Cryptocurrency has grown rapidly due to digital platforms. They allow for online transactions. Money deposits and withdrawals can be made due to cryptocurrency. It is specially made to be secure and anonymous. There is the use of cryptography for financial security. This has allowed for convenience and efficiency among the end users. There are those that have been in the market for some time. Others have developed over time. They have different performance and characteristics according to ICO reviews. With stiff competition amongst themselves, the different types of cryptocurrency try to be better. The following are the types.
- Bitcoin (BTC)
It was the first cryptocurrency to come up. It emerged in the year 2009. It uses blockchain technology for its transactions. There is maximum security due to the algorithm used. Bitcoin users are free to transact with confidentiality. The anonymity allows sending and receiving money worldwide. The coin limit is 21 million.
- Litecoin (LTC)
It was created in 2011. It is decentralized just like Bitcoin. So far it has the fastest transactions as compared to the others. The transaction limit is 84 million which is flexible for its users. It uses an algorithm which is scrypt for security purposes.
- Ripple (XRP)
It emerged in 2012 with a low-cost money transfer system. It also acts as online payment. Ripple also works with banks, unlike other cryptocurrency. Any currency can be exchanged through this platform. The connection to banks makes it stand out among the rest.
- Ethereum (ETH)
Established in 2015, it also uses Blockchain technology. It helps track ownership of online transactions. It is a network that allows for the running of programming codes of the application. It could be any application online. Those who develop apps pay some fees through Ethereum.
It was launched in 2016. Its package comes with privacy when conducting transactions digitally. Security is maximized in that the person sending the money is not revealed. The recipient and the amount sent are also kept a secret. There is high encryption of the transactions.
- Monero (XMR)
It started in 2014 and offers great confidentiality in its payments. It was designed from donations from the community. Monero allows for the exchange of any type of currency. The anonymous nature of payments is awesome and uses ring signatures technique. It has CryptoNight PoW hash algorithm which is unique to Monero. Its origin is CryptoNote protocol
It was started in January 2014. It is a cryptocurrency that has great security also. It has a decentralized autonomous structure for its operations. It is more secretive due to the decentralized system that has master code. The transactions cannot be traced to anyone. It is loved by many and has a huge following. The feature that helps keep everything anonymous is called PrivateSend. The block transactions make it an interesting one to use. The network is enabled by a process that is two-tier. Its goal is to be fully encrypted so as to outshine the rest.
The different types of cryptocurrency all strive to provide privacy. While some are decentralized others are linked to banks. The ICO reviews place them in the market caps. Bitcoin is the leading one followed by Ripple. If you need to buy one, you have the answer.