Everything You Know About The Basics Of Crypto Currencies

Welcome to my reader! Cryptocurrencies have been around since the 1980s. Crypto currency is a type of currency that uses digital files as money. It is a currency that is not physically accessible but is available as a digital currency. They aren’t controlled by one person or government. Uses decentralized control. Blockchain technology underpins cryptocurrency.

Investing in cryptos is about making a fast buck. Bitcoin is more famous and is the first crypto developed by Satoshi Nakamoto (an anonymous personality) in 2009. 

You can also make money from the crypto currency by buying various crypto coins and then selling them when their market price increases. Another way is through crypto mining.

Types Of Cryptocurrencies Explained Below

(BTC) Bitcoin  

1. Leading the crypto market
2. High liquidity

Surprise! Bitcoin takes the number one spot for one simple reason; reputation. Decentralized digital currency like virtual cash or gold. Transferred from person to person. Bitcoin solves the double spending problem through a distributed network. No bank or government prerequisites or control.

Ethereum (ETH)

1. Ethereum is programmable
2. Second top crypto worldwide

Open-source blockchain-based decentralized software platform. It launched in 2015 and came in second because of its almost unlimited potential. It has an impressive development team, with over 20,000 developers working on projects worldwide.

Ripple

1. Next generation of payment networks
2. Leading tech in the financial sector

Digital payment network for financial transactions. It was first released in 2012 and was co-founded by Chris Larsen and JedMCCaleb. It is the third major cryptocurrency by market cap and has its cryptocurrency, XRP.

DASH

1. A decentralized network for non-cancellable transactions.
2. More speed and privacy

It is an open-source cryptocurrency. It instantly moves money wherever, to anyone, for less than a cent. Launched in 2014. Known initially as Dark coin and designed to ensure user privacy and anonymity. It has optional speed and privacy features.

Lite coin

1. Faster than bitcoin
2. Zero cost transaction

Software project related under MIT/Xii license. Its transaction speed is faster. It was launched in 2011 by founder Charlie Lee. Peer-to-peer crypto currency.

Conclusion

Cryptocurrency is designed mainly for the sake of modern techniques like the internet and developed software. The invention of cryptocurrency has been supportive of fostering digitalization. This will enable the digital currency to become more prominent and thrive worldwide in the coming years. I have tried to introduce cryptocurrency here as a quick review.

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