Cryptocurrency is a gradually
trending term denoting digital cash
that can be purchased, transferred, and sold electronically. Cryptocurrency can be said as a system designed to decentralize the
payment system by taking centralized
banks out of the equation.
In other words, crypto tokens exist as a safe, secure and decentralized form of payment,
where transactions are transformed and verified by a network computer that isn’t affiliated by a single organization. The
short and easy meaning of cryptocurrency is decentralized digital money.
The essential
characteristic of cryptocurrency is that it is
not controlled by any central authority. The decentralized nature of
blockchain makes cryptocurrency theoretically immune to the old approach of government management and
interference. Crypto tokens made transfers - quick and simplified through
the use of public and private keys for safety, security and privacy functions.
All cryptocurrencies use distributed ledger
technology (DLT) to remove third parties from their systems. DLTs are shared databases where transaction
information is recorded. The DLT that
most crypto tokens use is called the
blockchain technology.
The first blockchain-based cryptocurrency was Bitcoin, which stays
the most famous and most valuable. Today, there are thousands of alternative
cryptocurrencies with diverse features and specifications.
Some of the examples of major cryptocurrencies
include Bitcoin, Ethereum, XRP, Bitcoin Cash, EOS, Xcel Token.
For Instance: Xcel Token is digital general-purpose
utility token based on the ERC20 Ethereum protocol. Xcel Token can be used
to book hotels, flight tickets.
It also helps hotels, restaurants and marketing
partners earn while participating, while travelers enjoy the benefits of a
leaner eco-system.
A Final Word
While the number of merchants
accepting crypto has steadily increased, they are still not widely accepted.
Hence, for cryptocurrencies to become the most commonly used payment method,
they have to gain widespread acceptance among consumers and companies such as
XcelToken aim to do the same. However, these are the initial stages
of cryptocurrency, and there is a whole world
for it to conquer.
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