CRYPTOCURRENCY
A cryptocurrency or cryptocurrency is referred to a
digital asset invented to work as a medium of exchange
wherein individual coin has ownership records are stored in
a ledger
existing. They are in the form of a computerized database, using powerful
cryptography to secure transaction records and to control the creation
of additional coins, along with the verification of the transfer of coin ownership.
Cryptocurrencies typically do not exist in physical form such as paper money as
well as they are not issued by a central authority. Cryptocurrencies use as
decentralized
control as opposed to centralized digital currency as
well as central
banking systems.
digital asset invented to work as a medium of exchange
wherein individual coin has ownership records are stored in
a ledger
existing. They are in the form of a computerized database, using powerful
cryptography to secure transaction records and to control the creation
of additional coins, along with the verification of the transfer of coin ownership.
Cryptocurrencies typically do not exist in physical form such as paper money as
well as they are not issued by a central authority. Cryptocurrencies use as
decentralized
control as opposed to centralized digital currency as
well as central
banking systems.
Bitcoin is the cryptocurrency that was the first released currency as open-source software in the
year 2009. The currency was the first decentralized cryptocurrency. Since then,
there are over 6,000 altcoins (alternative
variants of Bitcoin, or other cryptocurrencies) that have been created to date.
year 2009. The currency was the first decentralized cryptocurrency. Since then,
there are over 6,000 altcoins (alternative
variants of Bitcoin, or other cryptocurrencies) that have been created to date.
According to Jan Lansky, head of the department of
computer science and mathematics at the University Finance and administration.
He stated that cryptocurrency is a system that meets some conditions. Important
conditions her stated that are as follows-
computer science and mathematics at the University Finance and administration.
He stated that cryptocurrency is a system that meets some conditions. Important
conditions her stated that are as follows-
1 The crypts system does not essentially need a central authority;
it’s also stated that it maintained through distributed consensus.
it’s also stated that it maintained through distributed consensus.
2 The crypts system keeps an overview of cryptocurrency units as
well as their ownership.
well as their ownership.
The ownership of crypto coins can be proved completely by cryptographically.
If there are two different instructions for changing the
ownership of the same cryptographic units then there is simultaneously entered and the system
performs at one of them.
ownership of the same cryptographic units then there is simultaneously entered and the system
performs at one of them.
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| Cryptocurrency What is cryptocurrency? |
TYPES OF CRYPTOCURRENCY
There are two main types of crypts present.
They are as follows-
They are as follows-
·ALTCOINS
The term “altcoins” used for other cryptocurrencies
created after the success of the first cryptocurrency that is Bitcoin.
Normally, altcoins are selling as a better alternative to Bitcoin. The term
includes all the cryptocurrency other than Bitcoin. Some of the main types of
altcoins are-
created after the success of the first cryptocurrency that is Bitcoin.
Normally, altcoins are selling as a better alternative to Bitcoin. The term
includes all the cryptocurrency other than Bitcoin. Some of the main types of
altcoins are-
o
Mining-base cryptocurrency,
Mining-base cryptocurrency,
o
Stablecoins,
Stablecoins,
o
Security tokens, and
Security tokens, and
o
Utility tokens.
Utility tokens.
·CRYPTO
TOKEN
The term “Crypto token” is referred to as
the type of cryptocurrency that represent assets or for a specific user along
with residing on their blockchain. Crypto tokens are also known as crypto assets.
They are a special kind of virtual currency.
the type of cryptocurrency that represent assets or for a specific user along
with residing on their blockchain. Crypto tokens are also known as crypto assets.
They are a special kind of virtual currency.
Cryptocurrency, Altcoins, and crypto tokens or assets
are often used interchangeably in their virtual currency world. Cryptocurrency
is the superset, and Altcoins, as well as crypto tokens or assets, are its two Subset
categories.
are often used interchangeably in their virtual currency world. Cryptocurrency
is the superset, and Altcoins, as well as crypto tokens or assets, are its two Subset
categories.
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| Cryptocurrency What is cryptocurrency? |
TYPES OF
CRYPTOS CURRENCY CREATED TILL DATE
CRYPTOS CURRENCY CREATED TILL DATE
The first cryptocurrency was invented in 2009, since then
through a lot of development and growth no0w we have over 6,000 million types
of cryptocurrency. The following cryptocurrencies represent the most widely
popular industry projects to date-
through a lot of development and growth no0w we have over 6,000 million types
of cryptocurrency. The following cryptocurrencies represent the most widely
popular industry projects to date-
1.
BITCOIN
BITCOIN
Bitcoin is one of the first invented cryptocurrency which was created
back in the year 2009. Market places called this cryptocurrency as “Bitcoin
exchanges”. It allows people to buy or sell Bitcoin using different currencies
used all over the world. Transactions by Bitcoin are made with no middlemen or
banks. The Bitcoin can be used to book hotels abroad on Expedia or shop for
furniture on overstock or can be used to buy simple items such as Xbox games. The
cryptocurrency Bitcoin is mainly used for buy on an exchange.
back in the year 2009. Market places called this cryptocurrency as “Bitcoin
exchanges”. It allows people to buy or sell Bitcoin using different currencies
used all over the world. Transactions by Bitcoin are made with no middlemen or
banks. The Bitcoin can be used to book hotels abroad on Expedia or shop for
furniture on overstock or can be used to buy simple items such as Xbox games. The
cryptocurrency Bitcoin is mainly used for buy on an exchange.
