Now everything is digitalized which improved the technology along with improvement in hacking techniques. Due to the high number of hackers many number of hacks were occurs in money transactions that leads to risk. As to overcome this dilemma cryptocurrencies were came into practice. Cryptocurrencies are stated as digital currency which implemented with cryptography technique. Cryptography is used to encrypt the data so that it can’t be hacked easily. Cryptocurrencies are virtual currency as they don’t possess any physical appearance. People were making use of the cryptocurrencies for performing huge money transaction with more secure and safe. Whereas this cryptocurrencies were implemented with cryptography technique will encrypts the transaction while performing between two assets. You can check the latest revolution in the digital world due to cryptocurrency through seeing the Cryptocurrency News.
- By using the cryptocurrency you can have a control upon your transaction.
- Cryptocurrencies are decentralized so there will be no involvement of any third parties.
- Cryptocurrency exchanges available in many countries that help for the new user in using the cryptocurrency.
Various forms of cryptocurrencies that exists
Cryptocurrencies are available in different types among that three main types of cryptocurrency are Bitcoin, Altcoins and Tokens. You can also find the exchanges of each type of cryptocurrency as they are available almost in all the countries and you can search for them in online. The top cryptocurrencies which are used widely are as follows.
- Bitcoin – it is a form of cryptocurrency so there is no any physical appearance for it. It is decentralized so there will be no existence of bank or third party involved in performing transaction. The Bitcoin transaction takes place between the users directly which is known as a peer-to-peer network and achieved with blockchain technology. While using the Bitcoin it is not necessary to reveal your identity. When performing transactions with Bitcoin it will be verified and stored in the blockchain in an encrypted format. It is visible to all in the encrypted form but only the owner can able to decrypt it.
- Ethereum – it is opposite to Bitcoin. The currency of Ethereum is known as Ether which allows people to use in dApps, tokens and smart contracts. As dApps runs on Ethereum blockchain so it requires Ether for performing the transactions. While comparing with Bitcoin Ethereum process the transactions within few seconds.
- Ripple – it is specially designed for banks, which is a blockchain used by banks to make their payments. Due to this it is popularly known as banker’s coin. Many financial organizations and global banks were making partnership with Ripple.
Litecoin – it is moreover a division of Bitcoin which makes use of a part of Bitcoin blockchain. Litecoin has different features and it is created as an improvement of the Bitcoin. It is the first cryptocurrency to use the Lightning Network which is used to resolve a lot of issues for cryptocurrencies. Comparatively, Litecoin is can able to process many transactions per second.
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