What Are Different Types Of Cryptocurrencies Available In The World Today

Posted by David Harper on April 25th, 2018

Bitcoin initiated the world towards cryptocurrency and its benefits. But if you are wondering, what is cryptocurrency than here is the answer for you. The cryptocurrency is a peer to peertransaction system which is safe and transparent. The user of the currency cantransfer data or money in a secured manner from one point to another. This form of transfer model does not allow any third party interferences. It makes this form of transfer model more secure. In fact, the chances of data loss or data theft are least on this platform. This transaction model of was first proposed by Satoshi Nakamoto.He introduced the Bitcoins in the global economy and formed decentralised models of cash flow.

Here is some of the most popular form of cryptocurrencies that can be found in the world today:

1. Bitcoin:

Bitcoin is the first and still one of the most popular kinds of cryptocurrency in the world today.In this peer to peer traction model the money or currency can be transferred from one account to another in a safer and secured manner. The coin was developed by Satoshi Nakamoto. He released the model as an open sourced application in the year 2009.The transaction principle uses the innovative public ledger system that keeps the record of data flow. One can access the information with the help of proper credentials. It is nearly impossible to obtain the information without appropriate authorisations. According to the research, around 5 million people were using wallets associated with cryptocurrency with Bitcoins being preferred by most users.

2. Litecoin:

This form of cryptocurrency is based on the blockchain mechanism.It was launched in 2011 and was created by Charlie Lee.This form of currency uses the open source network of payment to facilitate the flow of money.  This model is free from any central monitoring authority and uses a term called “scrypt” as a working model.The consumers can decode this scrypt with the help of consumer grade CPUs.

3. Ethereum:

Ethereumis a form of cryptocurrency that helps in setting up Smart Contacts and establishing Distributed Application. The currency was launched in 2015 by Vitalik Buterin. This currency can be used to make a secured transaction. The model allows the operations with the help of tokens called Ether. The ethereum price could be found in any cryptocurrency related search engine.

These cryptocurrencies are taking the world by storm. The features like security and transparent mode of payment are helping the individuals in transactions. Their payment structure is free from the scrutiny of a centralised payment authority which can be considered as an added advantage. These forms of currencies are taking the world by storm.