What is Digital Currency? How to Buy it &
Advantage & Disadvantages of it?
What is Digital Currency? Digital currency is a type of currency available in digital form. It exhibits properties similar to physical currencies, but can allow for instantaneous transactions and borderless transfer-ofownership.
Types of Digital Currency 10 Types of Digital Currency 1. 2. 3. 4. 5.
Ethereum Ripple Lite coin Dash Peer coin
6. Doge coin 7. Prime coin 8. China coin 9. Ven 10. Bit coin
Ethereum Ethereum is a decentralized computing platform that features smart contract functionality. It offers the Ethereum Virtual Machine (EVM), a decentralized virtual machine that executes peer-topeer contracts using a cryptocurrency known as ether. The Ethereum platform allows multiple uses concerning smart contracts. With Ethereum, you can safely do business with a person you don’t know; because all terms are spelled out in a “smart contract” entrenched in the block chain.
Ripple Ripple is a real-time currency exchange, remittance network, and settlement system. It offers instant, certain, lowcost international payments. Also known as Ripple protocol or the Ripple Transaction Protocol (RTXP), it is built upon a decentralized open source Internet protocol and native currency referred to as XRP (ripples). Bases around public ledger, Ripple uses a consensus process to all exchange, remittance and payments in distributed process.
Lite Coin Lite coin is a peer-to-peer cryptocurrency released under the MIT/X11 license. The currency is Inspired by and technically almost identical to bit coin. Lite coin formation and transfer is based on an open source protocol.
Doge Coin Also known as PP Coin, Peer coin was created by software developers Scott Nadal and Sunny King. Lunched in 2012, it was the first digital currency to use a combination of proof-of-work and proof-of-stake. At first, the coins are mined using the proof-of-work hashing process. Over time, as the hashing difficulty increases, the users are rewarded coins using the proof-of-stake algorithm that requires minimal energy to generate blocks.
How to Buy There are 5 major steps to buy it:1. 2. 3. 4.
Find a good bit coin wallet Choose the right bit coin trader Select your payment method Buy some bit coin and store them in your wallet 5. Get ready to use it
How to Buy There are 5 major steps to buy it:1. 2. 3. 4.
Find a good bit coin wallet Choose the right bit coin trader Select your payment method Buy some bit coin and store them in your wallet 5. Get ready to use it
Advantage of Coins Anonymous and Private Payment Freedom Low/Minimal Fees Fewer risks for merchants It’s fast Central governments can’t take it away People can’t steal your payment information from merchants • Non-Inflationary • You can create your own money • • • • • • •
Disadvantage of Coins • Volatility • Ongoing development • Possible Government Interference • Deflationary • Lack of recourse • Money Laundering/Black Market
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