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The Most Comprehensive Guide About Cryptocurrency: Bitcoin, Litecoin, Etherium and Bitcoin Cash

Nowadays there are many products done virtually by the technology that can make money transaction easier and faster. Virtual products are goods that are non-tangible it can be a membership, subscriptions, services and many more. These products are function by particular software. One of these is the cryptocurrency, refers to a digital asset designed to work as a medium of exchange that uses strong cryptography or encryption to secure every financial transaction. It controls the creation of additional units and verifies the transfer assets. Cryptocurrencies have become a global phenomenon known to a lot of people, because of its various types.

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Types of Cryptocurrencies

  • Bitcoin, this type of cryptocurrency operates independently by the central bank. For every transaction using this cryptocurrency, there is always a record maintained. Bit coin has new units that are presented into mathematical problems through a computational solution. It was the first major usable type of cryptocurrency and it is an easy pick for the beginners. One of the most popular cryptocurrency and has the highest market caps for over a year.
  • Litecoin, the second most important type of cryptocurrency and placed the third highest market cap. This type of Cryptocurrency uses the same technology of Bitcoin. However, unlike Bitcoin that it is managed by the central bank Litecoin transfer of coins is based on a cryptographic protocol.
  • Etherium, the third most important type of cryptocurrency and it refers to an open source public blockchain. It has a computing platform and an opening system which features a smart contractor also known as computer code function. This type of cryptocurrencies supports the Nakamoto consensus. This is similar to bitcoin the only different
  • Bitcoin Cash, this type of cryptocurrency starts in the middle of 2017. It was created by a different developer for the purpose to increase bitcoin’s block size limit into 8MB. They’re making great kind of innovations and upgrade on bitcoin in order to enhance every money transaction.

Endnote

Various Cryptocurrencies reach its popularity in the world for the reason that it reduces the cost for shipments sent particularly abroad. The system occurs in which financial transmission allows remittances across the border and reduces its rate. Another reason is that it reduces the extra costs with currency conversion. It happens when paying online, or international related there is no need to pay for an additional charge. This is more advantageous to use for conversion currency related. Digital coins can overcome any borders in the world as a fast and easy process.

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