Cryptocurrency is a digital currency that uses cryptography and is difficult to counterfeit due to its security feature. It is a scarce asset. Crypto currency can also be used for the purchase of goods and services or can be traded for profit but uses an online ledger to secure online transactions. Anyone can acquire a digital currency of choice and can make online transfer at the click of a button. In future, it will be easier to transact and own cryptos. Fiat as a currency has remained a legal tender in most countries of the world. When a crypto currency is created, it is issued by a single issuer, its is centralized.
Bitcoin as a crypto currency was founded by a Japanese named Satoshi Nakamoto, he also devised the first blockchain database and also deployed the first decentralized digital currency. Other currencies apart for it is called “Alt Coins.” These are more than 6,700 crypto currencies according to Coinmarketcap.com (a market research company). And the total market value is worth more than 1.6 trillion. It’s transactions are irreversible and makes tracking difficult.
These are the some of the crypto currencies:
Bitcoin (BTC)
Etherum (ETH)
Tether (TT)
Lite coin (LTC)
Bitcoin cash (BCH)
Stellar (XLM)
Ripple (XRP)
Binance coin (BNB)
The Distinguishing features of cryptocurrences from other Fiat currencies.
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Cryptocurrencies has shown to offer a lot of benefits compared to the fiat currency and also comes with a lot of amazing features and characteristics