Cryptocurrency leverage blockchain technology to gain decentralization, transparency, and immutability. Transfers are secured by the use of public keys and private keys and different incentive system….
Cryptocurrency is an encrypted string of data or a hash, encoded to signify one unit of currency.
Most traded Cryptocurrency
1) Bitcoin. Market cap- 117.81 billion
2) Ethereum. Market cap- $44,277,701,685
3) Ripple XRP.
Market cap- $13,823,095,869
4) Litecoin. Market cap- $3,859,383,727
Facets of the virtual currency Cryptocurrency
1. There’s a limit to how many units can exist
2. Quickly verifies the transfer of funds.
3. Operating independently of a bank.
4. Little to no transaction cost.
5. 24/7 access to money.
6. No limits on purchases and withdrawals.
7. International transactions are faster.
8. Allow addition on new unit after certain
9. Nearly impossible to counterfeit or double-spend
Bill Gates “Cryptocurrency has immense potential and is creating a significant difference in financial as well as a monetary system”.