Cryptocurrency or digital currency is an alternative form of payment which exists virtually and uses cryptography to secure payment and transactions. Cryptocurrencies do not have any central or regulatory authority like fiat currencies, instead they use a decentralized peer to peer (P2P) network to record transactions and issue new coins in the market. Cryptocurrencies are based on a distributed public ledger which is known as blockchain. A blockchain keeps a record of all the transactions that have been held by the currency holders. These currencies are further stored in digital wallets which consist of private and public keys. Cryptocurrency received its name because it uses encryption algorithms to verify transactions. The first and the largest cryptocurrency is Bitcoin, which was founded in 2009 and remains the best-known today. Let’s have a look at different types of cryptocurrencies including Bitcoin which have held on throughout steep price climbs and plunges. Despite the thousands of competitors, Bitcoin—the first and largest cryptocurrency—remains the leading player in terms of volumes and economic value. Bitcoin continues to lead the crypto market in terms of market capitalization, user base, and popularity. Launched in 2009 by Satoshi Nakamoto, Bitcoin has touched its highest peak of $68,000 in 2021. Bitcoin supports both smart contracts and DApps because of its major updates like lightning network and taproot update.
Read more : Types Of Cryptocurrency.
