33 Cryptocurrencies Described In Four Words Or Less (Infographic)

Bitcoin which is a synonym of cryptocurrency is a decentralized virtual currency that can be sent from one user to another using a peer to peer network which acts as a medium of exchange, it does not require any intermediate or central authority to make the transactions. The currency uses cryptography to verify and secure its transactions. Bitcoin is the first cryptocurrency designed ever to create an independent and decentralized electronic payment system. It uses a cryptography technique which includes the mathematical proofs along with the economic incentives to solve the problem of double spending and to verify the process of transactions. The protocol of Bitcoin is an open one which involves any developer to review and contribute to the development of the cryptocurrencies.

In a traditional currency the central authorities and banks control the financial sector. But with cryptocurrencies, the transactions are validated and processed by an open and distributed network, which is not owned by anyone. The cryptocurrencies are decentralized and is a distributed network on various computers which are spread across the world and are termed as nodes. Every transaction is verified by the network of nodes with the cryptography technique and is recorded in a public ledger called as blockchain. The transaction propagates around the peer to peer network and replicates by every node, to reach a large percentage in few seconds.

As there is no central authority in place the users need not have to verify their identifications while transacting with Cryptos. When the request for transaction is submitted the network checks the transaction, verifies it and records it on blockchain accordingly. Bitcoin uses a system of private and public keys to authenticate the transaction, which means the users can have anonymous identities and digital wallets to make transactions on the decentralized network and also be secured with the transactions.

The other advantage in these transactions is that they are immutable and irreversible, which means the blockchain technology makes it impossible for any hacker other than the owner of the private key to move the digital assets and also the transactions cannot be changed once they are recorded on the network.

Our friends at Mrbtc.org developed an interesting infographic on – 33 Cryptocurrencies Described in Four Words or Less, please checkout the following infographic and share your thoughts on it.

Originally posted at: https://mrbtc.org/about-33-cryptocurrencies



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