What is Cryptocurrency and How many Different Types of Cryptocurrency?

So what's the Cryptocurrency? Seeing today, he is running behind Cryptocurrency. In a very short time, Cryptocurrency has demonstrated its power in the financial market. Because Crypto currency can also be called digital money because it is only available online and we can not physically exchange it.

Other currencies such as rupees in India, Dollar in the USA, Euro in Europe etc are used in the entire country and used in the same way, these currencies are also used in the entire world. But here it is understandable that there is no hand of Government on these Cryptocurrencies, because they are Decentrallized Currency, so they do not have any agency or government or board authority, which does not regulate its value. Can go

So I thought why not give you complete information about what people are cryptocurrency today. Since this topic is being talked about by the Tire, it becomes your right that you also know about this and educate others. Then without delay, let's know what the cryptocurrency is and how many types of it are available.

What is Cryptocurrency?

Cryptocurrency is also called digital currency. This is a kind of digital asset that is used for the purchase of goods or services. Cryptography is used in these currencies. This is a Peer to Peer Electronic System, which we can use to buy Goods and Services in place of regular currencies through Internet. In this arrangement the government can also work without informing these banks, so some people believe that the use of Cryptocurrency can also be done incorrectly.

If we do Cryptocurrency first, then it will be Bitcoin which was first brought to the world for these tasks. If we look at today, more than 1000 cryptocurrency are all over the world but some of them are more important about which we will learn later. Cryptography is used to create cryptocurrency.

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If we talk about all the cryptocurrency, the first of those who have become famous is Bitcoin. It was made even earlier and it is most commonly used in the use. There have been considerable controveries about Bitcoin but in today Bitcoin is at the top of Cryptocurrency. Here are some of the other cryptocurrencies you may have known about.

How Many Types of Cryptocurrency?

If seen, Cryptocurrency is very many, but there are some of them that are doing well and you can also use apart from Bitcoin.

1. Bitcoin (BTC)

If we talk about Cryptocurrency and not talk about Bitcoin, then it is not possible at all. Because Bitcoin is the first cryptocurrency from the world. Which was created by Satoshi Nakamoto in 2009. This is a digital currency that is used only to buy goods and services online. This is a De-centrallized currency which means that no government or any institution has any hands on it. If we talk about today, its value has increased a lot now, which is now close to 13 Lacks, the value of a coin. With this you can find out the importance of its present.

2.Ethereum (ETH)

As soon as Bitcoin, Ethereum is also open-source, decentralized blockchain-based computing platform. The name of its founder is Vitalik Buterin Its Cryptocurrency token is also called 'Ether'. This Platform helps its users create digital token, with the help of which it can be used at the expense of the currency. Having recently been a Hard Fork, Ethereum has split into two parts Etherem (ETH) and Etheriem Classic (ETC). This is the second most popular Cryptocurrency after Bitcoin.

3. Litecoin (LTC)

Litecoin is also decentralized peer-to-peer cryptocurrency, which is released by an open source software under the MIT / X11 license by Charles Lee in October 2011, which has previously been a Google Employee. Beitcoin has a great hand behind its creation and its many features swing with Bitcoin. The block generation time of Litecoin is 4 times less than Bitcoin. Therefore, the transactions are very fast in full. In this, Scrypt algorithm is used for mining.

4. Dogecoin (Doge)

The story of dogecoin is quite interesting. It was compared to the dog to joke Bitcoin, which later took the form of a cryptocurrency. The name of its founder is Billy Markus. Similar to Litecoin, Scrypt Algorithm is also used in this.

Today, Market Value of Dogecoin is more than $ 197 million and it is accepted in more than 200 merchants all over the world. Mining is also very quick compared to others.

5. Faircoin (FAIR)

Faircoin is part of a very large, socially-conscious vision, which is a Spain-based co-operative organization and is also known as the Catalan Integral Cooperative, or CIC. It uses blockcoin technology of bitcoin, but with more socially-constructive design. Like other cryptocurrencies, Faircoin does not rely on mining or minting new coins. But in its place these certified validation nodes, or CDNs, are used for block generation. To verify coins in faircoin, 'proof-of-cooperation' is used in lieu of proof-of-stake or proof-of-work.

6. Dash (DASH)

Its earlier names were XCoin and Darkcoin, Dash, meaning 'Digital' and 'Cash'. This is an open source, peer-to-peer cryptocurrency as soon as bitcoin. But it has more features than Bitcoin, such as 'InstantSend' and 'PrivateSend'. In InstantSend, users can easily complete their transactions; the transaction in Privatesend is completely safe where users' privacy is given great importance.

An uncommon algorithm is used in Dash, which is 'X11', which has its specialty that it is compatible with very less powerful hardware, so that more and more people can mine their currency automatically. X11 is a very energy efficient algorithm, which consumes up to 30% less power than Scrypt.

7. Peercoin (PPC)

Peercoin which is fully based on the Bitcoin protocol, and many of the source code swings between them. In this, verifying the transaction is not only done on the proof of work, but also along with the Proof of stake system. As the name suggests, Peercoin is also peer-to-peer cryptocurrency, similar to Bitcoin, in which the source code has been released under the MIT / X11 software license.

Peercoin also uses Bitcoin as SHA-256 algorithm. And it requires less power to deal in and mining.

8. Ripple (XRP)

Ripple is released in 2012 and based on the distributed open source protocol, Ripple is a real-time gross settlement system (RTGS) that runs its own Cryptocurrency, also called Ripples (XRP). It is a very popular and popular Cryptocurrency and with a total market cap of around $ 10 billion According to their officials, Ripple provides users with "safe, instant and nearly free global financial transactions to make any size and does not have any chargebacks.

9. Monero (XMR)

It is actually born from Bytecoin's fork, in the year 2014 and since then it has got a great advantage. These cryptocurrency works in all systems such as Windows, Mac, Linux, Android, and FreeBSD. As soon as Bitcoin, Monero also focuses on privacy and decentralization. The most important difference between Bitcoin and Monero is that they use high-end GPUs in Bitcoin, while Monero uses consumer-level CPUs.

Benefits of CryptoCurrency

• The chances of having fraud in Cryptocurrency are very small.
• If spoken to cryptocurrency, they are more secure than normal digital payment.
• There is a lot less transaction fees in it if we talk about other payment options.
• The accounts are very safe in that, because different types of Cryptography Algorithm are used in it.

Loss of Cryptocurrency

• Once the transaction is completed in Cryptocurrency, it is impossible to reverse it because there are no such options in it.
• If your Wallet ID is lost, then it is lost forever because it is not possible to retrieve it. In this way, whatever your money in your wallet is lost forever.