What is a 'Cryptocurrency'

A Cryptocurrency is a medium of exchange, which makes use of cryptography to secure transactions and to control the creation of the additional currency units. The development of cryptocurrency has been actively growing in the past decade, thus offering a broad range of transactional possibilities to both users and organizations. A Cryptocurrency is a digital currency that is created through mathematical engineering (algorithm). Following the popularity of bitcoin, the world has seen the advent of several cryptocurrencies.

The number of merchants who accept cryptocurrencies has steadily increased, and savvy investors have been surfing the digital currency wave. Crypotcurrencies have continued to gain widespread acceptance among consumers across the globe especially in the Asian countries of China, Japan, Philippines, Singapore, Malaysia, and South Korea. It was created for the purpose of making global transactions that are private, secure & anonymous. It is not made or controlled by any central institution, thus making it immune to governmental interference and manipulation.

Advantages of Crypto Currency

  1. Security - Cryptocurrency is stored and transacted digitally with encrypted codes and keys for added security measures.
  2. Privacy - Transactions are not observed or interfered with by a central organization.
  3. Global - Transactions can be made globally with instant confirmation & minimal charges.

List of best cryptocurrencies

  1. Bitcoin - most popular among users.
  2. Ether - codify, decentralize, secure and trade platform
  3. LiteCoin - open source global payment network
  4. Monero - secure, private and untraceable currency
  5. Ripple - real-time global settlement network
  6. Dogecoin - open source peer-to-peer digital currency
  7. Dash - the more secretive version of Bitcoin