What is cryptocurrency?
Cryptocurrency is a digital medium of exchange that is secured by cryptography. This cryptograph makes it impossible to counterfeit or double spend. Many of these virtual currencies use decentralized networker based on blockchain technology which are organisational methods for ensuring the indignity and transparency of transactional data.
The word cryptocurrency is derived from encryption techniques which are used to secure networks.
Cryptocurrency is not controlled by any central authority; these currencies can be sent between two parties with the use of public or private keys and with minimal transaction fee.
When was cryptocurrency formed?
It was created during the 2008 financial crises as a way for people to be able to control their own money without depending on any financial institutes like banks. It was later launched in 2009 by an individual or a group of people that go by pseudonym Satoshi Nakamoto.
There are about 3,000 types of cryptocurrencies in existence at present with each one falling into the category of one of the three main virtual currencies – Altcoins, Tokens and Bitcoins.
Bitcoins are considered to be the first original cryptocurrencies created in 2009. Bitcoins were created in such a way that no one will have control over the currency but at the same time every transaction is transparent i.e. every transaction is stored in a massive distributed public ledger called the blockchain. The current value of 1 bitcoin in US Dollars is 10,786.30 and in Indian Rupees is 7,94,085.33. They have high liquidity making them great investment if you are looking for short term profits, they can also be used for long term investments as they have high market demand.
Ethereum is the second-largest cryptocurrency platform by market capitalization. It is a global decentralized platform for money that allows you to write codes to control your money. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the blockchain. The current value of 1 Ether in US Dollars is 383.65 and in Indian Rupees is 28,189.26. Like other crypto assets, investing in Ethereum can be highly profitable and has a history of giving its investors high returns.
Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. Bitcoin Cash is an altcoin that was created in 2017. In 2018 Bitcoin Cash subsequently split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV. Bitcoin Cash brings sound money to the world. Merchants and users are empowered with low fees and reliable confirmations. The current value of 1 BCH in US Dollars is 233.12 and in Indian Rupees is 17,097.06.
Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or altcoin, started on October 2011. Litecoin has a supply limit of 84,000,000 LTC and was first started in 2011. The current value of 1 LTC in US Dollars is 48.31 and in Indian Rupees is 3,544.16. As Litecoin have has consistent growth in value from when it was started, it is definitely a strong performance investment and it has also always been on the top 10 crypto market list by market cap, a feat that not many other altcoins can claim.
Ripple is a real-time gross settlement system, currency exchange and remittance network created by a US-based technology company called Ripple Labs Inc. Ripple was codded in C++ programming language and also uses blockchain. The current value of 1 XRP in US Dollars is 0.252074 and in Indian Rupees is 18.74. As the prices of Ripples are relatively low it becomes an easy option for those with small budgets. Ripple transactions are much faster and cheaper than those the Bitcoin network offers.
- Bitcoin (BTC)
Bitcoins are considered to be the first original cryptocurrencies created in 2009. Bitcoins were created in such a way that no one will have control over the currency but at the same time every transaction is transparent i.e. every transaction is stored in a massive distributed public ledger called the blockchain. The current value of 1 bitcoin in US Dollars is 10,786.30 and in Indian Rupees is 7,94,085.33. They have high liquidity making them great investment if you are looking for short term profits, they can also be used for long term investments as they have high market demand.
- Ethereum (ETH)
Ethereum is the second-largest cryptocurrency platform by market capitalization. It is a global decentralized platform for money that allows you to write codes to control your money. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the blockchain. The current value of 1 Ether in US Dollars is 383.65 and in Indian Rupees is 28,189.26. Like other crypto assets, investing in Ethereum can be highly profitable and has a history of giving its investors high returns.
- Bitcoin Cash (BCH)
Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. Bitcoin Cash is an altcoin that was created in 2017. In 2018 Bitcoin Cash subsequently split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV. Bitcoin Cash brings sound money to the world. Merchants and users are empowered with low fees and reliable confirmations. The current value of 1 BCH in US Dollars is 233.12 and in Indian Rupees is 17,097.06.
- Litecoin (LTC)
Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early bitcoin spinoff or altcoin, started on October 2011. Litecoin has a supply limit of 84,000,000 LTC and was first started in 2011. The current value of 1 LTC in US Dollars is 48.31 and in Indian Rupees is 3,544.16. As Litecoin have has consistent growth in value from when it was started, it is definitely a strong performance investment and it has also always been on the top 10 crypto market list by market cap, a feat that not many other altcoins can claim.
- Ripple (XRP)
Ripple is a real-time gross settlement system, currency exchange and remittance network created by a US-based technology company called Ripple Labs Inc. Ripple was codded in C++ programming language and also uses blockchain. The current value of 1 XRP in US Dollars is 0.252074 and in Indian Rupees is 18.74. As the prices of Ripples are relatively low it becomes an easy option for those with small budgets. Ripple transactions are much faster and cheaper than those the Bitcoin network offers.
Conclusion
Cryptocurrency is a vast topic with a lot of components to it. It might not be the easiest topic to understand but if and when one does understand it, it can be fun investment with low fee and complete control over your money. This visual form of currency definitely has a future with us because of its blockchain network and the fact that it is not controlled by any central authority.