Five popular Digital Currencies

The Internet is spreading in every corner with an enormous rate and it’s reaching to even remote areas of the world. Now the world looks so small on the internet, everything seems nearby, you can get information on anything instantly so why not have a currency that has no boundaries. The need for such kind of money that can be transferred by digital means which has no physical form, gave rise to the cryptocurrencies like Bitcoin. It is a type of currency that uses cryptography; it is a process of converting information to the uncrackable complex code. It is primly associated with the internet and it is not authorized by any government or bank.

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Here is the list of widely used cryptocurrencies by the people over the internet to make purchase and money transfers.

Bitcoin: Bitcoin is the first cryptocurrency that came into existence in the year 2009. There is no information about its creators although there are many claims. It was created to bring fast and secure payment transfers. Bitcoin is the most expensive and stable digital currency among all.

Ethereum: It is the second largest digital currency next to Bitcoin and it is among the others to move forward in the race of digital currencies. Ethereum’s main goal is to remove third parties like PayPal and to offer safe and secure direct transactions.

Ripple: Ripple is created in 2012 as a mold of bitcoin. It is believed that it uses blockchain method like bitcoin and other digital currencies, instead, it is consensus-oriented and uses the HashTree method to convert data into a single value.

Bitcoin Cash: Bitcoin cash was created to increase the number of the transaction. It has the block size of 8MB, unlike Bitcoin which has a block size of 1mb only. Block size directly relates to the number of transactions on a network and its main goal is to process large transactions to compete with big players like PayPal etc.

Litecoin: Litcoin is like bitcoin as it uses the same open source and often referred to as the little brother of bitcoin but it is four times faster than Bitcoin. It is created by Charlie Lee and is of silver color.

Dealing with Digital Currencies is risky as they are unstable so it is advised to have enough knowledge and understanding of money investments. The value of cryptocurrency can fall or rise in a day so better invest wisely.

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