What is Cryptocurrency?

As of now, we are aware that blockchain technology secures the network via cryptography.

Cryptocurrency is a combination of cryptography and Currency

• Cryptocurrency is a type of digital money that, decentralised from any central authority, employs encryption methods to control the creation of currency units and verify the movement of cash.
• Example: Bitcoin, Ripple, Ethereum

Bitcoin

You will learn more about the well-known cryptocurrency bitcoin in this section. In 2009, a group of individuals going by the pseudonym Sathosi Nakamoto created Bitcoin as open-source software.

• Bitcoin is first decentralised cryptocurrency
• utilised cryptography to govern and control its development.
• created and stored digitally in a peer-to-peer open ledger (public blockchain) Block Size in Bitcoin
• The block size for bitcoin at this time is 8 MB.
• 8 decimal places can be used to split one bitcoin.

Limitation of Bitcoin

There are several restrictions on Bitcoin, the most popular digital money.

• The price of bitcoin is extremely unstable and constantly changes.
• Since it is a new form of digital currency, many companies are reluctant to accept it as a form of payment.
• It has a large potential for unforeseen technological problems.
• insufficient customer support

What is Altcoin?

Alternative cryptocurrencies to Bitcoin are called altcoins. But as Bitcoin was the first cryptocurrency and has dominated the market, accounting for the bulk of the market capitalization of other cryptocurrencies, altcoins use it as a benchmark.

The majority of altcoins are created and published by programmers who have distinct goals or purposes in mind for their currencies or tokens. Bitcoin and other cryptocurrencies also employ blockchain technology, but the features, functions, and purposes of these digital assets might differ.

There are several altcoins, however a few of the more well-known ones include:

Ethereum (ETH)
Ripple (XRP)
Litecoin (LTC)
Cardano (ADA)
Dogecoin (DOGE)
Shiba Inu Coin (SHIB)