Cryptocurrency is a digital payment system coin that doesn't rely on banks to verify transactions. Cryptocurrencies are virtual not physically real. It’s a peer-to-peer digital system that can permit anyone anywhere to send and receive payments in the world instantly.
No need to carry real cash around and exchange it in the world. Cryptocurrency payments exist purely as digital entries to an online database telling specific transactions. When you allocate cryptocurrency funds, the transactions are verified in a public ledger automatically.
Cryptocurrency is stored in digital wallets that received its name because it uses encryption to verify the transactions. That means there is a mechanism that is termed an advanced coding complex by storing and transmitting crypto data between wallets and public accounts. This encryption is to provide for security and safety only.
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There are thousands of cryptocurrencies available in the markets. Out of those listed some of the best known such:
Bitcoin was founded in 2009, It's the first cryptocurrency and is still the most commonly traded. The best thing is Bitcoin is open-source and its design is public, nobody owns or controls Bitcoin and everyone can take part in Bitcoin.
Ethereum developed in 2015, is a blockchain platform with its cryptocurrency, called Ether (ETH) or Ethereum. This is the second most popular cryptocurrency after Bitcoin.
Litecoin currency is most similar to Bitcoin but has moved more quickly to develop new novelties, including faster payments and processes to allow more digital transactions.
Ripple is a disseminated ledger system; it was founded in 2012. Ripple can be used to track different kinds of transactions, not just cryptocurrency. The company behind it has worked with various banks and financial institutions in the markets.
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