What do you mean by Cryptocurrency? Need to know more!

Cryptocurrency is a digital currency that uses the methodology to generate money and to verify transactions. Transactions are added to a public ledger also called a Transaction Block Chain and new coins are created through a process known as mining. ( Mining is the extraction of valuable minerals from the earth usually from an orebody, lode, vein, seam, reef or placer deposits). Cryptocurrency has been used as a decentralized alternative to traditional fiat currencies which are usually backed up by some central government such as US dollar.

For the average person who is using cryptocurrency

 

• It is as easy to get a digital wallet to store the currency.
• Can use the wallet to create unique public addresses to receive currency. Can transfer the funds in or out of the wallet using public addresses.

Now the most relevant cryptocurrencies today are

 

Bitcoin

It is the first major usable cryptocurrency, which has the highest market cap, Bitcoin generally trade at the highest cost of all cryptocurrencies. Bitcoin is the best choice for anyone who is entering the cryptocurrency space.

Litecoin

Litecoin is probably the second most important digital coin. It had the third-highest market cap as of June 2015. A Litecoin is like a Bitcoin except with a value closer to what a reasonable person would expect a digital coin to have in a rational market.

Ethereum

It is probably the third most important coin. It doesn’t have the longevity at the top like Litecoin, but it is built on a system that other coins are built on. Most initial Coin Offerings use ethereum. It is less costly than Bitcoin, and has the second highest market cap.

BitcoinCash

BitcoinCash is a spin-off of bitcoin, meant to have faster transactions, implemented by the Bitcoin community. It is too early to call, but this coin has a high market cap and could shape up to be a top player.

Dogecoin

Dogecoin had the 7th highest Market cap as of June 2015. In 2017 it is still a contender. Dogecoin has turned their comedic origins into an excuse to make their coin fun and friendly which was their smart move. It’s also one of the only major cryptocurrencies with a .com