Cryptocurrency

Learn what is it all about

What is it?

The current trend on the digital market that companies, investors, and common people talk and go crazy about. But, what is it even anyway? Is it really worth your money in investing? What are some of the known “coins” that they use? Before we get to the exciting parts, let us do the honors of introducing you to the world of Cryptocurrency.

Some have defined cryptocurrency as a decentralized digital money or virtual currency that was designed to be used on the internet which is secured by cryptography, making it impossible to double-spend or counterfeit. A bit complicated? In layman’s terms it is a digitized version of our physical money that we can use on buying and selling things online, much as we do online shopping or banking. In 2008, the first and by far the most well-known cryptocurrency was launched, Bitcoin.

The Blockchain

Basically, it is a digital ledger of transactions, where it is duplicated then distributed to other networks of computer systems on the blockchain as well. Each block on this blockchain contains the number of transactions, which is also being updated whenever new transactions are done. A record of this is added to every participant’s ledger. Meanwhile, the Distributed Ledger Technology (DLT) is the management of the decentralized database managed by different participants. Furthermore, blockchain is a type of DLT where all transactions that were done are recorded with a hash - an immutable cryptographic signature.

TYPES

Of course, now that we've learned about the background of cryptocurrency, what a blockchain is, and its types. We now go directly to the different cryptocurrencies that are available on the market. There are 1,583 types of currencies listed on coinmarket.com. However, we will only focus on and get to know the top 7 cryptocurrencies that are now currently used in the digital market. The top 7 (seven) cryptocurrencies on the market right now are; Bitcoin, Ethereum, Tether, USD Coin, BNB, XRP, and Cardano. The questions that will be answered for these top 7 are; What are these types? How do they differentiate between each other? How are they commonly used in the market? Explore and get to know them more by clicking below!