Cryptocurrency is a digital or virtual currency that can be used to transact online financial transactions, such as online banking, without the need for a trusted third party such as a bank account, or other physical medium of exchange. Cryptocurrency transactions are usually irreversible since each cryptocurrency transaction is represented by a unique public or private key pair.
Cryptocurrency exchanges facilitate the transfer of cryptocurrency between two parties using cryptography. An exchange facilitates the exchange of existing cryptocurrencies (e.g., Bitcoin) for other cryptocurrencies (e.g., Ethereum), or for real money. An exchange might be a website, a platform, or both. For example, it allows to exchange a real currency or tokens for a cryptocurrency, or other cryptocurrencies for existing cryptocurrencies.
A wallet is a piece of software or hardware that can hold cryptocurrency or other digital currency. A blockchain is a decentralized database that holds information about cryptocurrencies held by third parties. Cryptocurrency wallets can be hosted on servers, smartphone apps, or both. A blockchain is a record of transactions between two parties that can be used to record transactions between two parties securely.
A tiny list of crypto currencies
Mobilio is a new crypto currency that rewards car drivers for self-undistracted driving. The currency might be accepted as payment or proof of safe driving habits by insurance companies, and thus increase the viability of insurance policies as well as reduce car accidents in the future.
Bitcoin was created in 2009 by an individual or group known as Satoshi Nakamoto. Since the inception of bitcoin, numerous other cryptocurrencies have been created, many of which have similar characteristics compared to bitcoin.
Bitcoin was initially an application on a computer network that allowed individuals to transact in the digital currency. As the technology behind bitcoin advanced, the applications that could be used to transact in bitcoin were expanded to include other cryptocurrencies, as well as existing cryptocurrencies such as Ether, the so called internet of money, and related technologies.
Bitcoin is currently the most widely used digital currency.
Ethereum is a decentralized software platform that enables smart contracts and decentralized applications (dapps) to be built and run without any downtime, fraud, control, or censorship.
The platform allows for decentralized applications (dapps) to exist independent of any one central authority and can process transactions in a manner that is nearly indistinguishable from that of traditional financial transactions. Ethereum is currently the second-largest digital currency by market capitalization after bitcoin, although compared to the dominant cryptocurrency, it lags behind by a significant margin.
Ethereum has been compared to Bitcoin’s long history of innovation and openness as well as its potential to be used as a vehicle for autonomous software systems has been cited as one of the reasons for its popularity.