2.
BITCOIN CASH
BITCOIN CASH
Bitcoin cash is another alternative to Bitcoin. Bitcoin cash is also a
cryptocurrency that was created back in the year 2017. Bitcoin cash raises the
size of blockish which allows more transactions to be processed easily. This
cryptocurrency underwent another development in the year 2018 and was split
into two parts namely – Bitcoin ABC and another was Bitcoin Cash SV. SV in the
name stands for – Satoshi Vision.
cryptocurrency that was created back in the year 2017. Bitcoin cash raises the
size of blockish which allows more transactions to be processed easily. This
cryptocurrency underwent another development in the year 2018 and was split
into two parts namely – Bitcoin ABC and another was Bitcoin Cash SV. SV in the
name stands for – Satoshi Vision.
3.
LITECOIN
LITECOIN
The term Litecoin is used for peer-to-peer cryptocurrency as well as
open-source software projects. The Litecoin was released under the MIT/X11
license. Designing as well as the transfer of the cryptocurrency was based on
an open-source cryptographic protocol. Along with this Litecoin, it not managed
by any central authority. In technical terms, there is not much difference
between Litecoin and Bitcoin.
open-source software projects. The Litecoin was released under the MIT/X11
license. Designing as well as the transfer of the cryptocurrency was based on
an open-source cryptographic protocol. Along with this Litecoin, it not managed
by any central authority. In technical terms, there is not much difference
between Litecoin and Bitcoin.
4.
ETHEREUM
ETHEREUM
Ethereum cryptocurrency was introduced to the market in the year 2015.
It is n open-source, blockchain-based, decentralized software which comes in
hand as its cryptocurrency. Ethereum is not only considered as a platform but
also a programming language which is running a blockchain. It helps in
developing the building as well as publishing distributed applications.
It is n open-source, blockchain-based, decentralized software which comes in
hand as its cryptocurrency. Ethereum is not only considered as a platform but
also a programming language which is running a blockchain. It helps in
developing the building as well as publishing distributed applications.
5.
RIPPLE
RIPPLE
The term
Ripple is used for a real-time gross settlement programming system. It is the
currency used for exchange as well as the remittance network. The cryptocurrency
was designed by Ripple Labs Inc. it is a US-based technology company. The cryptocurrency was introduced in the
market back in the year 2012 and still considered one of the best inventions. Ripple
was created upon aq distributed open-source protocol as well as it provides
support to tokens representing fiat currency, cryptocurrency along with commodities
or4 other units of value such as mobile minutes.
Ripple is used for a real-time gross settlement programming system. It is the
currency used for exchange as well as the remittance network. The cryptocurrency
was designed by Ripple Labs Inc. it is a US-based technology company. The cryptocurrency was introduced in the
market back in the year 2012 and still considered one of the best inventions. Ripple
was created upon aq distributed open-source protocol as well as it provides
support to tokens representing fiat currency, cryptocurrency along with commodities
or4 other units of value such as mobile minutes.
6.
STELLAR
STELLAR
Stellar
simply know as a payment network. It is an open-source for digital currency to
the fiat money. Similar to another cryptocurrency it is also a decentralized
protocol. The open-source allows the transfer of cross-border transactions
between any type of pair of currencies. The stellar cryptocurrency protocol is
supported by the 501©3 non-profit stellar development foundation.
simply know as a payment network. It is an open-source for digital currency to
the fiat money. Similar to another cryptocurrency it is also a decentralized
protocol. The open-source allows the transfer of cross-border transactions
between any type of pair of currencies. The stellar cryptocurrency protocol is
supported by the 501©3 non-profit stellar development foundation.
CONCLUSION-
All types of Cryptocurrencies can act like real money in a
sense, they can be considered real money but they are in the form of digital or
have a virtual representative as well as they are not managed or governed by
any central authority. A true cryptocurrency product of the digital age, with
no involvement of banks as well as government, or any middleman. All types of crypto coins, as well as crypto
tokens have important facts which lead them under the heading of cryptocurrency,
along with this they normally are label under one of two labeled categories of
cryptocurrency- Alternative Cryptocurrency Coins that are Altcoins or crypto
tokens.
sense, they can be considered real money but they are in the form of digital or
have a virtual representative as well as they are not managed or governed by
any central authority. A true cryptocurrency product of the digital age, with
no involvement of banks as well as government, or any middleman. All types of crypto coins, as well as crypto
tokens have important facts which lead them under the heading of cryptocurrency,
along with this they normally are label under one of two labeled categories of
cryptocurrency- Alternative Cryptocurrency Coins that are Altcoins or crypto
tokens.