Cryptocurrency has become quite popular in recent years. It is a form of currency that is not backed by any government, bank or central authority. Cryptocurrency is also known as digital or virtual currency. This type of currency is created by using cryptographic techniques and is usually stored on a computer hard drive. The process of creating a cryptocurrency is called mining. A user can create his own cryptocurrency by using a software program known as a wallet.
There are different types of currencies:
1. Bitcoin – Bitcoin is the most popular cryptocurrency in the world. It was first introduced in 2009 and is based on the principles of cryptography. It is an open source system. Bitcoin is a decentralized peer-to-peer payment system. It is the first decentralized digital currency. Bitcoins are created through a process known as mining. They are traded on various exchanges.
2. Litecoin – Litecoin is a cryptocurrency that is based on the same principles as bitcoin. It was introduced in 2011. It is also an open source system. Litecoin is traded on various exchanges.
3. Ripple – Ripple is a decentralized network of payment systems. It is based on the same principles of cryptography as bitcoin. It was introduced on 31st August 2012. It is traded on various exchanges. The most important feature of this cryptocurrency is that it uses a consensus algorithm known as the ‘ripple protocol’.
4. Dogecoin – Dogecoin is a cryptocurrency that was introduced in December 2013. It is based on the principles of bitcoin. It is traded on various exchange platforms.
5. Monero – Monero is a cryptocurrency that was introduced on 18th June 2014. It is based on the principle of cryptography. It is traded on various cryptocurrency exchanges.
6. Dash – Dash is a cryptocurrency that was introduced by Evan Duffield on 17th February 2014. It is based on cryptographic principles. It is traded on various online exchange platforms.
7. Ethereum – Ethereum is a cryptocurrency that was introduced to the world on 30th July 2015. It is based on the concept of smart contracts. It is traded on various crypto exchanges.
8. EOS – EOS is a cryptocurrency that was introduced at the beginning of 2017. It is based on the concepts of blockchain technology. It is traded on various platforms.
