‘MONEY’ well after hearing the word money the images that flash in our mind are of gold and silver coins, green bills, and for the contemporary generation of-course plastic cards with different symbols and emblems and the logo of various apps like Paytm, PayPal, Phonepe, etc. But this scenario is about to change soon because of a novel player in this sphere of wealth and money and this player is none other than the hue and cry of today’s media – ‘ cryptocurrency’ or digital currency.
“Cryptocurrency is a digital medium of exchange that uses digitized ledgers to preserve the crypto money records and uses strong encryption to secure the transactional records and generate additional money coins.”
The basic idea behind the birth of cryptocurrency was to do away with the hassles of the current banking system, corruption, and fraud and to revolutionize the world by introducing a transparent system of exchange. And indisputably it is a very unbiased system that uses very robust cryptography and encryption so that no one can access and alter the system. Even the real identity of the users remains undisclosed as all of them perform their transactions through a unique transaction ID allotted to them by the software.
This currency based on blockchain technology unlike any other form of currency (coins, paper notes, plastic cards) is just in abstract form and doesn’t have any materialistic value but as we know everything in this world has some cost and so does this digitized currency. It requires a huge amount of power supply as computers and devices like GPU and ASIC miners require electric supply in abundance.
AS quoted by AYN RAND:-
“ Money is only a tool. It will take you wherever you wish, But it will not replace you as a driver.”
In order to become a prudent driver on the road of life, one should have knowledge of cryptocurrency, and to aid you in that here is the list of
A list of top 10 cryptocurrencies :-
1) Bitcoin– Bitcoin was invented in 2008 by a mysterious and pseudonymous person named Satoshi Nakamoto. Bitcoin is a form of cryptocurrency that uses peer to peer exchange mechanism to generate and distribute currency units. It was invented to do away with inefficiencies of the conventional banking system as it recorded all the transactions in the public ledger which couldn’t be amended by anyone. In fact, the concept of cryptocurrency gained popularity after the introduction of bitcoin. As of now the current value of 1 bitcoin = 57000 US $
2) Ethereum– The idea of Ethereum was proposed in 2013 and it was brought to life in 2014 by Vitalic Buterin.Ethereum in itself is not a currency but a platform to exchange the currency. The currency that is exchanged or dealt in at Ethereum is known as “Ether”. The main aim of Ethereum is to decentralize the internet that was earlier centralized by giants like google, amazon, NetFlix, etc. Today Ethereum is the second most popular cryptocurrency and 1 ETHER=2041 US $.
3) Ripple:- the idea for Ripple was first conceived in 2004 by a man named Ryan Fugger but was actually executed by Jed McCaleb and Chris Larson in 2012 who named it Opencoin and later as Ripple Labs. Ripple labs aim to serve banks and other financial institutions rather than individuals to lower transaction costs for across globe money transfers. The digicurrency they deal is known as XRP and as of now 1 XRP=0.70 US$.
4) Stellar:-Stellar, or Stellar Lumens, is an open-source, decentralized protocol for digital currency to fiat money transfers which allows cross-border transactions between any pair of currencies.it was launched by Jed McCaleb in 2014. The currency exchanged on stellar is known as Lupen. as of now 1 lupen=0.5US$.
5) Stablecoin:- it is an attempt to make a cryptocurrency that is not volatile so that it can be used for trading purposes.it is the first currency to be pegged against the real US dollar. A unit of stablecoin is known as “Tether” and 1 tether = 1 US $.
6) Cardano:- it’s a new cryptocurrency platform launched in 2017.it was launched to do away with inefficiencies of the 1st and 2nd generation of cryptocurrencies( bitcoin,ethereum). Cardano claims itself to be the third generation of cryptocurrencies. ADA is the digital currency that is dealt with on Cardano. Presently 1 ASD=0.8 US $
7) Chainlink:- it was launched in 2017 by Sergey Nazarov. It is an ethererum based exchange mechanism that uses smart contracts for exchange purposes. Presently its value is around 30 US$.
8) Litecoin:- it was founded in 2011 by a former Google employee Charlie Lee. It draws a number of functional similarities to bitcoin. Originally it was treated as a light version of bitcoin with some better features like less transaction time etc. currently its value is around 203 U.S $.
9) Bitcoin Cash:- it is a hard fork version of bitcoin which was created do to away with inefficacies of the original Bitcoin system. It was launched in 2017 by a former Facebook engineer Amaury sachet .currently its value is around 590 US$.
10) USD Coin:- it is a type of stablecoin, which hit the markets in September 2018, is managed by a consortium called CENTRE, launched by peer-to-peer company Circle and crypto exchange Coinbase. Their aim, according to their website, is to “bring stability to crypto”. Its current value is around 1 US$.
Well, cryptocurrency is the future of money. No doubt it has some shortcomings. For instance, there is no regulator of this system of money, and it’s untraceable, that is why its a hub for all the illegal activities around the world and right now its not even legal in most of the countries to trade in cryptocurrencies, but once these flaws are resolved this digitized revolution of money and investment is unstoppable and has the power to change the world that we know of today.
DISCLAIMER: The above article is solely for information purposes and no investment advice in such currencies. Readers are not expected to take any financial decision based on this article alone. Please do your research before you invest your money.