INTRODUCTION TO CRYPTOCURRENCY|DIFFERENT TYPES OF CRYPTOCURRENCY
Cryptocurrency — Cryptocurrency is an electronic money created with technology controlling its creation and protecting transactions, while hiding the identities of its users.
Crypto– is short for “cryptography”, and cryptography is computer technology used for security, hiding information, identities and more.
Cryptocurrencies are a digital cash designed to be quicker, cheaper and more reliable than our regular government issued money. Instead of trusting a government to create your money and banks to store, send and receive it, users transact directly with each other and store their money themselves.
To prevent fraud and manipulation, every user of a cryptocurrency can simultaneously record and verify their own transactions and the transactions of everyone else. The digital transaction recordings are known as a “ledger” and this ledger is publicly available to anyone.
Each transaction is recorded on a digital record kept by many people across the world known as the “blockchain”. The data on the blockchain is publicly available and stored on many computers.There are so many copies being simultaneously maintained, the transaction and banking data is very safe and virtually impossible to manipulate.
Blockchain — Blockchain is technology for creating permanent, secure digital recordings that don’t rely on any single person or group. Blockchains can record any information.It is a block, and can record anything. Blocks are created one after the other, chained to each other creating what we know as the blockchain.
Mining — Mining is the computer process of recording and verifying information on the digital record known as the blockchain. Because mining requires computer power, people do this work in return for money. Each computer that fulfills this process can earn a reward in digital money.
5 COINS YOU SHOULD BE AWARE OF:
1. Bitcoin — The first and most popular traded cryptocurrency. Because of its popularity, it has become an anchor in the cryptocurrency market. That means, as the price of bitcoin goes up and down, the prices of other cryptocurrencies move around too.
2. Ethereum — The second largest cryptocurrency. Ethereum is built with publicly available software that developers can use to build their own cryptocurrency and software. Some cryptocurrencies built with it include: OMG, Qtum, EOS, and BAT. Some of the apps built from it include games, social networks, and marketplaces.
3. Ripple — A cryptocurrency with technology that allows organizations such as banks and companies to securely and instantly send money at almost no cost.
4. Litecoin — Litecoin is the silver to bitcoin’s gold, meaning it’s way less expensive. Litecoin is a cryptocurrency based on bitcoin’s technology with improvements to transaction speed, and a reduction of transaction cost. Unlike bitcoin, litecoin focuses on using the latest in technology to improve performance and user experience.
5. NEO — Neo is a Chinese cryptocurrency that has similar technology to Ethereum allowing developers to build their own cryptocurrency. Because ethereum is #2 in the crypto universe, comparing neo to it has boosted neo’s value. The first coin being developed with NEO is Redpulse.
THE FUTURE OF CRYPTO :
There are two sides to every subject, and the same goes for cryptocurrency. Negative is a massive bubble of unofficial money with perceived value that exceeds actual value. Positive is a huge opportunity, not only in cryptocurrencies, but also with the underlying network of blockchain technology and how it can affect businesses globally.
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