Cryptocurrencies: A New World for Financial Markets
A digital and virtual currency, working as a medium of exchange and secured through cryptography, was introduced in the market popularly termed Cryptocurrency. In simple words, it is digital money, without any physical bills or coins. It can be easily transferred online to someone without a mediator. The two most renowned cryptocurrencies are Bitcoin and Ethereum, but more keeps on adding to the list. If you had followed the cryptocurrency news closely, you might be aware of its usage. It allows secure payments online, denominated as virtual ‘tokens’, and are presented as ledger entries that are internal to the system. Types of Cryptocurrencies The first, most popular, and most valuable cryptocurrency was Bitcoin, launched in 2009. However, today there are many others with different specifications. Some of them are duplicates of Bitcoin, whereas others are newly-built currencies with specific features. Until November 2019, over 18 million bitcoins were circulated with a ma