Cryptocurrency in Layman's Term – UKTN (UK Technology News

Bitcoin is the first cryptocurrency ever created, as we all know. Even though the crypto industry is well-known, many of us still have no idea what cryptocurrency is. So, this is a brief and basic explanation for those unfamiliar with cryptocurrencies.
The term cryptocurrency comes from cryptography and currency. It is also known as a digital currency but is not similar to traditional digital money. Cryptocurrency technology is pretty complicated. It is known as the blockchain. 
Cryptocurrency, such as Bitcoin, Ethereum, and Litecoin, has also grown more secure due to the incorporated blockchain technology. In other words, cryptocurrency is a digital currency type that is not issued or regulated by a central body. It’s a cryptographically safe, decentralised system.
The crypto wave does seem one of the most lucrative inventions lately. However, the fact that there is no regulatory body to look after these funds reminds you that you need to be paying attention to your funds and the way they are disposed. To aid with this hard task, we recommend you to always go for reputable trading websites that have already become “famous” among traders (eToro, Kraken, BitiCodes).
There are various types of cryptocurrencies available on the market, and it would be beneficial if we had a better understanding of them. The Payment Currencies are the first. We use it to make payments, purchases, and pay bills online. It is commonly known as a coin. Bitcoin, Litecoin, Monero, and other cryptocurrencies are on the list.
The second one is Blockchain Economies. It’s also known as a blockchain platform, and it’s a blockchain platform that employs the capability of blockchain technology for a purpose other than payment. Users can build digital assets (tokens), decentralised applications (dapps), and more on this platform. Ethereum is the most popular of these cryptocurrencies. Other cryptocurrencies such as ETC, Neo, Tron, and EOS followed.
We also have Privacy Coins. Due to the differences in cryptocurrencies, assets focusing on privacy exist. Only the sender and receiver know how many coins get sent in a private transaction. The owner of the privacy wallet is the only one who knows how much money is in it. Unlike the bitcoin blockchain, it displays the amount of each transaction, like the wallet address, in real-time.
Utility Tokens come next. These are the tokens utilised in products and services built on the blockchain. It is part of the blockchain economy and runs on the blockchain platform. ERC20 tokens run on the Ethereum blockchain and are the most well-known utility tokens. Basic Attention Token (BAT), Omisigo (OMG), and 0x are examples of utility tokens (ZRX).
The Stablecoins are the last on our list. Steady coins, as the name implies, are stable. It is not like traditional cryptocurrency, which fluctuates in value. Only a consistent price is required for a stable currency. Traders frequently utilise this to pair with their preferred cryptocurrency to avoid significant financial loss. 
Stablecoins come in a variety of shapes and sizes. JP Morgan’s JPM coin and Facebook’s Libra are two examples (not sure if it will be released). USD Coin (USDC), Paxos (PAX), TrueUSD (TUSD), and Tether (USDT) are examples of Stablecoins found on exchanges.
This quick overview of cryptocurrency will give you an idea even if we do not understand its technical aspects. Those are not requirements unless you are a developer and a very technical person. Well, many articles on the internet spread about technical stuff. Verify the information you get because not all out there is credible.

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