The cryptocurrencies or virtual currencies are forms of digital currencies with little differences like cryptocurrencies use cryptography to secure and restrict counterfeit. The cryptocurrency is not regulated by anybody in terms of any government or central banks. They are created, issued, accepted and used by the developers or the specific virtual community. The purpose of creation of cryptocurrency particularly the bitcoin is to take out the financial power from the hand of governments and bankers of central banks and transfer the power to the people. Many governments around the world have restricted cryptocurrencies and, in some countries, cryptocurrencies are banned. Get in touch with Paychain to get involved in accessing the use of cryptocurrencies especially the bitcoin.
The bitcoin is a form of cryptocurrency initiated by a programmer or a group of programmers under the pseudonym of Satoshi Nakamoto in the year 2008. The founders of bitcoin launched their cryptocurrency software in the year 2009. Presently, it is estimated that around 12 million bitcoins are in circulation around the world. The present value of bitcoin is 11,880.20 USD per bitcoin. However, bitcoin from its inception has undergone massive ups and down in terms of its value.
The dogecoin is another form of cryptocurrency created by Billy Markus of Portland Oregon in the year 2013. The dogecoin features the Shiba Inu or the doge which has become the famous internet meme. The Dogecoin community are continuously organising efforts to promote the dogecoin. The present value of dogecoin is 0.63 USD per dogecoin. It is estimated that around 120 billion dogecoins are in circulation among the existing dogecoin communities around the world.
There are types of cryptocurrencies which are not so popular or not discussed much. One of the other cryptocurrencies which are gaining the ground is the Litecoin. The Litecoin founders or initiators were inspired by the bitcoin revolution and started Litecoin in the year 2011. The Litecoin was founded by Charlie Lee an MIT graduate and previous Google engineer.
Besides the above- descried bitcoin and Litecoin, there are other cryptocurrencies existing as well as growing in the world economy or among the virtual communities. They are Peercoin which came into existence in the year 2012 through a paper published in August 2012 authored as Scott Nadal and Sunny king. Sunny king also created Primecoin, but the king is a pseudonym. The Ripple cryptocurrency was co-founded by Jed McCaleb and Chris Larsen of Opencoin. The Mastercoin is both a cryptocurrency as well as a platform. The Mastercoin runs new protocol i.e. instead of http// it uses TCP/IC. The Namecoin was founded by Vinced believed to be Vinced Durham in 18th April 2011.