Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Bitcoin, for example, can be used to purchase items on Overstock.com and Expedia.
What are the most popular cryptocurrencies?
Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple are some of the most popular cryptocurrencies.
What is Bitcoin?
Bitcoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin is decentralized, meaning it is not subject to government or financial institution control. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is powered by the Ether token.
What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Bitcoin Cash is decentralized, meaning it is not subject to government or financial institution control. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin Cash is unique in that there are a finite number of them: 21 million.
What is Litecoin?
Litecoin is a cryptocurrency and a payment system, first proposed by an anonymous person or group of people under the name Satoshi Nakamoto in 2008. Litecoin is decentralized, meaning it is not subject to government or financial institution control. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Litecoin is unique in that there are a finite number of them: 84 million.
What is Ripple?
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network created by Ripple Labs Inc. Ripple functions as a payment network, but also allows for the exchange of other currencies, including traditional currencies such as the US dollar and yen. Ripple is unique in that it does not use a blockchain, but instead uses a consensus network that allows for fast transactions.
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