What Is Cryptocurrency?

What Is Cryptocurrency?

Crypto Currency often described as ‘digital currency’is the trend which is taking over internet and all the investors. Cryptocurrency is a digitised asset spread through multiple computers in a shared network. The decentralised nature of this network shields them from any control from government regulatory bodies.

 

The term “Cryptocurrency is derived from the encryption techniques used to secure the network. It is a completely virtual line of currency that runs on the system of cryptography. Cryptography also underlines the creation of units of different cryptocurrencies. This mode of exchange primarily runs on the blockchain technology –due to which Cryptocurrency get their title of decentralisation. It is a shared public ledger that contains all the transactions that have ever taken place within a network. Therefore, everyone on the network can see each transaction that takes place and also view otherbalances.

 

Also Read: Everything you need to Know About Cryptocurrency before Investing on It

 

The Blockchain technology addresses one of the primary concerns with digital payment platforms, i.e., double-spending while ensuring there is no monopoly of authority. That is because, in blockchain technology, parties to a transaction them selves verify and facilitate every such activity. 

 

BEST CRYPTOCURRENCIES

 

As of now, there are over 5,000 Crypto Currencies listed on internet, and probably twice as many that you’ll never know about. There isn’t only one Best Cryptocurrency to buy. Lots of cryptocurrencies have various use cases and promise to disrupt various industries. Investing in cryptocurrency is risky, but investing in only one is way riskier. So make sure to diversify your crypto portfolio.

 

 

Some of the Best Cryptocurrency to chose from:

 

1. Bitcoin:-

Bitcoin is the most widely used Cryptocurrency to date. It is often referred to as the king of cryptocurrencies, and its primary goal is to act as global, peer to peer, digital cash.

 

2. Litecoin:-

 

Litecoin is one of the first Cryptocurrencies to come after Bitcoin, and one of the hot test cryptocurrencies of the last decade. Using Bitcoin’s source-code, Litecoin is a fork of Bitcoin with some technical changes to the code, making it much faster than Bitcoin. Its mission is also to be a global, peer to peer currency.

 

Also Read: What Is A Cryptocurrency Exchange

3. Ethereum:-

Ethereum was the first major project to introduce smart contracts.

Smart contracts allow developers to launch mobile and desktop decentralized applications (dApps) on top of the blockchain. 

 

4. Binance Coin (BNB):-

 

Unlike Bitcoin and Litecoin, which aim to be used as currencies, the Binance Coin is a utility token. 

This means its value comes from how useful it is (and how much demand there is for its utility) within the Binance ecosystem.