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What is Cryptocurrency? What are the types of Cryptocurrency?

Everyone is running around the Cryptocurrencies now a day. In a very short period of time, Cryptocurrencies are dominating the market share. It is also making heavy inroads in the financial market. Let us explain the cryptocurrency list for you in detail. Cryptocurrency is also called digital money because of it only available online. We cannot exchange it physically. Bitcoin was the first cryptocurrency in the world.

Currencies such as Rupees in India, Dollar in the USA, and Euro in European Union etc. are used in the entire country; the cryptocurrency list are used in the entire world.  The main thing to understand about the cryptocurrency list is that it is a Decentralized Currency. Cryptocurrency list are not regulated and owned by any Government, board or agency.

What are the Cryptocurrency List (Bitcoin)

Since this is a hot topic of discussion we are here to tell you all about it. By learning yourself, you can educate others about the cryptocurrency list.

What is Cryptocurrency?

It is a digital currency. This is like a digital asset which can be used to purchase goods or services. Cryptography is used in these currencies. Cryptocurrency list are used on the internet like Peer to Peer Electronic System, to do business. Under this system, you can do business, without telling the Government or Banks about it. That’s why many believe that it can be used illegally.

The first Cryptocurrency was Bitcoin. In today’s world, there are more than 1000 Crypto Currencies available. But, few are important which we will discuss. Cryptography is used to make Cryptocurrency, which is a much-secured method of producing currencies just like any real currency. There had been many controversies attached to these currencies, but they are definitely gaining popularity as well as the trust of people.

Cryptocurrency list

There are cryptocurrency list, but few of them are performing quite well. If you want, you can use them instead of Bitcoin.

1- Bitcoin (BTC)

If we are discussing cryptocurrency list then it is impossible not to talk about the Bitcoin. Bitcoin was the first cryptocurrency in the world. It was invented by Satoshi Nakamoto in the year 2009. This is a digital currency which can be only used online to purchase goods and services. Like every other Cryptocurrency, it is decentralized. The value of one Bitcoin as of writing is around 5 Lakh Rupees. You can think about the importance of Bitcoin in today’s world by its value.

2- Ethereum (ETH)

Ethereum is like Bitcoin open-source, decentralized block-chain computing platform based Cryptocurrency. The founder is Vitalik Buterin. This is also called “Ether”. The platform allows its user to create a digital token which is used to do business with this currency. Recently after a hard fork, Ethereum is divided into two, one is Ethereum (ETH) and the other one is Ethriem Classic (ETC). It is the second most popular after Bitcoin.

3- Litecoin (LTC)

Litecoin is also a decentralized peer-to-peer in cryptocurrency list. It is released under open source software under the MIT/X11 licence in October 2011 by former Google Employee Charles Lee. It is inspired by Bitcoin. The block generation of Litecoin is 4 times less than Bitcoin. That’s why its transaction takes less time. The script algorithm is used for mining Litecoin.

4- Dogecoin (Doge)

The story behind the making of Dogecoin is quite interesting. It started by making fun of Bitcoin and was compared with a dog. Dogecoin founder is Billy Markus. It also uses Scrypt Algorithm like Litecoin.

The market value of Dogecoin is $197 million. It is used by more than 200 merchants worldwide. Its mining takes less time compared to other cryptocurrency list.

5- Farecoin (FARE)

Farecoin is a part of the grand socially-conscious vision. It is a co-operative organization of Spain. It is also known as Catalan Integral Cooperative (CIC). It uses Bitcoins’ blockchain technology, but with the more socially constructive design. It is not dependent on Faircoin mining or minting new coins like other cryptocurrency list. Instead, it uses Certified Validation Nodes or CDNs for block generation. For verification of Faircoin to coins, it uses proof-of-cooperation instead of proof-of-stake or proof-of-work.

6- Dash (DASH)

The previous names of Dash were XCoin or Darkcoin. Dash is made up of two words, ‘Digital’ and ‘Cash’. It is also open source, peer-to-peer Cryptocurrency like Bitcoin. It has got more features than Bitcoin like ‘InstantSend’ and ‘privatised’. In InstantSend users can do transactions quickly. In PrivateSend the privacy of the user is given importance.

Dash uses an uncommon algorithm ‘X11’. It makes it compatible with less powerful machines. More people can mine themselves. X11 is an energy efficient algorithm which uses 30% less energy than Script.

7- Peercoin (PPC)

Peercoin is based on Bitcoin protocol. The source code is similar to Bitcoin. For transaction verification, proof of work and proof of stake are verified. As the name suggests, Peercoin is a peer-to-peer in cryptocurrency list. The source code is released under MIT/X11 software licence.

Peercoin uses SHA-256 algorithm. But, it uses less power than Bitcoin for mining.

8- Ripple (XRP)

Ripple was released in 2012 which is open source protocol based. Ripple is a real-time gross settlement system (RTGS) which uses its own Cryptocurrency Ripples (XRP). It has a market cap of $10 billion. It gives its users secure, instant and nearly free global financial transaction of any size.

9- Monero (XMR)

Monero is produced after a fork in Bitcoin in the year 2014. This works on Windows, Mac, Linux, Android and FreeBSD. It gives its users privacy and decentralization. The main difference between Monero and Bitcoin is that Bitcoin uses high-end GPUs while Monero uses consumer-level GPUs.

Benefits of Cryptocurrency

  • The chances of having fraud are very small.
  • The cryptocurrency list are more secure than normal digital payment.
  • There are a lot fewer transaction fees in comparison to other payment options.
  • The accounts are very safe because of different types of Cryptographic Algorithms.

Disadvantages of Cryptocurrency

  • Once the transaction is completed in Cryptocurrency, it is impossible to reverse it. Because there is no such option available as of now.
  • If your wallet ID is lost, then it is lost forever because it is not possible to retrieve it. In this way, whatever money you had in your wallet is lost forever.

We hope you have become more knowledgeable about Cryptocurrency after reading this blog. Do share this blog with your loved ones. If you have any questions or knowledge about this topic to share with us, in the comment section below.

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Updated: 2018-04-02 — 12:18 PM

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  1. It’s amazing designed for me to have a web site, which is helpful designed for my know-how.
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