Crypto Currencies

What is Crypto Currency? Of course, it is not a typical money: even if most of them have names with an end "coin,"  usually crypto currency don't come in physical form, even if they represent money in digital form, it is a bit complicated to use them, it is not the same as digital payment services like any payment processor.

 Cryptocurrency is electricity converted into lines of code with monetary value. if to say more simple, cryptocurrency is digital currency.

The first cryptocurrency that was created back in 2009, is Bitcoin - BTC, and it is also the basis for all other new crypto coins that are now popping up so often. Bitcoin was created by "Satoshi Nakamoto" - it is pseudonym that was used by unknown person or even group of people. In 2014 Newsweek published article pointing one Japanese-American man who lives in California, Dorian Nakamoto, as a Satoshi Nakamoto, Bitcoins creator, but he denied it and even raised a legal defense fund to sue this publication.

All bitcoins transactions are recorded on a public ledger - block chain, and there are are no name or email address associated with an account.

 Today we already have hundreds of other cryptocurrencies, they often are named as Altcoins. Looks like all similar alternative crypto currencies also follow bitcoins structure, althrough they add own features as well. For instance, Litecoin was created for faster transactions, Quarkcoin promised more secure system, some of them rely on novelty more than on anything else, Dogecoin seems was created for fans of doge meme...
 

Most cryptocurrencies are designed in such way that should decrease in production over the time like Bitcoin. That is somehow different from fiat currencies - financial institutions  always can create them more because of inflation. Bitcoin will never have more than 21 million coins in circulation.

Bitcoin uses SHA-256 - a set of cryptographic hash functions, it is a cryptocurrency based on the proof-of-work system. In April of 2011, we got the first altcoin - Namecoin. In October of 2011, was released Litecoin and it became the first successful cryptocurrency using scrypt as its hash function instead of SHA-256. The general public got the ability to mine for litecoins without purchasing specific hardware that was needed for to mine Bitcoins - ASIC machines.

Bitcoin is the largest cryptocurrency, but it's not the most valuable coin. We have such as NEMstake, that have a market cap only of $1,116,720, but trades at $1,117 a coin. Second place after Bitcoin takes Litecoin, then goes Ripple close behind.

Cryptocurrency mining power is rated on a scale of hashes per seconds.

Ways to get Crypto Currency

• Use exchange services that sell and buy BTC for dollars or other currency. Some of these money changers are strict and can ask you for a copy of your ID and adddress proof. The easiest way for those who have money tobuy cryptocurriency.
• Sell goods and services through bitcoin marketplaces. There are many such marketplaces, just google and you will find plenty that accept or ask for bitcoins for transactions.
• "Mine" for bitcoins ot other crypto currency. Mining means the verifying of transactions and adding them to the the block chain or public ledger.

Where to store Crypto Currency

If you are thinking about to exchange dollars for crypto coins or mine for some, first of all think about wallet where you will keep your virtual money. Joining wallet you will get your secret codes or keys that you will need for to be able to spend your crypto coins, and an address - long code of letters and numbers - that you will need to give people for sending you money. 

There are many types of bitcoin wallets online, including mobile apps and desktop programs.

So, should we invest in any kind of cryptocurrency? Many do, and many do not. I do. It must be noticed that crypto cyrrencies values fluctuate enough quickly and widely. We all monitored bitcoin value: it reached its high of $1,242 per bitcoin in November of 2013, when just a few month ago it was worth only near $200. Now bitcoin's value is back to a bit more than $200, and may never more its value will go so high as it was. If you plan to invest your life savings on any crypto currency, you should first off all study it closely and be prepared for any consequences.  

All cryptocurrencies are pseudo-anonymous, some of coins have features to create true anonymity.

SHA256 based Alt-coins

NMC - Namecoin, total coins 21.000 000, reward - 50 NMC/block.

PPC - Peercoin, total coins -no limit, reward - 103.10 PPC/block. 

DVC - Devcoin, total coins - no limit, reward - 500D VC/block. 

TRC - Terracoin, total coins - 42.000 000, reward - 20TRC/block. 

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Scrypt based Alt-coins

LTC - Litecoin, total coins - 82.000 000, reward - 50 LTC/block.

DOGE - Dogecoin, total coins - 100 000 000 000, reward - 250 000 DOGE/block. 

WDC - Worldcoin, total coins - 265 420 800, reward - 50.79 WDC/block.

FTC - Feathercoin, total coins -  336 000 000, reward - 200FTC/block. 

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Hybrid/Other Alt-coins

 XRM - Primecoin, total coins - 10 800 000.

QRK - Quarkcoin, reward - 2QRK/block. 

 NXT - Nextcoin.

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