’s a form of currency which is used to purchase products as well as services on the internet only. The price of one bitcoin in Indian rupee 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 of its founder. The company’s cryptocurrency token is known as Ether. This platform helps users to create digital token by which they can be used as currency.

Litecoin Litecoin is a peer-to-peer, decentralized cryptocurrency. Its block generation speed for litecoin is 4 times faster than bitcoin, enables transactions to be processed rapidly. It uses a script algorithm to mine.

Faircoin: Faircoin is an element of the greater socially conscious vision which is a cooperative organization with its headquarters in Spain. It is used for verification of coins.

Dash Dash is a peer-to-peer cryptocurrency. Dash has more functions than bitcoin like immediate send, privacy-focused send and many more. Dash makes use of an unorthodox algorithm.

Peercoin Peercoin has was developed based on the bitcoin protocol. Transactions are verified with both the proof-of-stake system and proof of work.

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

Monero: The key difference between bitcoin and monero is that bitcoin runs high-end CPUs and monero uses consumer-level CPUs.

Advantages of Cryptocurrency

It is less likely to be a victim of being a victim.

This is a more secure electronic payment method than the traditional one.

Its transaction fee is lower when compared with different payment options.

Bitcoin accounts are much more secure since they utilize distinct cryptography algorithms.

The Negatives of Cryptocurrency

Cryptocurrency is not able to reverse the transaction once it’s completed.

It will only provide the wallet ID one time so if one has lost their wallet ID, that person will not be able to access a second. This is why it’s crucial to keep your identity of your wallet secure.

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