Cryptocurrency is a currency made up by digital encryption. It is a decentralized currency and is not controlled by any banks or government, like the traditional currency, for example, Euro, Dollars, Yen, etc. Like these standard currencies, cryptocurrencies typically fill up two key duties:
- Payment systems for products and services
- Speculative tools for trading as well as investing
- Bitcoin: Since its inception in 2009, Bitcoin has grown rapidly in importance as the world’s initial and most preferred cryptocurrency.
- Litecoin: Released in 2011, Litecoin is used primarily as a payment deal cryptocurrency that has been called “silver to Bitcoin’s gold.”
- Ethereum: Released in 2015, Ethereum has swiftly acquired popularity on the heels of Bitcoin, and currently has a market capitalization second to Bitcoin amongst cryptocurrencies.
- Ripple: Developed in 2012, Surge varies from Bitcoin because it does not need mining to produce the cryptocurrency.
- Dash: Introduced in 2014, Dash, or Digital Money, was initially known as “Dark coin,” and is one-of-a-kind because it is considered an extremely anonymous and secretive cryptocurrency that specializes in virtually untraceable deals.