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Top 5 Digital Currencies

Cryptocurrency is basically digital form cash. It is purely online based. It is not printed neither a card. It is actually entries into a database that are created with the help of cryptography. The databases are shared over a network, and the latter prevents errors. There is no central authority or a central server that governs the cryptocurrency. The cryptocurrency is created by the network. The way it is developed is mostly particular to each network and cryptocurrency type. Different types of cryptocurrency are not equal and not interchangeable.

Bitcoin is the pioneer of cryptocurrency and it was created in 2009 by Satoshi Nakamoto. It is still the most priceless on the market today. No middleman is required when transactions are made. A form of digital currency, no one controls it. It is not printed like euro or dollar. It is produced by people and a greater extent by businesses. It has significant value and has a reputation worldwide. Amazon has begun to accept bitcoin by allowing consumers to buy gift cards with the cryptocurrency.

 

Ethereum

Ethereum is viewed as a sort of token, used to pay for computation. It is an open software platform based upon blockchain technology that enables developers to build and deploy decentralized applications. Ethereum differs from Bitcoin in the sense that it is programmable. The platform allows developers to build and activate applications within the blockchain technology.

 

Ripple

Ripple known as XRP, is a digital currency and a back-end infrastructure. It is an open-source, a global exchange. Ripple take a similar approach to bitcoin and want to allow money to flow freely, removing fees and waiting times. They function using peer to peer network and have numerous similarities to Bitcoin. Yet, ripple is not a rival to bitcoin. It complements bitcoin service.

 

Litecoin

Litecoin was issued in 2011. Its aim was to being “silver” to bitcoin’s “gold”. Litecoin has the highest market cap after bitcoin. It functions on a peer to peer network that allows instant, near zero cost payments to anyone in the world. It is an open source, global payment network that is fully decentralized without any central authorities. Mathematics secures the network and empowers individuals to control their own finances. The currency functions on a blockchain and mining take place to verify transactions and to provide security.

 

Ethereum Classic

Ethereum Classic is not a new cryptocurrency. It is a continuation of the initial Ethereum Classic. It still offers the same features as Ethereum, like the creation and deployment of smart contract and decentralized applications, and has all the same specifications, like the average block time, size and reward. The classic version preserves untampered history, free from external interference and subjective tampering of transactions.