What is Cryptocurrency and its types?

So what's cryptocurrency? Today, see who is running behind Cryptocurrencies. During a very short time, Cryptocurrency has shown its power within the financial market. 

Because Cryptocurrency may be called digital money because it's available only online and that we cannot get laid physically.

In other currencies like Rupees in India, Dollar in the USA, Euro in Europe, etc. Governments are implemented within the whole country and utilized in an identical way, within the same way these currencies are used in the whole world. 

But it's to be understood here that the govt. doesn't have any handover these cryptocurrencies as they're Decentralized Currency. 

So no agency or government or any board has authority over them, because of which it failed to regulate its value.

So I assumed, why today, you must give complete information about what Cryptocurrency is. Since this subject is being discussed with some of the individuals. 

It becomes your right that you just also find out about this and educate others. Then at once allow us to know what's this cryptocurrency and the way many varieties are available.

Contents

1. What's Cryptocurrency?

2. Types of Cryptocurrencies

3. Advantages of CryptoCurrency

4. Disadvantages of Cryptocurrency

What is cryptocurrency

Cryptocurrency is additionally called digital currency. This can be a sort of Digital Asset that's used for purchasing goods or services. Cryptography is employed in these currencies. 

This can be a Peer to see Electronic System that we will use to get Goods and Services in place of normal currencies through the web. 

During this system, the govt. can work even without telling the banks, so some people believe that cryptocurrency is often utilized in the wrong way.

If we first do Cryptocurrency, then it'll be Bitcoin which was first brought to the world for these tasks. If we see today, over 1000 Cryptocurrency is all around the world but only some of them are more important, about which we are going to learn later. 

Cryptography is employed to make cryptocurrency.

What are Initial Coin Offering and the way does it work?

How to buy bitcoin

If we all speak about cryptocurrency, then the first one which is known as Bitcoin. It had been also made first and it's also used the foremost. 

There was some controversy about Bitcoin, but today Bitcoin is at the highest of Cryptocurrencies. 

Here I'm visiting to tell you about other cryptocurrencies that you simply may already know about.

Types of cryptocurrencies

If seen, there are many Cryptocurrencies but there are only some of them which are performing well and which you'll use apart from Bitcoin.

1. Bitcoin (BTC)

If we speak about cryptocurrency and not speak about bitcoin, then it is not possible at all.  Because Bitcoin is that the first Cryptocurrency from the globe. Which was created by Satoshi Nakamoto in 2009? 

It's a digital currency that's used only to shop for goods and services online. It's a decentralized currency which suggests that no government or any institution has any hand on it.

If we discuss today, then its value has increased significantly, which is now near 13 Lacks, the worth of a coin. From this, you'll determine about its present importance.

2.Ethereum (ETH)

Ethereum is an open-source, decentralized blockchain-based computing platform similar to Bitcoin. The name of its founder is Vitalik Buterin. Its Cryptocurrency token is additionally called 'Ether'. 

This platform helps its users to create a digital token, with the assistance of which it will be used on the basis of currency. 

Ethereum (ETH) and Etheriem Classic (ETC) are divided into two parts because of the recent addition of a tough fork. It's the second most famous cryptocurrency after bitcoin.

3. Litecoin (LTC)

Litecoin is additionally a decentralized peer-to-peer cryptocurrency which is open-source software released under the MIT / X11 license by Charles Lee in October 2011, who has previously been a Google Employee.

Bitcoin has a huge hand behind its creation and lots of its features are like those of Bitcoin. Litecoin's block generation time is 4 times.

Therefore, the Transaction is completed very quickly. It uses the Scrypt algorithm to perform mining.

4. Dogecoin (Doge)

The story of the creation of Dogecoin is sort of interesting. It had been compared to a dog for mocking Bitcoin which later took the shape of a Cryptocurrency. 

The name of its founder is Billy Markus. Like Litecoin, it also uses Scrypt Algorithm.

Today the market price of Dogecoin is over $ 197 million and it's accepted in additional than 200 merchants everywhere the globe. During this too, mining is way quicker than others.

5. Faircoin (FAIR)

Faircoin is an element of a way larger grand socially-conscious vision, which could be a Spain-based co-operative organization and also called Catalan Integral Cooperative, or CIC.

 

It uses the blockchain technology of Bitcoin, but in the other section it is with a more socially constructive design. Like other cryptocurrencies. 

Faircoin doesn't depend upon mining or minting new coins in the slightest degree. In Faircoin, 'proof-of-cooperation' is employed in exchange for proof-of-stake or proof-of-work.

6. Dash (DASH)

Its earlier names were XCoin and Darkcoin, Dash, which suggests 'Digital' and 'Cash'. it's an open-source, peer-to-peer cryptocurrency just like Bitcoin. 

But it's more features than Bitcoin like 'InstantSend' and 'PrivateSend'. In InstantSend, users can easily complete their transactions. 

While in Privatesend, the transaction is totally safe, where users' privacy is given great importance.

Dash uses an uncommon algorithm called 'X11', which is that the specialty that it also becomes compatible with very less powerful hardware. 

So more people can mine their own currency. X11 may be a very energy-efficient algorithm, which consumes up to 30% less power than Scrypt.

7. Peercoin (PPC)

Peercoin, which is totally supported by the Bitcoin protocol and which includes a lot of ASCII text files in both. In this, the Proof of labor isn't only relied upon to verify the transaction, but also the Proof of stake system is kept visible. 

Because the name suggests, Peercoin is additionally peer-to-peer cryptocurrency like Bitcoin, within which the ASCII text file has been released under the MIT / X11 software license.

Peercoin also uses the SHA-256 algorithm, just like Bitcoin. And it requires little power to conduct transactions and mining.

8. Ripple (XRP)

Ripple was released in 2012 and relies on the distributed open-source protocol. Ripple could be a real-time gross settlement system (RTGS) that runs its own Cryptocurrency also referred to as Ripples (XRP). 

It's an awfully popular and popular cryptocurrency and has an overall market cap of about $ 10 billion. in step with their officials. 

9. Monero (XMR)

It was actually born with a fork of Bytecoin in 2014 and since then it's of popular benefit. This cryptocurrency works all told systems like Windows, Mac, Linux, Android, and FreeBSD. 

The foremost important difference between Bitcoin and Monero is that high-end GPUs are utilized in Bitcoin while Monero uses consumer-level CPUs.

Advantages or Benefits of CryptoCurrency

The chances of fraud in cryptocurrency are slim. If we speak about cryptocurrency, then they're safer than a normal digital payment. 

In this transaction fees are very low if we discuss other payment options.

The accounts during this are very secure because differing kinds of Cryptography algorithms are employed in it.

Disadvantages of Cryptocurrency

In cryptocurrency, once the transaction is completed it's impossible to reverse it as there's no such option.

If the ID of your Wallet is lost then it's lost forever because it's unfeasible to induce it again. In such a situation, whatever money you've got in your wallet is lost forever.

I sincerely hope that I've got given you complete information about what's a cryptocurrency and that I hope you all have understood about cryptocurrency.

 

I request all of you readers that you simply too should share this information in your neighborhood, relatives, friends, and friends, in order that our awareness is there and it'll benefit everyone. 

Conclusion

I would like the support of you guys in order that I can convey more new information to you.

It has always been my endeavor that I always help my readers or readers from all sides, if you people have any doubt of any kind, then you'll inquire from me irresponsibly. 

I'll definitely attempt to solve those Doubts. How did you're thinking that this text is Cryptocurrency? 

Please tell us by writing a comment so we too have an opportunity to find out something from your ideas and improve something.