Because of the increasing advancement in technology, there have been various developments made in the economic sector. The multiple improvements made in the financial industry due to technology include introducing e-commerce and the introduction of digital currency. Digital currency is also known as cryptocurrency, which was put in place to tackle the issues associated with the old forms of currency. Cryptocurrency is a digital asset that acts as a medium of exchange.
Bitcoin is the leading form of cryptocurrency, which was invented in the year 2008. Bitcoin transactions are facilitated through a technology known as peer-to-peer technology. These transactions are verified through cryptography technology, and the records made in public ledger books known as the blockchain. The current worth of Bitcoins is $125 billion, with the price per coin valued at approximately $7,305
Ethereum is the second-largest cryptocurrency in use after bitcoin. Ethereum was invented in the year 2013, and it’s the most used form of blockchain. The digital currency led to the inception of the initial coin offering (ICO). The value of ethereum currently in the market is about $50 billion, having approximately $500n per token.
Ripple is the third common used cryptocurrency after ethereum, which was invented in 2012 by Ripple Labs Inc. Ripple is but upon a distributed open protocol. Ripple’s main aim is to enable secure and nearly free global financial transactions of any value without chargebacks. Ripple is currently valued at $19.8 billion.
Bitcoin cash is a fork of bitcoin created in 2017. In 2018, the cryptocurrency was split into two forms, Bitcoin Cash and Bitcoin SV. Bitcoin cash is currently valued at $14.5 billion.
EOS was invented in 2018. This form of cryptocurrency aims at eliminating all the transaction cost associated with digital currencies. EOS is currently valued at $7.83 billion
Ledger Nano S
The cryptocurrency wallet can be used in transactions involving different cryptocurrrencies, including Bitcoin, Ethereum, Ethereum tokens, and another additional 30 types of different cryptocurrrencies. The wallets have reduced the risks of being hacked by software terrorists. This is because it is easier to hack the information available in software or the internet than hardware.
The wallet is also lightweight, making it easier for transportation and storage. Generally, the wallet looks like a mini iPad or tablet. The wallet can work with most cryptocurrrencies and apps. The disadvantage of this wallet is its cost. The wallet is expensive to acquire. Despite the high cost, the wallet is the best option for guaranteeing security to transaction information.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature
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