This write up is a product of research based work.
First and foremost, I want to still appreciate all my fellow steemians, followers, mentors and the entire management of steemit community.
Cryptocurrency is a generic or public name for all the encrypted decentralized digital currencies.
Examples Bitcoin, Litecoin, Ethereum's Ether, Altocoin.
Cryptocurrency make use of cryptography to produce coins and secure for trades or transactions.
Types of cryptocurrency popularly known in the world.
*bitcoin
*ethereum's ether
*litecoin.
Why some folks limited digital currency to only Bitcoin???
I'm not flabbergast, whenever digital currency is mention, one thing that comes across to everyone's mind is BITCOIN. Probably that is the only digital currency they have heard or known in the world.
List of digital currencies that have crumble in the time past.
a. E-gold: by Douglas jackson in 1996
b. Web money: by the moscow based company in 1998
c. Liberty reserve in 2006
d. Perfect money in 2007
Bitcoin was first been introduced in 2009 as a working decentralized digital currency.
Cryptocurrency is not legal tender because it is not backed up by a central bank or governmental bodies.
In summary
Cryptocurrency can also be called money or currency, because is also a medium of exchange that can be used to store and transfer value.
I am much well optimistic in nature that one day it will be centralize by government or bank.
Thanks for taking your precious time to read or passed through my write up.
Good post :)
You are welcome my mentor
hey mezvinsky,
I actually didn't know about past cryptocurrencies. Thank you for the post buddy :)
Cheers!
You are welcome my director