What is Crypto Currency?

cryptocurrency

At its heart, cryptocurrency is essentially decentralized digital money intended for usage over the internet. In 2008, Bitcoin was introduced as the first ever cryptocurrency, its is the most popular till date and also more influential cryptocurrency. From then Bitcoin and some other crypto currencies such as Ethereum has became the digital alternatives for money issued by government.

Bitcoin, Ethereum, Bitcoin Cash and Litecoin are the most popular cryptocurrencies based on marketing capitalization. Tezos, EOS, and ZCash are among more well-known cryptocurrencies. Some are comparable to Bitcoin. Others are built on other technology or have unique features that enable them to do more than simply move value.

Online transaction without an intermediary like bank or any other payment processors can be done using Cryptocurrencies and international transfers can also be done instantly for cheap rates 24/7.

Due to the validation technology by blockchain technology the transactions are much safer.

A bitcoin blockchain is analogous to a bank’s ledger or balance sheet. Each currency has its own blockchain, which is a continuous, continually re-verified record of every single transaction ever completed with that money.

Cryptocurrencies may be mined or bought on cryptocurrency exchanges. Not all ecommerce sites accept cryptocurrency purchases. In reality, even famous cryptocurrencies like Bitcoin are rarely utilized for retail purchases. However, the cryptocurrency’s rising value has made them attractive as trading instruments.

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