What is cryptocurrency and its variants?

So what is cryptocurrency after all? Today, see who runs behind Cryptocurrencies. In a very short time, Cryptocurrency has made its strength in the financial markets stronger. As Crypto money can also be called digital currency because it is only available online and we cannot do it physically.

In other currencies such as Rupees in India, Dollars in USA, Europe in Europe, etc. Governments are used nationwide and are used in the same way, in the same way these funds are spent around the world.

It should be noted, however, that the Government has no control over these Cryptocurrensets as it is a Distributed Fund, so neither the agency nor the government or any board has any authority over them, as a result of which they have not controlled their value. I can go

So I wondered why today you could not be given full details about what Cryptocurrency is. As this article is being discussed in more detail, then you have the right to know about it and to teach it to others. After that without delay let us know what the cryptocurrency is and how many types are available.

👉What a cryptocurrency?

Cryptocurrency is also called digital currency. This is a type of digital asset used to purchase goods or services. Cryptography is used for these funds. This is a Peer to Peer Electronic System, which we can use to purchase Goods and Services instead of regular Internet payments. In this system, the government may or may not inform the banks, so some people believe that cryptocurrency could be misused.

If we do Cryptocurrency first, it will be Bitcoin that brought these services first to the world. If we see today, more than 1000 Cryptocurrency around the world but only a few of them are very important, which we will learn about later. Cryptography is used to create cryptocurrency.

Speaking of all crypto, the first one that became popular among them was Bitcoin. It is also the first and most widely used. There was a lot of controversy about Bitcoin but today Bitcoin is high on Cryptocurrensets. Here I will tell you about some Cryptocurrencies you may know about.

👉Types of crypto's

As you can see, there are many Cryptocurrencies but few of them work well and you can use them without Bitcoin.

1.B Bitcoin (BTC)

If we are talking about cryptocurrency and not talking about bitcoin, then it is not possible at all. Because Bitcoin is the first Cryptocurrency from the world. Created by Satoshi Nakamoto in 2009. It is a digital currency that is only used to buy goods and services online. It is a withdrawal amount which means that there is no government or other institution in it. If we talk today, then its value has grown significantly, now close to 26 Lacks, the value of the coin. You can find out about this by its current significance.

2. Ethereum (ETH)

Like Bitcoin, Ethereum is also an open source blockchain-based computing source. The name of its founder is Vitalik Buterin. Its Cryptocurrency token is also called 'Ether'. This forum helps its users to create a digital token, with the help of which it can be used on a cash basis. Ethereum (ETH) and Etheriem Classic (ETC) are split into two parts due to the recent addition of Hard Fork. It is the second most popular cryptocurrency after bitcoin.

3.Litecoin (LTC)

Litecoin is also a low-cost peer-to-peer cryptocurrency which is open source software released under the MIT / X11 license by Charles Lee in October 2011, a former Google employee. Bitcoin has a huge hand in the aftermath of its creation and many of its features are similar to those of Bitcoin. Litecoin production time is four times smaller than that of Bitcoin. Therefore, what is done is finished very quickly. It uses Scrypt algorithm to mine.

4.Dogecoin (Doge)

The story of Dogecoin's formation is quite interesting. It was compared to a funny Bitcoin dog that later took the form of Cryptocurrency. The name of its founder is Billy Markus. Like Litecoin, it also uses the Scrypt Algorithm. Today the market value of Dogecoin is over $ 2036 million and is accepted by more than 20000 merchants worldwide. In this case too, the mines are much faster than others.

5. Faircoin (FAIR)

Faircoin is part of a larger public awareness movement that is a Spanish-based co-operative and also known as the Catalan Integral Cooperative, or CIC. It uses Bitcoin blockchain technology, but with a design that builds a community. Like other cryptocurrensets, Faircoin does not rely on capturing or making new coins at all. But instead they use verified nodes, or CDNs, in block construction. To validate coins in Faircoin, ‘proof-of-cooperation’ is used instead of stake proof or proof of operation.

6. Dash (IDASH)

Its previous names were XCoin and Darkcoin, Dash, meaning 'Digital' and 'Cash'. It is an open source, peer-to-peer cryptocurrency similar to Bitcoin. But it has more features than Bitcoin like 'InstantSend' and 'PrivateSend'. In InstantSend, users can easily complete their transaction, while in Privatesend, the transaction is completely secure, while user privacy is given high priority.

Dash uses an unconventional algorithm called 'X11', which is uniquely compatible with less powerful hardware, so more and more people can make their own money. The X11 is a highly energy-efficient algorithm, which uses up to 30% power under Scrypt.

7. Peercoin (PPC)

Peercoin is based entirely on the Bitcoin protocol and where multiple source codes are found in both. In this case, Proof of work relies not only on the confirmation of the transaction, but also on the Proof of stock system being maintained. As the name suggests, Peercoin is also a peer cryptocurrency similar to Bitcoin, where the source code was issued under the MIT / X11 software license.

Peercoin also uses a SHA-256 algorithm similar to Bitcoin. It also requires very little energy to carry out mining transactions.

8.Ripple (XRP)

Ripple was released in 2012 and is based on the open source process, Ripple is a real payment system (RTGS) that uses its Cryptocurrency also known as Ripples (XRP). It is the most famous and famous digital currency and has a total market value estimated at $ 10 billion. According to their officials, Ripple provides users with "security, global financial transactions of any size and non-refundable.

9.Monero (XMR)

It was actually born with a Bytecoin fork in 2014 and has since become a popular profit. This cryptocurrency works on all operating systems such as Windows, Mac, Linux, Android, and FreeBSD. Like Bitcoin, Monero also focuses on the military and international supply chain. The most important difference between Bitcoin and Monero is that higher GPUs are used in Bitcoin while Monero uses CPUs at the consumer level.

👉Benefits of CryptoCurrency

👉The chances of fraud in digital currency are slim.

👉If we talk about digital money, then they are much more secure than regular digital payments.

👉In this case, the transaction fee is also very low when it comes to other payment options.

👉Accounts in this case are very secure because different Cryptography Algorithm methods are used in them.

👉The disadvantages of Cryptocurrency

👉In cryptocurrency once a transaction is completed it is not possible to reverse it as there is no such option in it.

👉If your Wallet ID is lost, it is permanently lost because it is impossible to recover it. In that case, any money you have in your wallet is lost forever.

I sincerely hope I have given you the full details about what digital currency is and I hope you guys are right about cryptocurrency. I urge all readers to share this information with your community, relatives and friends, so that we can get to know each other and everyone will benefit greatly from it. I need your support to pass on some new information to you.
It has always been my effort to always help my students or students from all walks of life, if you people have any doubts of any kind, then you can ask me carelessly. I will definitely try to resolve that doubt. How do you think this article is Cryptocurrency? Please let us know in the comments so that we too can have the opportunity to learn something from your ideas and improve something.

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Hi , This is Pramod Choudhary from Nagaur Rajasthan India. I an student and I would like to share my positive thinking with everyone that's my passion . Thank you