Cryptocurrency is gaining a lot of popularity nowadays. Many people are already aware about cryptocurrency but their are people who are still confused or unaware about cryptocurrency. Today in this blog, we will tell you what Cryptocurrency is and the Top 5 Cryptocurrencies around the world.
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What Is Cryptocurrency
Cryptocurrency or Crypto is digital or virtual money. It does not exist in reality but available digitally. Crypto is a decentralized form of currency and thus, doesn’t have any central authority to regulate it.
As this is virtual money, therefore crypto holders do not have to rely on banks for transactions. It follows peer-to-peer transactions. Therefore, anyone can send or receive the payment from anywhere.
Cryptocurrency is a digital payment. Therefore, all digital transactions are stored in a digital database. When any person transfers Cryptocurrency, it gets documented in a public ledger.
Popular Cryptocurrency Around The World
Bitcoin was the first that started Cryptocurrency back in 2008. Satoshi Nakamoto is said to be the creator of the bitcoin cryptocurrency. Satoshi Nakamoto, after creating bitcoin, put a limit on its mining. Only 21 million bitcoins can be mined, and around 18 million are already mined. Therefore, only 3 million are left approximately.
This Cryptocurrency was created by Billy Markus and Jackson Palmer in 2013, but it gained popularity when in 2021, SpaceX founder Elon Musk accepted it as a form of payment. Dogecoin uses Shiba Inu as its avatar, and it is quite famous to date.
Litecoin came into the market in the year 2011. Charlie Lee is the founder of Litecoin. It is said that Litecoin is the first Cryptocurrency that followed Bitcoin. Many claim it to be the “Silver to Bitcoin’s gold.” Although Litecoin follows Bitcoin in more than one way, it is still much faster than Bitcoin as it has a faster block generation rate. Due to this, it gives a fast transaction confirmation time.
It is a decentralized software platform that allows smart contracts and decentralized applications to be created without any downtime, interference, or illegal activities from a third party. Ethereum’s name is a well-recognized name in the world of Cryptocurrency. In Ethereum, ether is the digital currency that performs various functions.
Stellar was started by Jed McCaleb. He was also the founding member of Ripple Labs. Stellar was originally created to provide enterprise solutions. It is said to connect organizations to perform large transactions. It is based on an open blockchain network. The purpose of stellar was to do a large number of transactions that mainly occur between large-scale organizations. But being an open blockchain, anyone can use Stellar. Lumen is the original currency used by Stellar.
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