What is Cryptocurrency And Its Types

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What is Cryptocurrency and Its Types

What is Cryptocurrency?

Cryptocurrency

Cryptocurrency is like a real money or you can say that it is a real money but they take digital form. It is not governed or managed by central authority.

Types Of Cryptocurrency

1. Bitcoin

Bitcoin

It is the most recognizable and closely associated with “Coca Cola” or “Kleenex” of all crypto. More than 17.6 million bitcoin tokens are currently in circulation.

2. Bitcoin Cash

Bitcoin Cash

In market, the most popular type of cryptocurrency is Bitcoin Cash introduced in 2017. Its block size of 8 MB is the difference with the original bitcoin whose block size is of 1 MB. Therefore, its processing speed is faster.

3. Cardano

Cardano

To receive and send digital funds, Cardano aka ADA is used. For cryptocurrencies, it is the balanced and sustainable ecosystem. Only this coin has research-driven approach and scientific philosophy.

4. Ethereum

Ethereum

Ethereum focuses on decentralized applications and not on digital currency. Ethereum can be think of as an app store.

5. IOTA

IOTA

IOTA is launched in 2016 and stands for Internet of Things Application. It works with smart devices and not with a block and chain. Two previous transactions should be verified to use it and it is called DAG (Directed Acyclic Graph).

6. Litecoin

Litecoin

Like Bitcoin, its use is also increasing and functions in the same manner. Charlie Lee, a former employee of Google created it in 2011. It was designed to improve Bitcoin technology and has lower fees with more concentrated miners.

7. NEO

NEO

NEO is developed in China and is formerly called Antshares. The focus is on smart contracts so that users can create and execute agreements without any intermediary.