What is Cryptocurrency?
Cryptocurrency is also known as virtual currency which allows the user to transact money in digital form throughout the world. These are based on blockchain technology that covers the security and transaction of such virtual money in anytime and anywhere in this world. This digital currency is a worldwide being used and popular virtual money, which had created a famed image in whole digital world.
The major fact by which cryptocurrency is being widely popular is that this virtual currency has less transaction fees as compared to other online payments across the world, this is all because most of these currencies does not come under any authority and government currency issues.
Cryptocurrency is an outstanding and underrated thing, if any user or member is involved in any virtual currency, he might know the importance of this virtual currency to this world. This can be expressed in simpler words that, a process of gaining computerized power and transacting money with address and tokens.
As we know cryptocurrencies are the virtual coins in exchange to government currencies. This is actually one of the important points in buying those virtual currencies. We can actually buy those virtual currencies using our payment methods such as cards or we could just collect them as a reward in the name of PTC (Paid to Click) sites and get them without even buying by visiting tons of faucet websites those are fulfilled with advertisements to provide us free crypto coins.
The main issues with these cryptocurrencies are to protect its system as security and to make sure of the virtual currency based blockchain must work continuously to complete the working of this blockchain industry. The actual rate of cryptocurrencies may change and vary regularly on timely basis, mainly it’s obvious that, those virtual currencies are on high peak and some of the times those are indulge in lower peak.
There are some rumours about the handfuls of physical cryptocurrency coins but that’s not even practical. Those virtual currencies are stored in a server and cloud system where this whole blockchain thing comes up. Blockchain is a complete set of programs to manage whole security of these virtual currencies, transaction and creation of more units in further digital currencies.
Such virtual money is stored in a very secured manner, verified with a powerful and high computing power to avoid and break such hacking attempts on this whole blockchain cryptocurrency wallet thing. Cryptocurrency is itself a base structure in whole international virtual money transaction. It provides guarantee and security for whole virtual currency exchange and transaction. In the absence of such virtual currencies, the whole system and market of digital money would be crashed.
Virtual currencies were started to create and launch since 90s technology, that were Flooz, Benz and DigiCash rising. Those were virtual currencies on the digital market that kept failing at that times. Few reasons of their failure were such as involvement in fraud, financial degradation and perspective issues between users and government. These virtual currencies were computerized by compromised in security which allowed the hackers to involve in all the virtual money transactions.
After the whole upside down in digital currencies, Bitcoin was created by an unknown person at January, 2009 which changed the whole game of cryptocurrencies with its efficiency and strong binds of security through blockchain technology. That were the times when whole virtual money started evolving in sudden to provide complete access to their resources for virtual money. So, nowadays many cryptocurrencies are created and launched to provide their services as virtual money transfer to the individual user throughout the world.
Most Common Cryptocurrencies
Bitcoin– The virtual money which provoked the other cryptocurrencies and created in 2009.
Ethereum– An open source digital currency which allows user to transact since 2015.
Ripple– Ripple is a U.S based company, consists of currency exchange network since 2018.
Bitcoin Cash– Bitcoin Cash is a fork of bitcoin which is also known as Bcash, recently launched in 2017.
Nem– A blockchain platform launched in 2015, also known as peer-to-peer virtual currency.
Lite coin– An open source and decentralized digital currencies with its initial release on 2011.
IOTA– A digital currency allowed to exchange data without blockchain since 2015.
Monero– A virtual currency with personal transactions ability and certainly one of the powerful cryptocurrencies