An eccentric guide to cryptocurrencies


A Crypto-currency is a digital or virtual currency through which individual coin ownership gets recorded in a computerized database. Some softwares used for the strong cryptography and the secure transactions count, for controlling the additional coins, and to verify the coin ownership. The monetary unit for Cryptocurrency is commonly called a “Coin.” Cryptocurrencies are mainly the system that allows for secure online payments and gets specified in a condition of “Tokens.”

Prevalent cryptocurrencies are decentralized networks that get based on blockchain technology. Many experts are confident that the blockchain and its related technologies will interrupt many industries, including law and finance. Cryptocurrencies are facing criticism for many reasons, including exchange rate vitality, vulnerabilities, and illegal activities. The is among the best online platform to earn money in this modern era by trading and investing in cryptocurrencies, especially bitcoin.

The main 7 Cryptocurrencies

  • 1. Bitcoin (BTC)

Mainly the bitcoin is valuable and beneficial for international transfers. This transaction offers many benefits like fast processing, low transaction fee, etc. It gets designed to be autonomous for any central bank or government. How does it work? Well, by Blockchain technology, Bitcoin permits the users to a peer-to-peer transaction. All users can see this transaction, only the owner of the bitcoin can decode with a “Private-key” that gets given to every owner.

See more: The consequences of Evergrande on risky investments and Bitcoin’s

2. Ethereum (ETH)

It got created in 2015, and it is the type of Cryptocurrency and open-source platform based on blockchain technology. Like a bitcoin, it is also a blockchain network. It got created to support a currency and enable users to develop, monetize, publish, and use applications.

  • 3. Zcash (ZEC)

It is a digital currency, and it gets based on the original bitcoin code. It got created on a deconcentrated blockchain. A fundamental feature of Zcash is essential in isolation. There is no function available for investors on the integrity of Trust’s Platform, and the users can also receive and send Zcash without disclosing the amount transacted, receiver, or sender.

  • 4. Stellar Lumen (XLM)

It is a significant currency that makes it easy to exchange money. It got established for the support of digital currency. It also has its token called the Lumen for creating a pivotal role in the network.

  • 5. Binance Coin (BNB)                                                     

It is one of the world’s most excellent Cryptocurrency exchanges; it is also the Cryptocurrency token, which got formulated as a medium of Binance in exchanging. Primarily it was established on the Ethereum blockchain, but now, Binance has its blockchain platform. BNB get made for the utility token in 2017, which permitted the traders to discount Binance trading fees. But now, We can use it for payments, online services, financial services as well.

See more: Bitcoin cryptocurrency exchange types in world

  • 6. Tether

It was the first marketed Cryptocurrency as a “Steblecoin,” a engender of crypto known as Fiat-Collateralized Steblecoins. The value of the Tether gets fixed to a fiat currency in the U.S dollar. Like the other Steblecoins, Tether offers transparency, stability, and lower charges transactions for the users. Tethers can not exchange for U.S dollars.

  • 7. Polkadot (DOT)

Polkadot, founded by Gavin Wood, was also the co-founder of Ethereum. Mainly the Blockchain Cryptocurrency is called the Dot. What makes the Polkadot different from another blockchain? It is the core mission for solving the problem of interoperability between blockchain and so-called bridges.

Some Pros and Cons of Cryptocurrency

  • Pros

Cryptocurrency ensures and believes in making it easier to transfer the funds between two parties without using a third party like a credit card or local bank account. These transfers will be more secure without the use of any private keys or public keys. In the modern era of the Cryptocurrency system, a user’s account or wallet has a public key rather than a private key; in the private key, it is only known to the owner and only used for the transaction.

  • Cons

The bitcoin rates vary, like falling, rising, and volatile at a rapid pace. The gamblers want to profit from it, but the genuine investors see the weakest and dangerous point, and they do not invest in bitcoin. Bitcoin is comparatively poor for conducting illicit online business; the bitcoin blockchain analysis helped authorities arrest the criminals.