What are A cryptocurrency and their types, and what are the best digital currencies?

Cryptocurrency, its types, and the best digital currencies at the moment

 A cryptocurrency is a form of digital money that is designed to be secure and in many cases anonymous from the sender and recipient (ie it is unknown who sent the money and to whom). 

What are A cryptocurrency
What are A cryptocurrency

During the Second World War, encryption greatly increased the need for a secure connection, and the encrypted currency is linked to the encrypted Internet and the process of converting readable information into encrypted codes so that customers' purchases, deposits, and transfers cannot be tracked.

The digital age and the elements of mathematical theory and computer science have developed into one of the most important means of securing communications, information, money, circulation, transformational processes, and deposits via the Internet.

The main advantages that distinguish cryptocurrencies from paper money:

  • The anonymity of the user: There is no need to disclose any personal information belonging to the user when opening his wallet for trading in cryptocurrencies because it only uses numbers and letters as symbols to ensure that the user’s identity is not disclosed in his details are fully known.
  • Transparency in dealing: Regulators set their own exchange rates and all currency exchange transactions are subject to direct control.
  • Decentralization: Digital currencies are subject to supervision by the Financial Markets Authority as well as government bodies, the trading of digital currencies is dealt with separately and away from the supervision of the central bank of the government.
  • Transaction security: One of the best features that distinguish digital currencies or cryptocurrencies is transaction security, as no one can block your wallet, delete or transfer your funds from your private wallet without your permission or permission. At the same time, you can withdraw, transfer and deposit with low financial fees at any time you want.
  • Personal security in dealing: When you open the encryption device, you can get your private key, which cannot be hacked if you keep it in a safe place away from hacking because if you lose it, you will not be able to recover it again.

The most used and most popular cryptocurrencies for traders:

  1. Bitcoin.
  2. Ethereum.
  3. Ripple XRP.
  4. Litecoin.
  5. NEO.
  6. IOTA.
  7. Dogecoin.