With rampant digitization in our lives, virtual currencies are becoming immensely popular among masses especially the millennial. Before getting into the not so easy task of discussing cryptocurrencies one must be clear about the definition and explanation regarding traditional currencies.
In case of the traditional, real world financial system, each country has a central bank that issues the state currency. Hence the currencies like Dollar, Euro etc. are backed by the respective central banks. Meanwhile cryptocurrencies are not backed by any government or central bank.
Cryptocurrencies work on some of the brilliant and incredible algorithms, created by some genius minds. These algorithms lay out the blue print of how transactions are made and recorded and how new coins or tokens are created and released.
People and organizations known as miners use specific set of algorithms to keep records of every transaction by attempting to solve complex computer problems. When these complex mathematical problems are successfully solved, they are rewarded with pre decided amount of new coins of a particular cryptocurrency.
In spite of the complex technological framework surrounding the cryptocurrencies, there are more than 1300 cryptocurrencies in circulation across the digital space.
Each either has some subtle differences or some crucial differences with the counterparts. The largest by market cap and the most popular ones are bitcoin, ethereum, ripple and litecoin. Let’s take a glance into these few cryptocurrencies:
Bitcoin is the pioneer cryptocurrency that was was created in 2009 by the still mysterious and pseudonymous Satoshi Nakamoto. There are actually now two types of Bitcoin, the original one and the Bitcoin Cash which emerged as the result of a fork that occurred while solving the high transaction times issue on the Bitcoin network.
Ethereum, also known by the name of its token, Ether, was created more with an eye to what are known as “smart contracts,” rather than to be use as a medium by everyday consumers.
Smart contracts replace the need for paper contracts between parties to an agreement and eliminate the need for signing and amending contracts maintained on paper.
Ripple was created with the intent of enabling easy and hassle free payments between financial institutions.
Until now, these payments have typically taken days to get processed and they also have been expensive, particularly when they involve low-value, high volume payments. The blockchain structure makes these transactions faster and cheaper.
Litecoin probably is the closest in form to Bitcoin. It is designed as a general use currency and it scores great on speed and cost.
Adherents are never tired of extolling it and considering it as an improved version, as it allows for a greater volume of transactions and performs them faster.
Women In Cryptocurrency: Top 8 Women In Cryptocurrency
Women plays an important role in this Crypto industry, and the number of women involved is increasing every day.
Please check out the following infographic on Top 8 women in Cryptocurrency, this was developed by our friends at MrBTC.org, and let us know your thoughts.