Firstly, cryptocurrency is digital or virtual money which is useful as a medium of exchange. It uses a technology called cryptography. It maintains a ledger that records all the transactions made by the users and comes with a highly secured network of connections and payments.
Cryptocurrency is encrypted with the help of a private key. It is highly impossible to counterfeit it. Only users or owners of the transactions can decode this private key.
A cryptocurrency wallet is needed to store the money securely. Read this article to know the top 5 cryptocurrency wallets. They are basically the same but slightly differ in processing the transactions and providing some features.
It is the most popular cryptocurrency since its discovery in 2008. It operates with no central authority or central banks. Bitcoins are created through a process known as mining. One can do the payments of peer-to-peer transactions worldwide with low processing fees. Each Bitcoin is a file that is stored in a digital wallet. This file has a monetary value.
One can use Bitcoins for online transactions from a wallet of one user to the wallet of the other. Bitcoin blockchains record all Bitcoin transactions. It maintains a ledger of all transactions made.
Ripple is one of the older cryptocurrencies. A US-based technology company brought Ripple to the light firstly in 2012. Ripple is an open-source technology built for digital payments and is also decentralized. It uses blockchain technology for maintaining the ledger for all transactions made.
Ripple is slightly different from many other cryptocurrencies in terms of speed in processing time. One can use Ripple to transfer a large amount of money quickly and securely. It concentrates on faster payments than usual, with very low transaction fees nearly no fees.
Ethereum is digital money used for transactions over the Internet instantly and cheaply. Many applications uses Etherum. It is also an open-source platform with blockchain technology and the second-largest cryptocurrency by market capitalization. Ethereum is a virtual machine that executes scripts using nodes. It accounts for more than 65% of supply circulating over the internet as of April 2020.
Litecoin is an open-source platform. One can use it for peer-to-peer online transactions. Also, no central authority or any central bank manages Litecoin. Usually, Bitcoin takes 10 minutes to process a block. But, the Litecoin network processes a block every 2.5 minutes which is much faster than Bitcoin. It secures the network and allows individuals to control their own finances securely.
Bitcoin cash is a cryptocurrency that is like an extension to Bitcoin to execute certain tasks of Bitcoin. One can make peer-to-peer transactions using Bitcoin cash. Bitcoin cash allows more transactions by increasing the size of blocks used in Bitcoin. It enables transactions over 25,000 per block compared to bitcoin’s 1000 to 1500 per block, thus, reducing the processing time.
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