Cryptocurrency has somehow found a way to be on everyone’s lips. While many have made a business out of it, others have just sung its praises without knowing what it is really about.
Cryptocurrency has been existing since 2009, although most people who don’t know much about it believe that bitcoin is another name for cryptocurrency. In this article, we are going to find out if these regulations are true or not.
What is Cryptocurrency?
Cryptocurrencies are virtual currencies or monies that are independent of the bank or the government but they can be traded, exchanged, and speculated on. They are just like your physical currency in your country however, the difference is that they are digital.
Somehow, this sounds like we are talking about your banking app or Paypal or maybe even Payoneer as they are sound like they perform the same functions. In the same way, Paypal, Payoneer, and your banking apps can be used to make purchases or used to send monies to various persons, so also, cryptocurrency can be used.
However, cryptocurrency is designed differently. It might have similar functionality with these banking platforms but cryptocurrency is unique. See norskeanmeldelser.no in the bitcoin era to find out more.
What Makes Cryptocurrency Different?
Cryptocurrency is unique because it is not owned by one party. Every participant of cryptocurrency has nodes that keep them in touch with one another.
There are various cryptocurrencies however, about eight of them are well known. Some of them are:
Differences between Bitcoin and other Cryptocurrencies
Below are the differences between bitcoin and other cryptocurrencies
The security of bitcoin over other cryptocurrencies has been proven over time as Bitcoin was the first cryptocurrency to be launched. Launched in 2009, bitcoin has been able to stand the test of time.
Although Bitcoin seems to be the most secure cryptocurrency right now, there are possibilities of other currencies becoming secure as well. However, it is not known if they might be more secure than Bitcoin.
While other cryptocurrencies are coming up to standard, bitcoin has proven to be the most accessible compared to other cryptocurrencies
Most cryptocurrency software support bitcoin hence making it the most popular cryptocurrency used in making exchanges. To become the most accessible crypto, others would have to compete with Bitcoin’s large user base.
Bitcoin has been around for over a decade and it has ranked amongst the top currencies in the world. Currencies like USD, EUR, CNY, etc.
Currently, Bitcoin ranks as the fifth most valuable currency in the world. Bitcoin has 18.59 million units in circulation with each unit worth close to $50, 000
The network effect of cryptocurrency is derived from the consistent use of it by people. Some cryptocurrencies have been shut down because people were no longer using them, but Bitcoin’s network effect has grown rapidly over the years.
Bitcoin is the leading cryptocurrency available now as we saw earlier, it floors other cryptocurrencies mainly in their value and security.