A cryptocurrency is a form of currency that utilizes digital or virtual means and it is secured by cryptography.
Cryptography is a form of communication that procures the safety and security of communicators or dealers and it is done by different type of codes by the use of paper, computer or any other mean.
Cryptocurrency provides its users confidentiality and integrity in their business. As cryptocurrency utilizes a set of secret codes it has immunity to governmental or any other type of manipulation.
These are the reasons why cryptocurrency has a vast role in today’s market and is used widely all over the world for different kind of business and trades.
HISTORY OF CRYPTOCURRENCY
Bitcoin was the first type of currency that was first introduced to the world by Satoshi Nakamoto. Launched in 2009, bitcoin was the prototype of this form of currency and now in 2019 there are a number of other types of such currencies in use all over the world.
TYPES OF CRYPTOCURRENCIES
After bitcoin, the world of cryptocurrency has evolved a lot, According to the crypto news . Today, there are more than 2000 types of this currency that have worth of around 70 Billion Dollars and is growing by the day.
After bitcoin which is the largest chain of currency to the day is followed by other types such as:
- Bitcoin cash
All of the above types of cryptocurrencies and many more have their own value in the market while Bitcoin leads them all, as it is the most used and most valuable form. In today’s rate, one bitcoin is worth around 5024.39 US Dollars while one Litecoin is worth about 77.37 US Dollars. Similarly, all other cryptocurrencies have different rates.
A new type of cryptocurrency can be created at any time from either the ones that already exist or by the use of a completely new method.
Importance of cryptocurrency
Cryptocurrency has a wide list of its application due to the integrity and confidentiality that it provides to different stockbrokers, traders and other businessmen all over the world.
As cryptocurrency is an online system of money transfer, it has a long list of its applications on the internet. A lot of earning websites and different applications pay their employees through cryptocurrency because of its safety and feasibility.
With bitcoins, you can travel around the globe as a number of travel agents accept bitcoins as a payment method. Similarly, it has its importance in low-cost money transfers, investment, making private transactions, and buying different stuff like cars, etc.
Before the arrival of bitcoins in 2009, transferring the funds was totally reliable on trust and there were always some flaws. But with the arrival of the bitcoin, this process of transactions was made so simple and it had no threat from the third parties of fraud and other possibilities that could lead the investors to loss that is why in such a short time, so many types of cryptocurrencies have emerged. Cryptocurrency is more beneficial, safe and secure than the traditional ways and the use of these cryptocurrencies is increasing by the day and every businessman has his own block-chain. As we have discussed its importance and wide list of its applications, so many types of cryptocurrency don’t remain a mystery after that.