What is Cryptocurrency?

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets.

Cryptocurrency Introduction

Cryptocurrency Benefits

Benefits:
1. Low inflation risk. Unlike physical currencies there is low risk of bitcoin inflation as the Bitcoin system is designed to make Bitcoins finite. There are only around 21 million Bitcoins in the market.
2. Low collapse risk. Bitcoin is not regulated by any one government, making it a global currency. No single government’s initiatives can cause Bitcoin collpase.
3. Safe, simple and cheap.
4. Easy of handle. Unlike gold or physical money, one can access Bitcoin to any connected part of the world without much ado.

Disadvantages of cryptocurrencies

Irreversible Payment: There’s no center point in payment processing so if you transfer someone by mistake and want to get a refund for services there’s no option to dispute that person only way to get your money back is to ask the person to refund payment and if he refused then forget about it.

Not Widely Accepted : There are not many companies or websites who accept it, if you have cryptocurrencies and wanted to purchase something then you have to search first that which service provider accept it even if you don’t like their services and have only cryptocurrencies then you have to use it even if you don’t like that provider also in physical stores you have to use real money instead of digital money.

Losing Your Wallet: If you stored your digital currencies in your system or mobile and if you lose it then there’s no way to get your money back you can’t complain to police or even some other person can’t get it, it’s like burning your money. However, there are still ways to keep safe, like keeping it offline.

List of Cryptocurrencies

  1. Bitcoin (2009) 1 BTC = 10588.01 USD
  2. Ripple (2013) 1 XRP = 0.97 USD
  3. Litecoin (2011) 1 LTC = 212.97 USD
  4. Auroracoin (2014) 1 AUR = 1.81 USD
  5. Peercoin (2012) 1 PPC = 3.80 USD
  6. Dogecoin (2013) 1 DOGE = 0.01 USD
  7. Namecoin (2011) 1 NMC = 2.73 USD
  8. Mastercoin (2013) 1 OMNI = 43.37 USD
  9. Primecoin (2013) 1 XPM = 0.66 USD

Related articles

What is Bitcoin?
What is Bitcoin Cash?
What is Ripple?
What is Ethereum?
How to buy Bitcoin