The term crypto has driven from the word “encryption” which means to keep things secure or coded. The concept of crypto currency is the same. Cryptocurrency is like a digital or virtual currency, we will be using as a medium of exchange for services. However, the currency has still not launched completely all over the globe. This type of currency is a new approach for making secure payments. Also eliminating transaction fees.
Moreover, cryptocurrency can be earned through a process called Cryptocurrency mining. Undermining, by using computer power, solve complicated mathematical problems that generate coins. Mining is the most common way, however, you can still get it from a local broker and keep it safe in your digital or cryptographic wallet. This virtual currency and blockchain technology are still in the evolving period. More uses of cryptocurrency can be anticipated. Other trades like bonds or stocks can also flourish out using this technology.
Traders and business people prefer this type of currency as it keeps the anonymity secure, is a low priced and tend to be more secure. Secure in a sense; that transactions or payment cannot be faked or reversed.
Moving on, here is a directory of some common types of cryptocurrency:
Satoshi Nakamoto, an innovative mind launched Bitcoin in 2009. He was the first one to come up with this creative idea. He developed its blockchain and since then it’s booming in the market. It is labeled as the most popular and valuable cryptocurrency.
Second most traded cryptocurrency was unleashed in 2015. It has a market capitalization worth $56 billion. Unfortunately, this type of currency has an unstable journey.
Also known as XRP was released in 2012, to ease transactions for people. It stands out in the crowd of types of cryptocurrency because it focuses on easing huge transactions, rather than one on one.
Sadly, there are few limitations cryptocurrency holders are facing. This type of currency is still in the nascent period. Many people accept it as a mode of payment, but few people don’t. Secondly, although the cryptocurrency is booming all around it hasn’t been officially launched yet. So it is illegal in many parts of the world. In case if anything goes wrong or you get any scammer. So you won’t be able to take help from the authorities. They won’t return your payment. Furthermore, cryptocurrency prices fluctuate every hour. No major fluctuations up till now. However, it can risk just in case prices go real down.
Digital currency is worth a shot, for sure. You can make cashless transactions. Although it hasn’t launched till yet, according to sources, the government all around the globe is planning to launch it officially. Let’s see what comes up over time.