Thursday, 14 May 2020

Cryptocurrency is a virtual currency

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange
That means there’s no physical coin or bill — it’s all online. You can transfer cryptocurrency to someone online without a go-between, like a bank.

People might use cryptocurrencies for quick payments and to avoid transaction fees. Some might get cryptocurrencies as an investment, hoping the value goes up. You can buy cryptocurrency with a credit card or, in some cases, get it through a process called “mining.” Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. According to Jan Lansky,

a cryptocurrency is a system that meets six conditions:

1. The system does not require a central authority, its state is maintained through distributed consensus.

2. The system keeps an overview of cryptocurrency units and their ownership.

3. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.

4. Ownership of cryptocurrency units can be proved exclusively cryptographically.

5. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.

6. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.

List of a cryptocurrency

  Currencies              release    symbol


1. Bitcoin                  2009       BTC

2. Litecoin                   2011       LTC

3. Namecoin               2011       NMC

4. Peercoin                  2012       PPC

5. Dogecoin                 2013      DOGE

6. Gridcoin                  2013      GRC

7. Primecoin               2013       XPM

8. Ripple                      2013        XRP

9. Nxt                           2013        NXT

10. Auroracoin           2014       AUR

11. Dash                       2014      DASH

12. Neo                         2014      NEO

13. Mazacoin               2014     MZC

14. Monero                  2014     XMR

15. Nem                        2014     XEM

16. Potcoin                   2014     POT

17. Titcoin                    2014     TIT

18. Verge                       2014    XVG

19. Stellar                     2014    XLM

20. Vertcoin                  2014    VTC

21. Ethereum               2015    ETH

22. Ethereum classic  2015    ETC

23. Namo                      2015   Namo

24. Tether                    2015    USDT

25. Zcash                      2016   ZEC

26. Bitcoin cash          2017   BCH

27. Eos.io                     2017   EOS



No comments:

Post a Comment

WHAT IS LEVERAGE? TYPES OF LEVERAGE

L everage is the means using which a business firm can increase profits. The force will be applied on debt, the benefit of this reflected i...