Cryptocurrency is a digital tender which works as a substitute to printed money in most online markets. It was developed in 2009 by the developer Satoshi Nakamoto which is his pseudonym. Bitcoins are stored in the digital platform using blockchain technology to make the whole process of mining and saving it safe. The only issue which makes trading in bitcoin a bit unsafe is that it is not regulated by any central authority like the legal tender of countries, so the promise to pay the bearer the sum does not stand. During the early years, it was being used for gaming platforms and similar forums.
In a few years from its inception, the digital currency market saw a rise in the creation of new currencies with more than 6000 alternative currencies being developed in this short span of time. The whole world of bitcoin and other cryptocurrencies are run by the existing users who form a compact network. These users decide if there is a need to mine more bitcoin depending on the market, these digital currencies are highly encrypted which makes them safe to use as a viable trading option as compared to traditional currency.
Ethereum is the most popular digital currency to be used for online transactions. It is based on a design which is pretty similar to that of the Bitcoin. Vitalik Buterin, a Russian-Canadian developer, programmed Ethereum in 2013 with help from crowdfunding. This open-source cryptocurrency was heavily mined in the next two years with more than 70 million coins minted. It works on the decentralised feature of smart contacts which enables it to enhance safety, curb fraud and function without any external interference. Since ether has gained considerable popularity due to its safety features, it is used as a currency to buy and sell other digital currencies.