Are you new to cyptoworld and you want to know some types of cryptocurrency either to invest in or use as means of exchange. Well in this post, I am gonna be sharing with you some types of cryptocurrency well popular and what you can use in the day to day activities.
TYPES OF CRYPTOCURRENCY EXPLAINED
Bitcoin is an interesting form of currency that has many people wanting to understand more about it. It’s still emerging in the marketplace and is slowly but surely becoming a trusted way to pay for merchandise without revealing who you are.
What it is
Bitcoin is a new form of currency. And by new, I mean REALLY new. It first hit the scene in 2009. Basically, it allow for money transactions to occur with no fees, no banks, and you don’t even have to identify yourself. It’s the first time ever that there is absolutely no middle man involved with a money transaction.
How it works
There are a ton of ways that you can acquire bitcoins for purchases. Mt. Gox is the largest Bitcoin exchange marketplace. You can also solve complex math problems to win Bitcoins. Then, you can use the Bitcoins to make anonymous purchases online.
2. Litecoin (LTC)
Litecoin is another types of cryptocurrency. Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was an early bitcoin spinoff or altcoin, starting in October 2011
3. Ethereum (ETH)
Ethereum is another types of cryptocurrency, created in 2015, Ethereum is a type of cryptocurrency that is an open source platform based on blockchain technology. While tracking ownership of digital currency transactions, Ethereum blockchain also focuses on running the programming code of any decentralized application, allowing it to be used by application developers to pay for transaction fees and services on the Ethereum network.
4. Ripple (XRP)
Ripple was released in 2012 that acts as both a cryptocurrency and a digital payment network for financial transactions. It’s a global settlement network that is designed to create a fast, secure and low-cost method of transferring money.
Ripple allows for any type of currency to be exchanged, from USD and Bitcoin to gold and EUR and connects to banks, unlike other currencies. Ripple also differs from other types of digital currencies because its primary focus is not for person-to-person transactions, rather for moving sums of money on a larger scale.
5. Bitcoin Cash
Bitcoin Cash is a type of digital currency that was created to improve certain features of Bitcoin. Bitcoin Cash increased the size of blocks, allowing more transactions to be processed faster.