When it comes to Indian crypto currencies, there are four main types. These are Bitcoin, Ethereum, Litecoin, and Ripple. In this blog post, we will take a look at each type in more detail to help you understand more about them.
Bitcoin is the world’s first decentralized digital currency and it was created in 2009 by an anonymous person or group of people with the pseudonym Satoshi Nakamoto. Bitcoin is different from other fiat currencies because it is not regulated by any central authority and it uses peer-to-peer technology to operate. Miners solve complex mathematical problems to verify transactions and add new blocks to the blockchain. Bitcoin can be used to buy goods and services online and some physical stores accept it as payment.
Ethereum was proposed in 2013 by Vitalik Buterin, a Russian-Canadian programmer. It was launched in 2015 and ether is its native cryptocurrency. Ether can be used to pay for transaction fees and power the Ethereum network. It is mined like bitcoins, but the mining process is different. Ethereum miners are rewarded based on their share of work done rather than on their share of the total number of blocks mined.
Litecoin was created in 2011 by former Google engineer Charles Lee as an alternative to bitcoin. Like bitcoin, it is a decentralized cryptocurrency but it uses a different algorithm for mining called Scrypt. This makes mining litecoins easier than bitcoins because Scrypt can be run on CPUs rather than specialised mining equipment like ASICs. Litecoin also has faster transaction times and lower fees than bitcoin.
Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company founded in 2012. Ripple distributes money globally using the Internet with no need for banks or other financial institutions to act as intermediaries between sender and receiver. Transactions on the Ripple network settle in 4 seconds or less, and there are no fees for using the network except for those imposed by exchanges when converting XRP into other currencies such as USD or EUR.
There you have it! These are the four main types of Indian crypto currencies. We hope this blog post has helped you understand more about them so that you can make an informed decision about which one is right for you. Thanks for reading!