Cryptocurrency Guide for Beginners

Cryptocurrency is a digital currency that uses cryptography to secure transactions, control access, and verify transfers. Bitcoin was the first cryptocurrency to use blockchain technology; however, many others have since followed suit.

What Is A Blockchain?

A blockchain is a distributed ledger that records transactions across several computers simultaneously. Each computer maintains a copy of the ledger and stores data about its own transactions. When a transaction occurs, each participant in the network updates their copy of the ledger to record the change. Once all participants agree to update their copies of the ledger, they do so. As long as no single computer crashes, the blockchain remains accurate.

Types Of Cryptocurrencies

There are two types of cryptocurrencies: public and private. Public cryptocurrencies are accessible to anyone who wants to use them. Private cryptocurrencies require users to pay fees to use them.

Public Cryptocurrencies

Bitcoin (BTC) - The first cryptocurrency was created, and launched in 2009.

Ethereum (ETH) - Second-largest cryptocurrency by market cap, launched in 2015.

Ripple (XRP) is - Third-largest cryptocurrency by market capitalization, launched in 2012.

Litecoin (LTC) is - Fourth-largest cryptocurrency by market value, launched in 2011.

Monero (XMR) is - Fifth-largest cryptocurrency by market valuation, launched in 2014.

Dash (DASH) is - Sixth-largest cryptocurrency by market size, launched in 2014.

Private Cryptocurrencies

Zcash (ZEC) - The seventh-largest cryptocurrency by market price, launched in 2016.