What are Cryptocurrencies?
April 23. 2021
By Vaibhavi Dahake
You may have heard of Cryptocurrencies in the last few years? The digital currencies has attracted the attention of the financial world. Here's what you need to know about it.
Bitcoin has been a trend setter for other bitcoins. This cryptocurrency bought the attention of the world this digital coin currency. the field of cryptocurrencies has expanded dramatically since Bitcoin was launched over a decade ago
Cryptocurrency is often referred to as "decentralized money," meaning that it is stored, created, and processed outside of a central bank, or government.
Unlike traditional "hard" or paper money, cryptocurrency has no physical form. It's really a set of data, secured by cryptography, that's why it's called "cryptocurrency."
Cryptocurrencies maintain their own record-keeping through the use of blockchain, an online ledger and transaction log.
Blockchains create digital records - of transactions, certificates, or contracts -that can only be added to, This independent transaction log is far more secure than paper records or institutional digital accounts, which could be hacked.
Cryptocurrencies operate in a closed system, meaning that there is a fixed amount of them and new units can only be created following a strict set of guidelines.
Several varieties of cryptocurrencies exist. The most popular and widely traded include Bitcoin, Dogecoin, Ethereum, Litecoin, Ether.
More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website.
The total value of all cryptocurrencies on Feb. 18, 2021, was more than $1.6 trillion and the total value of all bitcoins, the most popular digital currency, was pegged at about $969.6billion.
Bitcoin continues to lead the pack of cryptocurrencies in terms of market capitalization, user base, and popularity. Now Dogecoin has entered the stage Its already on the way to become the new bitcoin, Cryptocurrency of 2021
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