CRYPTOCURRENCY a new age currency?

Money has evolved into different forms from barter system to the present day paper currency. There is a possibility that it may evolve further i.e, cryptocurrency.


What is cryptocurrency ?
  • cryptocurrency is a digital currency which uses internet to accept payments by creating encryption algorithms (coding algorithms).
  • It is a mode for medium of exchange of money where one can send or receive money.
  • It is decentralized system where intermediaries like government or bank does not exist to regulate it and transfer of funds happens between two private entities.
  • cryptocurrency ownership records are stored in a database(digital ledger). It uses strong cryptography to provide security to creation of extra coins and verify the transfer of coin ownership.
  • cryptocurrency is not in the physical form(like paper currency) but works as a blockchain that acts as public database.
Different categories in cryptocurrency;
There are different kinds of cryptocurrency like Bitcoin, Ether, Binance coin, Tether, USD coin and ETC.,
BITCOIN:

Bitcoin was the first known cryptocurrency and it was introduced in 2009. It is developed by an unknown developer names satoshi nakamoto. so, it gained popularity since then.
ETHER(ETH):

Ether is also a well known cryptocurrency which works on Ethereum blockchain. unlike, bitcoin it can create unlimited coins. It is a blockchain with smart contract functionality. It was created by a programmer named vitalik buterin in 2013.
BINANCE COIN:

Binance coin is a cryptocurrency created by binance holdings ltd., in 2017. It is the worlds largest cryptocurrency exchange in 2021. To ensure the value of binance coin it destroys a fixed percentage of coins in circulation.
TETHER(USDT):


It is an other cryptocurrency backed by the dollar. It is a type of stable coin which is linked to an external asset to have a less volatile price.
USD COIN(USDC):


USD Coin is more like tether ,which is a stable coin connected to the US dollar and it cannot be mined. But unlike tether, USD Coin has more transparent funding and better audit process.

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