Important things you need to know about Cryptocurrency

Over the last couple of years, a new form of online payment mechanism has evolved. It is Cryptocurrency. Cryptocurrency is a type of payment mechanism which can be exchanged for purchasing online goods and services. There are many companies from all over the world, who have issued their cryptocurrencies, which are also known by the name of “token”. These currencies can be used for trading exclusively the services or goods which are provided by the company. They are quite similar to the casino chips or arcade tokens. The cryptocurrency needs to be exchanged with the real one for carrying out the transaction. There is a special type of technology or mechanism which is used in case of cryptocurrency; it is called block chain. It is a decentralized mechanism which is scattered across multiple nodes or computers which are used for managing and recording transactions. One of the main features of this technology is its most sophisticated and advanced technology.

What are the Different types of Cryptocurrencies?

As of now, there are more than 6,000 different types of cryptocurrencies which are being traded at the public domain. Cryptocurrencies keep on gaining popularity by raising money through ICOs or Initial Coin Offerings. According to official data, the total value of all the different types of cryptocurrencies, as on December, 2020, was more than $646 billion.

As mentioned, there are different types of cryptocurrency which are being used worldwide. One of the most popular among them is bit coin. The total market value of all the Bitcoin, has been estimated to around $422 billion.

List of Top 10 Cryptocurrencies

As mentioned, there are different types of cryptocurrencies which are operating in the market, with Bitcoin being the most popular one of them. Here is a list of the top 10 cryptocurrencies.

  • Bitcoin
  • XRP
  • Ethereum
  • Litecoin
  • Tether
  • Chainlink
  • Bitcoin Cash
  • Polkadot
  • Cardano, and
  • Binance Coin.

What makes Cryptocurrency so Popular?

There are multiple different reasons as to why cryptocurrency has gained so much of popularity over the last couple of years. Here are some of them.

  • They are not governed by any government rules and regulation
  • They are easy to trade with
  • It runs on a decentralized mechanism, which makes the process very transparent
  • The security aspect of is of the highest order.

These are some of the reasons which have made cryptocurrency one of the most popular medium of transaction for goods and services over the internet. It is believed to be the currency of the future.

As mentioned, Bitcoin is one of the most popular type of cryptocurrency. If you are planning to trade in Australia, in that case, you can Buy bitcoin in Brisbane. Bitcoin has emerged to be one of the most popular ones of all types of cryptocurrencies because it comes with different types of features and benefits.