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What is Digital Currency and How does it's works-Ultimate Guide

what is Digital Currency


Digital currency A new payment period of the world? 2020



All you know that there are multiple currencies in the world for example in India has rupees, USA (United States America) has Dollar, and Europe has the Euro.

These all currencies are in the form of paper or coins, and we can physically the currencies.

But cryptocurrencies or digital currency systems it is an online medium we can’t use it physically.



In today's world, the digital payment method is a very popular method.
That’s why digital currency is in fame which is known as cryptocurrency. A cryptocurrency is a digital or virtual currency.

It is used for shopping and services. In the currency, cryptography is used. It is a peer to peer to an electronic system. Which is used on the internet?  

If you want to buy something so without using regular currency. We can purchase the product using cryptocurrency.

If someone needs cryptocurrency so you can send them by using wallets. This whole transaction is online. In the whole transaction, there is no bank are involved.

Cryptocurrency is an encrypted or decentralized digital currency and there is no agency, laboratory, and government involved.
That’s why we can’t control his price.

There is more than thousands cryptocurrency is available in the market or BITCOIN is one of the most popular and famous currency.

  


Advantages of the Digital Payment System


1.    Every transaction is pushed from one account to another and is completely open and transparent to the public.

2.    It is fast, efficient and easy to use, sending currency from any computer, tablet, smartphone or another device to anyone, anywhere in the world, day or night, without steeping through multiple currency conversion.

3.    The digital currency networks cannot be tampered with, making them incorruptible, immutable. Uncorrectable, hack-proof, and leaving no place for fraud or identity theft.

4.    With no trusted third parties, credit, or chargebacks, there are virtually no transaction fees to send and a very small fee to convert to fiat currencies.

How many cryptocurrencies are there


In this segment, we are going to talking about six types of 
Cryptocurrency or digital currencies and why investors might invest in cryptocurrencies with a self-directed.


To start digital currencies design to work as a medium of exchange there are many different types of cryptocurrency but these six are some of the most well-known digital currencies.

1.BITCOIN


The first is BITCOIN (BTC). BITCOIN is one of the commonly known currencies and is considered an original cryptocurrency it was created in 2009 as open-source software.


The author of the white paper that established this digital currency was under the Satoshi Nakamoto this was according to BITCOIN degree organization.

How does BITCOIN work using Blockchain Technology


BITCOIN allows users to make transport peer-to-peer transactions all users can view this transaction. However, they are secured through the algorithm within the blockchain while everyone can see the transaction.
Only the owner of that BITCOIN can decrypt it with which is called a private key that is given to each individual owner unlike a bank there’s no central authority figure in the BITCOIN.

BITCOIN has controlled the sending and receiving of money which allows for anonymous transactions to take place throughout the world.

2. LITECOIN


The second is LITECOIN (LTC) was launched in 2011 as an alternative to BITCOIN like other cryptocurrencies BITCOIN is an open-source global payment network that is completely decentralized.


It means there are no central authorities so what’s the difference between BITCOIN and LITECOIN well here are a few differences between these digital currencies.

LITECOIN is believed to feature fast transaction time the coin the limit for BITCOIN is 21 million in LITECOIN being script and BITCOIN is sha-256.

3. ETHEREUM(ETH)


ETHEREUM of the eth is created in 2015. ETHEREUM is a type of cryptocurrency that is an open-source platform based on blockchain technology while tracking ownership of digital currency transactions.

ETHEREUM blockchain also focuses on running the programming code of any decentralized application allowing it to be used by the application developers to pay for transaction feed and services on the ETHEREUM network.


   4.Ripple (XRP)


Ripple (XRP) for short ripple was released in 2012 that acts as both cryptocurrency and a digital payment network for financial transactions.

 it’s a global settlement network that is designed to create a fast-secure low-cost method of transferring money ripple allows for any type of currency to be exchanged from the united states dollar and BITCOIN to gold and connects to banks, unlike other currencies.

 Ripple also differs from other types of digital currencies because its primary focus is not for person-to-person transactions rather on moving sums of money on a large scale.

5. BITCOIN CASH


Next is BITCOIN cash is a type of digital currency that was created to improve certain features of BITCOINs. BITCOIN cash increased the size of the block allowing more transactions to be processed faster.

6. ETHEREUM CLASSIC


The last crypto or digital currency we’re going to cover is a theory implies.

ETHEREUM classic is a version of ETHEREUM blockchain it runs smart contracts are applications that run exactly as programmed without any possibility of down line censorship fraud or third party interfaces like ETHEREUM it provides a value token called classic either which is used to pay the user for products or services.

Now you are close to the end, if still not shared then I hope you will do this at the end.


Now we will discuss some advantages and dis-advantaged of this currency.

Advantages of Digital Currency


1.    It made it possible to send and get money anywhere at any time.

2.    It made people free from the worry of rescheduling for bank holidays, or any other limitations.

3.    In digital currency, you are the only owner of your money, there is no higher authority.

4.    In Digital currency any kind transaction no matter how much It is, it totally safe.

5.    .During shopping, no merchants can charge extra fees without being informational.

6.    During the transaction of money, there is no need to give full and personal information own identity is hidden.

7.    It keeps us safe from illegal corruption and theft.

8.    In comparison to banking channel digital, the transaction is quite fast.


Dis-advantages of Digital Currency


1.    It is not accepted everywhere only a few merchants or a group of people aware of it.

2.    If an internal problem arises, like a virus corrupts data, or the wallet file is corrupted, BITCOIN will be lost.

3.    The Digital currency value remains to change according to the demand, it creates confusion at the time of refund.

4.    After the transaction to the merchant, it cannot be refunded whether the goods appropriate or not.

5.    It has no physical existence, it cannot be stored, it is always converted into currencies.

6.    Its value has not approved by any central bank, it is not trusted worthy.


Summary: - The whole summary of the digital currency is a very relevant currency and time-saving and safety for a person. So these are the Most Popular and useful Cryptocurrencies which are used in today’s world.


I am sure you have enjoyed or learned almost everything about digital currency. Let me suggest if you want to add something to this post.

If you get benefited from his article keeps share with your friends and other people and tell them about this new technology by sharing on your social media walls.

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1 Comments:

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Steve Roger
admin
April 20, 2020 at 2:45 AM

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