A Brief Overview of What is Cryptocurrency
A Cryptocurrency, a form of currency, is any electronic currency that is decentralized and accessible over the Internet. An example would be the Monero or the Dash currency. A Cryptocurrency can be traded like traditional currencies but provides more privacy and accountability. In order for Cryptocurts to achieve this goal they must follow certain rules. A few Cryptocurrencies have been created in the past such as Litecoin, FAP Turbo, Doogr accounts, and Superpay.
Nowadays, many people are creating new cryptosystems such as the bitcoin, Litecoin, and the upcoming Namecoin. These three have different characteristics that make them stand out from other existing cryptocoin systems. All these three forms of Cryptocurrency have combined the privacy and anonymity previously offered by different cryptocoin systems like Namecoin and Forex trading Cryptocurrency on the Internet.
The bitcoin is an easy to understand form of cryptocurrency that was created in 2021. Its main benefit is that the transactions are secured by the cryptography that goes into its system. The fungibility of bitcoins is another important aspect of this system. By choosing a bitcoins you are able to create what is known as an asset. This is similar to an inventory of sorts as you would be able to sell one asset for another.
The Litecoin on the other hand is a newer form of Cryptocurrency that has entered the marketplace after the original bitcoin. In the year and a half that it has existed there has been significant development and research done to improve the Litecoin system. One of the most talked about improvements would be the release of litecoin cash. This new asset will likely replace the physical coins of the previous years, and will also feature much improved fungibility.
As time passes there are going to be more innovations and breakthroughs in the field of Cryptocurrency. By utilizing the cryptology that goes into its systems the general public can be made aware that their transactions are secure. This is a crucial step in making the world a better place through the increase in privacy that it provides to its users. The future of Cryptocurrency is one that looks bright, and with more innovative products on the horizon it is likely to continue to evolve. It will likely be very interesting to watch as all of this takes place and the world that we know becomes even more diverse.
Nakamoto’s original ideas of what a cryptocurrency could achieve have manifested into the form of two outstanding Cryptocurrency tokens. By taking an important role in the future of Cryptocurrency it is likely that the ethereum token will rise in value over time. Both forks of the Parity protocol are working well and the future for cryptocurrences is one that looks bright. In the next article we will take a closer look at the two main scions of the Parity Project; the etherium and the monero fork.