However, the first cryptocurrency addressed all existing security concerns as it was created using blockchain technology. What’s convenient about blockchain is that it can be compared to a ledger where all cryptocurrency transactions are recorded. Besides, all Bitcoin owners have access to this “ledger”.
You can’t physically hold a Bitcoin – all those “coins” exist in electronic form created through complex mathematical calculations. Cryptocurrency is an artificially created payment system that exists in the virtual realm. Although today, it is equated to real monetary systems and has its own exchange rate.
So, why is cryptocurrency so popular today?
The current popularity of cryptocurrency can be attributed to its growing recognition as a valid payment instrument by numerous countries. A significant advantage is that cryptocurrency owners are not bound to specific locations, countries, or political systems. The digital currency itself has become a valuable asset, even though it is linked to a real exchange rate.
Advantages of cryptocurrency
- High popularity. Wallets can be created using any suitable gadget without being restricted to a specific operating system.
- User-friendliness. The complete transaction history is always accessible without any time limits.
- All crypto generation nodes are equal. This ensures that no one can block a wallet or reverse a payment.
- Anonymity. Providing personal data, account numbers, or wallet names is optional.
- High transaction security. This allows for secure transactions and savings accumulation.
Types of cryptocurrencies
Blockchain technology enables the creation of an infinite variety of digital currencies. However, if a currency is not backed up by the generation process, it will not be able to attract user interest and create demand. Some countries are already considering the possibility of issuing state-backed cryptocurrencies.
Today’s most popular cryptocurrencies are Bitcoin, Ethereum, Litecoin, and Dash. Join our CryptoMoto community and get access to our unique cryptocurrency that will rise to the level of Bitcoin!
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