Kinds of Cryptocurrency – I
Since bitcoin have been introduced, hundreds of cryptocurrencies enter
the market. Many alternative cryptocurrencies or altcoins have been
launched – following the success of Bitcoin, and they have grown into 700
in number. Some are being sold cheaper than Bitcoin, while some tend to
be more accessible than Bitcoin. In this section of the book – 12 of the
most popular cryptocurrencies will be told. Maybe you already heard
about Bitcoin and have some mysterious things on how it works, but this
time you will be entering the world of cryptocurrency and understand
what are the playful currencies inside cryptocurrency.
Bitcoin is the first and most popular cryptocurrency in the world,
some are not aware of its existence but it actually stands as a
worldwide payment system. Bitcoin has no bank; in fact, it is based on mathematical proofs. Just like the technology of E-mail, no one owns nor control the system of Bitcoin. Even the group and person behind it still remain a secret, only the pseudonym Satoshi Nakamoto is has been introduced to public.
To have a Bitcoin on hand you have to sign up for an online wallet first. Yes, a virtual wallet for a virtual money, there are sorts of
online wallets you can sign-up for and they’re all free to use. Next is
to buy a bitcoin directly from other people using marketplaces
online, but you can also use digital currency exchanger like
Coinbase, Kraken, Bitstamp, CEX.IO and BitFinex. Most exchanger
requires to connect any of your cards or bank accounts to make a
purchase. You can now go to the exchange’s buy section and select
the amount of bitcoin you want to buy.
Bitcoin changes its value from time to time, it can increase or decrease
value – no one knows. Bitcoin has a public ledger called ‘Blockchain’,
which serves as a record for every Bitcoin transaction. The blockchain
has a growing list records called blocks that is secured by
cryptography, once the block has been recorded they can’t be
Bitcoin can be used in purchasing goods, sending money, travel
booking online, and buying digital products – by this, transactions
are made with no middle man, meaning no banks involved at all.