Cryptocurrency has become the most popular term in recent years,although there is much to discover and learn yet it has been able to grab the attention of the World.
What is Cryptocurrency?
Unlike Traditional currency Cryptocurrency is generated, stored and transferred by electronic means also known as digital currency, all the transactions and records are maintained by a distributed network(decentralized network) using cryptology techniques.
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What is Blockchain?
Blockchain is a secure way of storing information so that the system can not be changed or hacked.Blockchain comprises different blocks which store information and are connected to each other making peer to peer connection.There is no centralized authority which controls the whole system rather it is distributed across the entire network using DLT(Distributed Ledger Technology).
Difference Between Coins/Tokens:
Crypto coin is a digital coin used to store value and means of exchange in two parties business on the other hand crypto tokens have far more uses than just digital currency as they are non fungible which means they have unique properties like art work,painting etc that can not have fixed price thus can not be exchanged directly with any other painting.
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Types of Cryptocurrencies:
Bitcoins
Ethereum
Tether
XRP
Solana
Binanace coin
Cardano
Avalanche
USD Coin
Pros Of Using Blockchain Technology:
Secure Transactions.
Distributed Ledger Technology makes it hard to temper with.
Can be a banking alternative.
As there is no human involvement in verification so its accuracy is improved.
Future of Cryptocurrency:
The future of cryptocurrency is yet not predicted but some believe that it's going to replace traditional paper currencies, Others believe that there are some applications where Cryptocurrency is a viable solution.Transactions can be made at any time and there are no limits on purchases and withdrawals without documentation and other paperwork.