Cryptocurrency is a type of payment which can be used for online transactions of goods and services. There are many companies from all over the world who have issued their own Cryptocurrencies which are also known as tokens. These currencies can be used only for trading in goods and services which are provided by the companies. These are quite similar to that of Casino chips or arcade tokens. Real currencies needs to be exchanged with the Cryptocurrency in order to access the services and the goods which are offered by these online companies.
When it comes to Cryptocurrency; special type of technology is used which is known as block chain. Block chain is a decentralized mechanism which is spread across multiple different computers and nodes which keeps record of all the transactions and also manages them. One of the main features of this particular technology is that fact that it offers security of the highest level.
How many different types of Cryptocurrencies are there and what are their total value?
There are more than 6000 different types of Cryptocurrencies which are available and are being traded with; according to CoinMarketCap.com, which is a market research domain. Over the last couple of years, the concept of Cryptocurrency has proliferated, and today, it has emerged to be as one of the most popular medium for online transactions. According to a report, all the Cryptocurrencies are used throughout the globe as on December 18 2020 was a staggering figure of$ 646 billion. This goes to show how popular Cryptocurrency has turned out to be over the last couple of years. Today, it is the most widely used of all different types of digital currencies.
What makes Cryptocurrency so popular?
There are multiple different reasons as to why Cryptocurrency has emerged to be as one of the most popular medium when it comes to online transaction. Some of them are as follows
- According to the experts; Cryptocurrency is considered to be the currency of future. As a result, there is a race for buying these currencies.
- The fact that Cryptocurrencies are not being controlled and managed by banks or any government agencies, makes them easy to deal with; especially when it comes to international transactions.
- When it comes to maintaining the ledger and details as far as Cryptocurrency transactions are concerned; the record is maintained in a very transparent manner.
All these different aspects put together have made Cryptocurrency as one of the most popular and emerging of all the digital currencies which are used today. Bitcoin is considered to be as one of the most popular type of Cryptocurrencies. Transaction worth billions of dollars are being carried out using Bitcoin.
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