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Cryptocurrency is a form of digital currency that uses encryption to secure transactions. It can be used as a store of value or as an investment asset. It\u2019s also known as virtual money, or digital currency, and it could also be considered an asset class. The cryptocurrency was first introduced in 2009 by an anonymous person under the pseudonym of Satoshi Nakamoto. Satoshi designed the currency using cryptographic software and ensured that there would only be a limited amount of them produced to prevent inflation. However, there is no central authority to control the creation of new units. As their popularity increases, they are becoming more similar to real currencies.<\/p>\n
There are different types of cryptocurrencies; however, they all have a few things in common.<\/p>\n
The blockchain is used to ensure that each transaction is secure and recorded on a public ledger system. Each transaction can be verified by anyone who has access to the network through a specific node \u2013 which corresponds with your wallet application on your smartphone device or laptop computer.<\/p>\n
Bitcoin is a peer-to-peer payment system. It\u2019s decentralized, meaning that there is no central authority that oversees transactions and there are no intermediaries. In fact, it operates on a blockchain database, which is a public ledger of bitcoin transactions. It\u2019s also the first digital currency that gets exchanged for fiat money by cryptocurrency exchanges.<\/p>\n
Dogecoin is an altcoin that was created as a joke. It was derived from the \u201cdoge\u201d meme of Shiba Inu internet pop culture. This cryptocurrency was introduced in 2013 and its founder Jackson Palmer wanted to introduce a digital currency that wasn\u2019t too serious. However, this cryptocurrency got the attention of investors and has gained a huge amount of value in a short period. Check Dogecoin stock price at\u00a0okx.com<\/a>.<\/p>\n Ethereum was first described in a white paper by Vitalik Buterin, a computer programmer from Toronto, Ontario. It borrows heavily from Bitcoin and aims to do even more. It\u2019s like a supercomputer that can support a myriad of applications and services that don\u2019t necessarily need to be related to money. In fact, it can automate \u201csmart\u201d contracts where the terms of an agreement are encoded into lines of code that execute autonomously.<\/p>\n Litecoin was created by former Google employee Charles Lee<\/a> in 2011. It\u2019s a fork of Bitcoin and it\u2019s considered to be the silver to Bitcoin\u2019s gold. It\u2019s faster than Bitcoin in transaction verification, and it also has a limit on the number of coins that can be mined. The more people adopt litecoin, the more the value rises since the supply is much smaller than Bitcoin.<\/p>\n3.\u00a0\u00a0\u00a0 Ethereum: the smart contracts coin<\/h2>\n
4.\u00a0\u00a0\u00a0 Litecoin: faster than Bitcoin<\/h2>\n
5.\u00a0\u00a0\u00a0 Monero: the anonymous coin<\/h2>\n