Have you known about cryptocurrency? Do you know about digital currency? Have you ever dealt with cryptocurrencies? If the answers to the given questions are no, then you have come to the right place as Credit Health Care will helps you know about these virtual currency.
The virtual currency us here to say and there is huge scope in this digital age. In general terms, the cryptocurrency is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. The alternative names of it can digital currency, virtual currency or alternative currency. More and more people are going for this type of currency as use decentralized control and privacy features. However, in order to understand about cryptocurrency, you need to understand about blockchain as all cryptocurrencies are validated by a blockchain which is actually a list of blocks which are secured by the process of cryptography. The list of cryptocurrencies which we will be discussing in this post are Bitcoin, Litecoin, Zcash, Monero, Vertcoin, SwiftCoin, Bytecoin, NEO, MonaCoin and also Peercoin. This is the first article in the series of cryptocurrency or blockchain series, so stay tuned and do not forget to check in later.
What are the main reasons to use cryptocurrencies now? I have been dealing with online cash for long and now wash to use digital currency to deal with my internet transactions, soc can you suggest with the best cryptocurrencies that I can go for?
It is important to know Bitcoin is the most popular cryptocurrency out there as many variants are also available in the market. The bitcoins can be sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries, though intermediaries are widely used.
The transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.Moreover, bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto.
The next in line is the Litecoin. It is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. It is important to note that, the creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.
Litecoin reached a more billion market capitalization was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee who was a Google employee. It is being listed as one of the top five cryptocurrencies.
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Zcash is much loved among cryptocurrency users as it aims at using cryptography to provide enhanced privacy for its users. The Zerocoin protocol was improved and transformed into the Zerocash system, which was then developed into the Zcash cryptocurrency in 2016.
The way to use the currency is by Zcash payments are published on a public blockchain where the users are able to use an optional privacy feature to conceal the sender, recipient and amount which is being transacted.
Another popular cryptocurrency is Monero. Like most other cryptocurrencies, this is also open-source which wants to provide decentralization and fungibility to the users. This particular was started in the year April 2014.
However, it is vital to know that the egalitarian mining process of Monero has made it an alternative choice for websites and applications looking for substitute sources of income and is based on the CryptoNight proof-of-work hash algorithm which comes from the CryptoNote protocol.
Just like litecoin, vertcoin was released via a client on GitHub on January 8, 2014. The unique feature for use this cyrpto currency medium is that, it is uses an open-source Lightning Network implementation developed by MIT.
Do not forget to use the vertcoin wallet as is also been dubbed as the true successor of bitcoin. Also, remember that, the payments in the vertcoin network are made to addresses, which are based on digital signatures.
This particular cryptocurrency is named from SWIFT banking network. In addition to that, one should note that, SwiftCoin cannot be mined is brought into existence upon the redemption of interest and principal of Solidus Bonds.
SwiftCoin was an encrypted mail application developed by Team Daniel Bruno since 2011 which uses peer-to-peer, blockchain, proof-of-work. Moreover, you should also understand that , it uses 256-SHA elliptical encryption.
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If you are looking a cryptocurrency which is not much related to bitcoin, then go for Bytecoin as it is a completely independent currency, developing separately from Bitcoin and its forks.
Do note that, bytecoin was released to the public on March 2014. The basis for the creation of Bytecoin was the unique CryptoNote technology and is a payment gateway capable of receiving and sending thousands transactions simultaneously.
Moreover, The NEO project was originally launched in 2014 as AntShares with development resources provided by founder Da Hongfei through his development company Onchain. It is a blockchain platform and cryptocurrency designed to build a scalable network of decentralized applications.
Monacoin a Japan-bred cryptocurrency which is designed for peer-to-peer digital transactions. It is claimed by its creators as the first Japanese cryptocurrency, the coin has become somewhat of Japan’s national alternative to Bitcoin or Litecoin.
However, you should remember that, the coin was created purely to serve as P2P electronic cash, a decentralized digital currency aimed at Japanese citizens. Monacoin is actually a hard fork of Litecoin.
The reason for you to go for this cyrpto currency medium is that, peercoin does not have a hard limit on the number of possible coins, but is designed to eventually attain an annual inflation rate of one percentage.
Peercoin was inspired by bitcoin, and it shares much of the source code and technical implementation of bitcoin. Moreover, Peercoin is based on an August 2012 paper which listed the authors as Scott Nadal and Sunny King.
Do deal in Cryptocurrencies:
So now, you have a better idea about the cyrpto currency and you might think of investing in them. The currencies inspired by bitcoin are collectively called altcoins and have tried to present themselves as modified or improved versions of bitcoin. While some of these currencies are easier to mine than Bitcoin is, there are case of market upheavals, including greater risk brought on by lesser liquidity, acceptance and value retention. Going by the current trend, cryptocurrencies are here to stay but how many of them will emerge leaders amid the growing competition within the space will only be revealed with time. Thus, the time has come for the readers to deal with any cryptocurrency of their choice and share their experience in the comment section without fail!
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— CreditHealth Care (@Credithealth24) August 7, 2018