What are Cryptocurrencies and the Blockchain?

Digital Currencies

A cryptocurrency (or “crypto”) is a digital or virtual currency that is secured by cryptography which makes it nearly impossible to double-spend.

What Cryptos Are Used For

It can be used to buy goods and services but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with investors or risk takers at times driving prices upward.

Decentralized Currency

A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

How Cryptocurrencies Work

A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for cryptocurrency to access the goods or services.

What is a Blockchain?

Many cryptos work using a technology called a blockchain. Blockchain is actually a database that is decentralized technology spread across many computers that manage and records transactions.

Many experts believe that blockchain and related technology will disturb many industries, including finance and law.

Blockchain Problems

It is facing criticism for a number of reasons, including its exchange rate volatility, used for illegal activities, and vulnerabilities of the infrastructure underlying them. However, they also have been praised for their portability, divisibility, inflation resistance, and transparency.

How Much is Bitcoin Worth?

More than 6,600 different cryptocurrencies are traded publicly, according to CoinMarketCap.com (a market research website). The total value of all cryptocurrencies on Feb. 18, 2021, was more than $1.6 trillion, according to coinmarketcap, and the total value of all bitcoins, the most popular cryptocurrency, was secured at about $969.6 billion. The current price to buy a one bitcoin is $USD 59,369 (as of 03rd April 2021).

  • Most Popular Cryptocurrencies
  • Following are the 10 largest trading cryptocurrencies by market capitalization as tracked by coinmarketcap, a cryptocurrency data, and analytics provider. As of  Feb 16, 2021,
  • Bitcoin has a market capitalization of USD 969.60 Billion
  • Ethereum has a market capitalization of USD 222.30 Billion
  • Tether has a market capitalization of USD 33.10 Billion
  • Binance Coin has a market capitalization of USD 30.50 Billion
  • Cardano has a market capitalization of USD 28.30 Billion
  • Polkadot has a market capitalization of USD 28.10 Billion
  • XRP has a market capitalization of USD 24.40 Billion
  • Litecoin has a market capitalization of USD 15.00 Billion
  • Chainlink has a market capitalization of USD 13.30 Billion
  • Bitcoin cash has a market capitalization of USD 13.10 Billion data as of Feb 18, 2021.
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