Importance of Cryptocurrency in coming days

What is Cryptocurrency?

Cryptocurrency is a type of digital currency that is created and managed by using leading encryption techniques known as the cryptography technique. Cryptocurrency grew by the concept from being an academic concept of virtual reality to the arrangement of Bitcoin in the year 2009. People today in large numbers search about how to make own cryptocurrency, to know about the new and the trending aspects. 

Understanding Bitcoin

Bitcoin is referred to as the decentralized currency that generally uses peer-to-peer technology which helps you in enabling various functions like currency issuance, processing transactions, and verification collectively by the network. With its growth bitcoin captured investors and media attention in the year 2013, when it made a record of almost $266 per bitcoin after surging 10-folds in just two months. 

While decentralization renders Bitcoin free from government manipulation or interference. As there are advantages and disadvantages associated with everything as there is no central authority to ensure that things run smoothly or to back the value of Bitcoin. Bitcoins are nowadays generally created at the rate of 25 Bitcoins per 10 minutes. These are the characteristics that make cryptocurrency different from fiat currency. Fiat currency is the one that is backed by the full faith and credit of the government. 

Alternatives to Bitcoin

The greater success of Bitcoin has made companies unveil other alternatives for bitcoin. Some of these are:


Litecoin is referred to as the most leading rival of bitcoin nowadays. It is designed for processing smaller transactions faster. It was founded in 2011 October. This is a coin that is silver to bitcoin's gold according to its founder Charles Lee. Lite Coin has various advantages over Bitcoin as it has a processing time of just 2.5 minutes which is one-fourth of that of Bitcoin. It has a maximum limit of 84 million which is four times as compared to bitcoin i.e. 21 million. 


Ripple was launched by an open coin company that was founded by Chris Larsen in the year of 2012. Similar to Bitcoin, ripple is also a currency as well as a payment method. The currency component of the ripple is XRP which has a mathematical foundation like Bitcoin. This type of payment mechanism enables the transfer of funds in any currency to another user of the ripple network within just seconds when compared to Bitcoin transactions which take almost about 10 minutes to confirm the processes. 


Mint chip is the creation of government institutions, specifically known as the Royal Canadian Mint. Mint Chip is generally a smartcard holding the electronic value and transfers it securely from one chip to another chip. As Bitcoin mint Chip does not need personal identification and Mint Chip is generally backed by a physical currency, that is the Canadian Dollar.


On the whole, Bitcoin has made its presence in the future due to the increasing demand for cryptocurrencies. Its success in 2009 inspired the creation of various alternative cryptocurrencies like Etherium, Litecoin, and ripple. But Bitcoin's success and failure are still a mystery, because of the challenges.

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