Cryptocurrency refers to as a digital or virtue currency that uses cryptography for security thus it is difficult to counterfeit because of this security since its validation takes place on the blockchain technology.Cryptocurrencies are not issued by any central authority but instead they are mined using high power computers.Cryptocurrency be advantageous to individual and disadvantageous to the state.Cryptocurrency can result to criminal activities thus resulting to money laundering and tax evasion.Cryptocurrency makes it easier for transfer of funds between two parties in a transaction which are facilitated through the use of private and public keys for security purpose.The transaction usually takes a very minimum fees and very short period of time as compared to transaction of fiat money by banks via wire transfer.The major cryptocurrencies you need to know are as follows;
1.Bitcoin
Was founded in 2008 by a nicked name individual Satoshi Nakamoto for safety of his life and was launched in 2009.An individual can receive bitcoin from another individual by providing their bitcoin address after which the transaction must be validated through the bitcoin blockchain.Bitcoin is created through the mining process which is limited.That is,the number of bitcoin to be in circulation must not exceed a certain amount thus the mining will be halved after a given period of time until no more bitcoin can be mined.Individual can also increase their bitcoin through trading in terms of others cryptocurrencies as well as by earnintg interest through saving them in a bitcoin saving wallet after a given period of time.Individual must have a bitcoin wallet where they can get their bitcoin address from thus enabling them to use that address which will serve as a public or private key.Bitcoin value is increasing everyday thus the next millionaires will be considered to be those involving themselves in bitcoin activities.currently bitcoin price is ranging between $2000-$3000
2.Etherium
Ethereum is an open-source , public, blockchain-based distributed computing platform which features smart contract functionality that facilitates online contractual agreements. Etherium provides a decentralized Turning-complete virtual machine, the Ethereum Virtual Machine , which can execute scripts using an international network of public nodes. It also provides a cryptocurrency token called ether, which can be transferred between accounts and used to compensate participant nodes for computations performed. Ethereum was created in late 2013 by Vitalik Buterin who was introduced into bitcoin by his father and was a researcher and programmer. His development was funded by an online crowdsale in 2014 and went online in 2015.In 2016 Ethereum was devided into two blockchains that is Etherium(major) and Etherium classic(minor) thus resulting to the collapse of project. Just like bitcoin,Etherium is also created through mining using the smart contract.One can also trade etherium on major exchanges in terms of other altcoins and their etherium will grow.The value of Etherium has been tremendously increasing thus many investors have started drawing their attention into it.Currently,etherium value ranges between $200-$400
3.Litecoin
Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority.Unlike bitcoin and other altcoin,litecoin has some major improvement such as the adoption of Segregated Witness and the Lightning Network thus allowing the amount of transaction to be processed by the network in a given time.The transaction cost in litecoin is lower as compared to bitcoin .Litecoin was released via an open-source client on Github on October 7, 2011 by Charlie Lee who was working in google by then.Just like bitcoin and etherium,litecoin is also created through the mining process.One can also take advantage of exchanges by trading litecoin in terms of others altcoins.Many investors have started gaining some interest on litecoin since they believe that through litecoin they can create more wealth.The current market price of litecoin ranges from $20-$40
4.Dogecoin
Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide.Dogecoin was founded in 2013 by Jackson Palmer and went online in 2014.The transaction cost is very minimal as compared to bitcoin and litecoin thus most investors and traders normally use it to make money on exchanges.Dogecoin is also created through mining .If you want to make real money,you should trade bitcoin in terms of dogecoin if you are a serious trader.The current market price for dogecoin is $0.0002-$0.0003
5.RIPPLE
Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system . The goal of the ripple system, according to its developers, is to enable people to break free of the “walled'' of financial networks like credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays.Ripple was created by the company opencoin which was cofounded by CEO Chris Larsen and CTO Jed McCaleb.Just like bitcoin,Ripple can also be transferred from one account to another .Investors are taking advantage by trading ripples in terms of bitcoin since its price does not fluctuates so much like others cryptocurrencies.The current market price for ripple is $0.27-$0.4
6.Steem
Steem is a blockchain based social media in which individual get rewarded for sharing their content on steemit.com.Individual can earn through curation,that is by being the first to upvote popular contents and commenting on popular posts.Individual can also earn through posting post that are valued by others and by having a long-term commitment on steemit.com. Individual can use their steem power to upvote others.on steemit.com,individual can get reward in form of steem or steem backed dollar which is rewarded after seven days.The goodness about steem is that one can transfer them to the trading account where they can convert them to bitcoin at current market priceThe current market price for steem in terms of bitcoin is 0.0007-0.0008 while that of steem backed dollar is 0.0006-0.0008
7.Dashcoin
Dash (formerly known as Darkcoin and XCoin) is an open source peer-to-peer cryptocurrency that offers all the same features as Bitcoin but also has advanced capabilities, including instant transactions (InstantSend), private transactions (PrivateSend), and decentralized governance (DGBB). Dash uses a two-tier architecture to power its network. The first tier consists of miners who secure the network and write transactions to the blockchain. The second tier consists of masternodes which enable the advanced features of Dash.As of June 2017, Dash is the seventh most valuable cryptocurrency by market capitalization.dash was created by Evan Duffield and was originally released as XCoin (XCO) on January 18, 2014. On February 28, the name was changed to "Darkcoin." On March 25, 2015, Darkcoin was rebranded asDash.Just like bitcoin,dashcoin is also created through mining as well as trading it in terms of other altcoins or in terms of bitcoin.The current market price of dashcoin is $180-$130
8.Zcash
Zcash is a cryptocurrency which offers privacy and selective transparency of transactions. In zcash,payments are published on a public blockchain but the sender and recepient as well as the amount to be transacted may remain private unlike in bitcoin and etherium.Just like bitcoin and etherium,zcash is also created through the mining process.Individual can also exchange zcash in terms of other altcoins thus growing their zcash.The current market price for zcash is $300-$400
9.Lisk
Lisk is a public blockchain platform that provides decentralized blockchain apps. It was forked from Crypti by Max Kordek and Olivier Beddows in 2016.The idea behind lisk is to ensure that Blockchain App is on its own sidechain, separate from the main blockchain. This should help with scalability issues that many cryptocurrencies were facing, such as bitcoin. The sidechain is secured by a group of 101 master nodes elected by the app's owner, and operate using the same Delegated-proof-of-stake (DPoS) consensus mechanism as the parent Lisk network.Lisk is mostly traded on china exchanges.The current market price for lisk is $2-$3
10.USDT
USDT(tether) is a cryptocurrency that is equivalent to fiat money,that is 1USDT=$1.Tether was founded in 2014 by Craig Sellars.With USDT individual can be able to withdraw their USDT to fiat money using wire transfer.Individual can also grow their USDT in exchanges while trading them in terms of others altcoins
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