Types Of Digital Currencies
The latest version of the Bitcoin virtual currency for the primary time in January 2009 and also the great success achieved by a revolution within the world of monetary transactions via the web, and plenty of developers are launching more cryptocurrency supported a decentralized system that doesn’t need an intermediary.
All of the bitcoin-inspired coins were called “altcoins”, which their designers tried to present as developed bitcoin currencies.
Types Of Cryptocurrencies Apart From “Bitcoin” :
1- Litecoin (LTC) :
It was released in 2011 by Charlie Lee MIT graduate who previously worked as an engineer for Google.
Litecoin relies on a worldwide open-source payment network, isn’t controlled by any central authority, and uses a “script” algorithm as a protocol to validate the work, and it may be decoded using CPUs.
Bitcoin is analogous in a very number of how, including the speed of the mining rate, which helps to complete transactions faster, and there’s an increasing number of merchants who accept this currency, and also the value of it’s about 5.1 billion dollars.
While a number of these currencies are easier to mine than bitcoin, they involve some risks that include liquidity, acceptance, and retention of the worthless.
The value of bitcoin has recently risen to a record level because it exceeded the $ 9000 barrier for the primary time in its history, and also the value of bitcoin worldwide exceeded $ 166.2 billion.
It is a virtual currency and a decentralized platform at the identical time, allowing the creation of smart contracts, in a very way that simulates the conclusion of traditional contracts, but requires conditions and requirements for his or her implementation without the requirement for a selected authority or body that controls its operations.
it was proposed by Russian programmer Vitalik Potter in 2013, and in 2014 a Swiss company worked on the “Ethereum” coin project until it was officially launched in 2015.
The platform was hacked and stolen around $ 50 million in 2016, and after this attack, Ethereum was divided into ETH and Ethereum Classic (ETC).
Ethereum features a value of $ 46.19 billion, which is that the second most precious digital currency after Bitcoin.
It is a more confidential version of Bitcoin launched in January 2014 and offers more anonymity opportunities because it operates on a decentralized token network.
Created and developed by Ivan Duffield, this coin may be mining using CPUs or GPUs, originally called Dar Quinn, but in March 2015 its name was changed to Dash.
Its value is about $ 4.84 billion.
4 – Ripple (XRP):
A low-cost global network that enables banks to settle cross-border payments simultaneously transparently and at a lower cost.
it was launched in 2012, and its value is $ 10.45 billion, and differs from the cryptocurrencies therein it doesn’t need mining, which reduces the utilization of computer operations
5- Litecoin :
Statistics indicate that the electronic currency Litecoin has multiplied its value by fourteen times, in one year, and its price reached $ 64, where it failed to exceed five dollars, despite the fact that its value is a smaller amount and far of the worth of Bitcoin, but the speed of its increase is 2 times beyond the increase the worth of bitcoin, where the electronic currency accounts for bitcoin by 64% of the worth of the cryptocurrency circulating within the world, reaching 100 and fifty billion dollars, and located the electronic currency Litecoin within the year 2011 when it was launched by engineer Charlie Lee.
and shortly she achieved great success and have become a prominent place among other electronic currencies, to occupy the fifth position after the Bitcoin, Ethereum, Cache and Raphael currencies, and one in every of its most vital features is that the speed in completing bank financial transactions, because the transfer process from one account to a different doesn’t take quite two minutes, while you would like Bitcoin to 100 minutes to accomplish this.
We talked during this article about the digital (electronic) currency and the foremost important of a number of its most vital types spread within the trading markets within the global currency trading markets, so we initially identified about Bitcoin because of the first digital currency within the world and so on the Ethereum currency of the Litecoin and that we talked about the Ripple currency and also the difference between it And among the opposite digital currencies and at last we talked about the currency Dash, and it was a piece of writing of rich informational value because it teaches us about the broad horizon of the utilization and spread of digital currencies and what these currencies can affect the world economy.