As the entire world is on virtual platforms like trading, shopping, households and many more day-to-day activities, in the same way we have virtual currency named as Cryptocurrency. It is a safe payment as it is based on the cryptographic techniques & computer network based. It is complete decentralized structure. Cryptocurrency is not controlled or authorized by the central. All the funds and transactions are safe as it is under blockchain system.
Blockchain keeps the record who made the transactions. It keeps it in a ledger form & share it every set of blockchain network. It also focused towards not get their clients data hacked from someone else, for that they keep secured protection on networks. It is authorized in some of the countries but not in all the countries. Some of the recent updates on cryptocurrency shows that it is illegal & not safe but it is much safer than the online transactions we used to have while transferring the funds. It doesn’t require a third-party interaction while transferring the funds to another person. There’s no role of banks in cryptocurrency. It easily transfers the funds within few seconds and with less transaction fee.
It is also used to make payments for certain goods & commodities in the form of Bitcoin. Anyone can make a use of cryptocurrency without having paperwork. Cryptocurrency works on Public-Private keys while making payments. The disadvantage with Cryptocurrency payments is that it can’t be irreversible. Once you make the decision to use the cryptocurrency for any commodity, you can’t reverse it back.
You can trade-in cryptocurrency through Bitcoin which was launched in 2018. It is a type of cryptocurrency you can use for services and products while purchasing. Payments through Bitcoin are highly secured, even you can make the payments without revealing your identity. There’s no interference of any third party while making payments. Interference of third party occurs the chances of getting your bank details hacked, also it takes bit long processing time. Every person who has purchased the Bitcoins are also given Private-keys. It helps them how to decrypt their Bitcoin. The Market Prices of Bitcoins keeps on fluctuating as currently in Nov, 2021 it’s on $57,677.70.
Litecoin is another type of cryptocurrency and was founded in 2011. Bitcoin and Litecoin are based on open-source global payment network which is not controlled by any of the central authority and is created by the elaborated cryptocurrency procedure known as Mining (contains list of Litecoin transactions). Litecoin works on the scheme of Proof-of-Work. Litecoin is a strong competitor to Bitcoin. There’s no intermediary body involved in payment transaction. You can freely make payments to other people. The supply of Litecoin is fixed which means there will be only 84 million Litecoin in circulation.
Binance Coin (BNB)
Binance was generated as efficacy token for discounting trading fees in 2017 but it was expanded for multiple applications on huge number of platforms, it been started using to pay transaction fees on Binance.com, Binance DEX and Binance Chain. It also be used for the purpose of making payments on online services, entertainment, travel accommodation and financial purposes. It is another form of cryptocurrency and is issued by Binance exchange and trades with the BNB symbol.
Tether belongs to the form of cryptocurrency known as stablecoins which is used to stable the price fluctuations in another cryptocurrency. Tether token is traded under the symbol of USDT. It is the fifth-largest cryptocurrency in the world according to the last report in October,2021. USDT is basically generated to maintain the transparency among fiat currency and cryptocurrency. Fiat currency are like U.S. Dollar, euro, or yen.