A Basic Intro to Cryptocurrencies

The increased use of virtual currency and its volatility has made cryptocurrencies to get adopted across the world for various transactions for both legal and illegal activities. The existence and credibility of these cryptocurrencies was always questionable, though they had earned returns from the investments. Cryptocurrency known as a digital and virtual currency uses cryptography for its security. Cryptocurrencies are just like any other digital currency except that they are normally referred to the ones using block chain technology. You google more about block chain. For sake of basic intro, its a digital ledger which keep records of all the transactions taking place.

Irrespective of the issues in cryptocurrencies, success of Bitcoin and its growing visibility has resulted in a number of companies accepting alternative crypto coins. This digital asset is developed to work as the medium of exchange which uses cryptography to secure transactions, to control the created units, and to verify the assets transfer. This security feature makes it difficult to counterfeit the cryptocurrencies. The defining feature and the most endearing allure of cryptocurrency is its organic nature, which is not controlled by any central authority and is immune to the government interference and its manipulations.

The cryptocurrencies are decentralized control which is opposed by the central electronic systems and the central banking systems, this decentralized control works through a blockchain, which is a distributed ledger of public transaction database. The anonymous feature of the crypto transactions make it well suited host for nefarious activities, such as tax evasion and money laundering.

Bitcoin was the first cryptocurrency to capture the public imagination, which was launched by Satoshi Nakamoto in the year 2009. The success of Bitcoin has given birth to a number of competing crypto coins such as the Litecoin, Ethereum, Ripple and many. The market capitalization is the value of the crytpocoin units that are for sale in the cryptomarket.  This act as a strong indicator of demand on these altcoins which shows how much amount of money that has been invested for a particular altcoin and its applications in the market.

Now, we have an interesting infographic on – 33 Cryptocurrencies described in four words or less by our friends at Mrbtc.org, please check the following infographic and share your thoughts.

33 Cryptocurrencies

We would also like to bring in your notice that Host Mayo supports payment through 17 different crypto currencies covering all the major digital currencies including BTC, NEO, TRON, MONERO etc. For full list of accepted cyrptocurrencies go to our payment methods page.

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