Digital Currency – Top 10 List, What is it and How it works

Brief note on Digital currency and its uses and top list

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Digital currency is internet based money that is available electronically and acts as a medium of exchange for goods and commodities like traditional money.

Digital currency allows faster transactions and limitless transfer of ownership. Digital currency allows more convenience for the people by enabling them with more privacy and security at lower costs.

Using credit card and debit cards for online shopping may be subjected to theft from online hackers. This is prevented by making use of digital currencies which are built on cryptography and offer more security.

Bitcoin is the foremost digital currency which is decentralized and there is no need of third party to verify transactions as it has its own record for it. All transactions are verified and shared in Block chain. The process is mining and those who do that process are termed as miners. The price of Bitcoin is equal to $313.91. Ripple is a math based currency which operates using Ripple Transaction Protocol which allows user to make any type of transaction. It was designed in a way to improve many aspects of bitcoin and is equivalent to $0.024157.

Litecoin is similar to bitcoin but with faster transaction speed. Litecoin is more user-friendly and uses PoW scrypt to prevent the use of ASIC chips which in turn leads to be mined by many people. It value corresponds to $2.69. Peer coin is a long term environment friendly coin as it reduces power consumed by mining process. It uses hybrid PoW/PoS technology for less energy consumption. Its price is $0.588494. NXT or Nextcoin is a coin which is entirely different from bitcoin as it is based on PoS system. It uses transparent forging technology in which people sends their transactions to the system determined person who will forge the block. The price of NXT is $0.016490.

MasterCoin is known as meta- cryptocurrency and depends on the block chain of Bitcoin. There is possibility to change Bitcoins into Master coins. US Dollar equivalent of MasterCoin is $2.78. DogeCoin is similar to Litecoin that uses scrypt PoW. Thus mining can be done faster.  The price of Dogecoin corresponds to $0.000181. Namecoin uses PoW system and Bitcoin protocol to operate a DNS and has a value of $0.708678. Quark is updated version of bitcoin with increased security that has six different hasing algorithms for safer transactions and the price of Quark is $0.004827. Protoshares is a coin that uses block chain technology to decentralized system of transactions. Like Bitcoins, it uses PoW algorithm. The value of PTS is $0.000504.