What is Cryptocurrency? | Know Everything about CryptoCurrencies
When you search on google with What is Cryptocurrency? Google shows you following snippet.
Which gives us following information.
1) Cryptocurrency is a digital currency, it is not a physical currency
2) Large Highly secure encryptions technique is used to regulated generation & distribution of Cryptocurrency
3) Cryptocurrency is not associated with any central Bank
With above points, you might be started thinking this is not for normal people, but no crypto currency is a future of the current financial system and as early we get familiar with it, that is Good for us. Currently, we are using different mobile wallet like Paytm which are based on our regular currency Rupees. few years before for us, Mobile E-Wallets are very new and many experts predict it will not work in India, but due to large penetration of Smartphones, Mobile Wallets have become reality and more than 25 cores people using mobile wallets in India at this point.
Same way Cryptocurrencies started expanding their network in India & Around the world.
Origin of Cryptocurrency
Bitcoin is the first cryptocurrency which is created (invented) in 2009, and from 2009 to till date there are 900+ cryptocurrencies are available in Internet Cryptocurrency Market.
How Cryptocurrency created?
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated maths problems that generate coins.
Why use Cryptocurrency?
Cryptocurrencies are known for being secure and providing a level of anonymity. Transactions in them cannot be faked or reversed and there tend to be low fees, making it more reliable than conventional currency. Their decentralized nature means they are available to everyone, where banks can be exclusive in who they will let open accounts.
We should use crypto currencies as it is a step in the direction of the global trade where everyone can be involved in each transaction. if not getting familiar with it now, we will be lost in near future financial System.
Which are the current Top Cryptocurrencies in the world?
1) Bitcoin – The currency was developed by Satoshi Nakamoto in 2009, a mysterious figure who developed its blockchain. It has a market capitalization of around $45 billion as of July 2017. and currently, the price of Bitcoin in the market is rising daily and it is breaking records, While I am writing this article the current value of 1 Bitcoin is $4565.
2) Ethereum: Developed in 2015, ethereum is the currency token used in the ethereum blockchain, the second most popular and valuable cryptocurrency. Ethereum has a market capitalization of around $18bn as of July 2017.
3) Litecoin: This currency is most similar in form to Bitcoin, but has moved more quickly to develop new innovations, including faster payments and processes to allow many more transactions. The total value of all Litecoin is around $2.1 billion.