CRYPTOCURRENCY ERA IN THE DIGITAL MARKET
Cryptocurrency era in the digital market is becoming widely known and accepted. Recently, another form of money was invented, and it is noticed for its effects in the digital industry. This recent form is called cryptocurrency – an internet-based medium of exchange. This medium is not actually controlled by any central authority like the regular traditional banking system. Cryptocurrency simplifies transactions between two parties without passing through financial authority bodies.
Since inception, money has always changed its forms. From trade by barter systems in ancient days to the current day cryptocurrency, that is changing the way big business owners transact money. Businesses and entrepreneurs are fast embracing the new digital money – cryptocurrency.
WHAT IS CRYPTOCURRENCY?
In the most basic terms, it is the form of money that is protected by strong cryptography and is a completely digital form of currency developed to secure transactions carried out by the users.
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This form of money somehow has the potential of enhancing money control especially when a large amount of money is involved. An individual can handle a large amount of money in Naira form with ease if he/she decides to make transactions with bitcoin (a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries) or any other forms of cryptocurrency.
HERE ARE THE 6 KNOWN FORMS OF CRYPTOCURRENCY:
- Bitcoin: Bitcoin is a type of digital currency that basically does not charge its users much for usage. It offers a very minimal charge rate. Bitcoins are not issued or backed by any banks or governments.
- Litecoin: Litecoin is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Creation and transfer of coins are based on an open source cryptographic protocol and are not managed by any central authority. Litecoin was an early bitcoin spinoff starting in October 2011. In technical details, Litecoin is nearly identical to Bitcoin.
- Ethereum: This type of cryptocurrency is a global, decentralized platform for money and new kinds of applications. On Ethereum, you can write code that controls money, and build applications accessible anywhere in the world.
- Ripple: Ripple is a real-time gross settlement system, currency exchange, and remittance network created. Ripple is built upon a distributed open source protocol and supports tokens representing fiat currency, cryptocurrency, commodities.
- Zcash: This allows for transparent transactions, to accommodate for wallets and exchanges that don’t support private transactions. Unlike Bitcoin, Zcash ensures that your personal details and transaction data remain completely confidential.
- Stellar Lumen: In practice, the Stellar protocol functions like a more inclusive, more flexible PayPal. To start using it, you need to upload funds to an anchor on the network. Much like a bank or PayPal, this anchor then holds your money and issues credit to your virtual wallet in its stead.
Although there are some other cryptocurrencies not mentioned here but we’re certain cryptocurrency will become the new method of transaction for big business owners in few years to come as it’s already been widely embraced by many digital businesses. We look forward to the world of cryptocurrency!
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