Types of Cryptocurrency – Cryptocurrency

Ripple (XRP)

admin — Fri, 23 Feb 2018 09:10:03 +0000

What is Ripple ?

Ripple is a digital currency that connects banks around the world and allow them to offer real time cross border payment systems to their customers. Currently the cross border transactions require many intermediaries to execute, so the settlement takes days. This often creates cost and risk that make it difficult to meet today’s market demand.

Ripple enables crossborder payments to execute directly between banks within seconds and provides the banks end to end visibility throughout the whole process. Ripple is infrastructure technology banks can adopt to power new payment serveries, like low volume retail and corporate payment.

How Ripple works

The Ripple ecosystem consists of two main technologies The first is the Ripple protocol which is an open source protocol for inter-institutional transactions. The second is XRP, which is the native currency of the Ripple network. And can be used as the denomination when transactions are initiated on the Ripple network.

Hence, Ripple is a cryptocurrency that aims to revolutionize the present Global Settlement Network through cheap, decentralized and efficient (fast) means.

Ripple technology

Now, if we realize that despite numerous advancements in the technology, the infrastructure for global settlement is highly backwards. Hence, the concept of Ripple comes into play. With Ripple, a new infrastructure comes with a better reliability and speed while reducing the costs.

Therefore, Ripple is aims to replace the use of traditional payment protocols and costly systems such as the Western Union and SWIFT.

There is no such thing as Ripple mining. And, without the presence of Ripple mining, the amount of XRP that is on the Blockchain will not deviate.Hence, the Ripple price will not be as volatile as its brethren cryptos!

What is Ripple

Find out indepth information on what is Ripple. We dig deeper into it

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How Does It Work

Find out indepth information on how Ripple work. The nitty-gritty of it

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How To Use It

Find out indepth how to use Ripple online. Whats involved in it and what you need

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Where To Buy Ripple

Find out where to buy Ripple even if you are based in New Zealand.

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How to Buy Ripple

Everything you need to know on how to buy Ripple.

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What You Need To Buy Ripple

List of all the things you will need to buy Ripple.

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Overview

Ripple (XRP) is quite new in he crypto currency market. The technology behind ripple has been adapted by some of the worlds largest banks to simplify and offer real time cross border payment systems to their customers. Ripple is here to stay and it will change the way we pay and receive payments across borders.

Bitcoin

admin — Tue, 06 Feb 2018 10:44:26 +0000

What Is Bitcoin

Bitcoin is a type of cryptocurrency that was created in 2009 by a person called Satoshi Nakamoto. Bitcoin is one of the first digital currency that was created with encryption techniques to work without the need of banks. Find out in detail what a bitcoin…

How Bitcoin Works

In simple terms Bitcoin works by allowing anyone to send and receive money across the internet digitally. Its like any other currency except its all digital and is not reliant on any government or bank. Find out in detail how the bitcoins work.

Bitcoin Price

Our up to date bitcoin chats shows the latest bitcoin price in USD and NZD. Find out how the worlds favorite digital currency is doing. We have bitcoin price charts that shows the value of bitcoins every hour, every day, every week and much more. All our charts are live and updated from the leading currency markets. Check out the latest bitcoin prices

Buy Bitcoins

Buying bitcoins or any cryptocurrency in New Zealand can be complicated, frustrating and time consuming unless you know what you are doing. In this section we will explain in detail how to buy bitcoins and where from. Check out more detail on how to buy bitcoins from New Zealand

Bitcoin Wallet

Before buying any bitcoin you will need a bitcoin wallet. This is digital wallet that will store all your bitcoins online. With this wallet you will able to send and receive bitcoins online. Its free and simple to create your bitcoin wallet. We will show you how and where to setup your digital bitcoin wallet. Check it out now

Bitcoin Exchange

Buying bitcoin is like buying anything else online. In order to buy bitcoins you will need to find a good bitcoin exchange, most of the bitcoin exchanges dose not offer New Zealanders to buy bitcoin. Most of the large bitcoin exchanges have no provenance for us to buy any cryptocurrencies.

There are only few exchanges that offer kiwi’s to buy digital currencies from New Zealand and even then have restrictions on what you can buy. Find out more on how and where to buy bitcoins from New Zealand

Bitcoin Mining

Bitcoin mining is something that has come a long way, few years back we could use our own computers to mine bitcoins but in today’s market you will need something more powerful. Mining bitcoin is not easy and you will need few crucial things to get started. We have all the information on how to start mining bitcoins from home. Check out the bitcoin mining guide. It is made specifically keeping in mind the Bitcoin mining for dummies.

Bitcoin Made Simple

"Bitcoins can seem very complicated and hard to grasp but its not. Once you know the basics of bitcoins it will be simple to follow and can be life changing. Check out the video to get the basic concept of what is bitcoin, how it works and why it will be the next big thing in currency market.

James Stuart

Bitcoin specialist

Bitcoin Terms

What is a Bitcoin

Bitcoin is a cryptocurrency and worldwide payment system developed in 2009

What is Bitcoin Mining

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released.

What is Bitcoin Wallet

Bitcoin wallet is a software program where Bitcoins are stored.

What is a Bitcoin Exchange

A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different currencies. It is is an online platform that acts as an intermediary between buyers and sellers.

Cryptocurrencies

admin — Tue, 06 Feb 2018 08:54:21 +0000

Cryptocurrencies in Detail

Cryptocurrencies

Right now, the cryptocurrencies are taking the world by storm! There are a lot of examples of success in the blockchain and people are getting rich overnight by using these currencies. Hence, the currencies are money of the future, not to mention the fact that the shockwaves are spread globally.

While these currencies pack a good punch when it comes to business gains, there is also a downside to them.

Understanding Cryptos

Unfortunately, most of the people will not understand the geeky-gears behind the Blockchain. And that is the main reason why the cryptos are not well-understood by most people, banks, governments and many big companies.

There might be a lot of activity around you to educate people how cryptos work. However, here at cryptocurrency.net.nz , we decided to educate our audience what cryptocurrencies really are! So, if you are a person who is still scratching his head about what cryptos are, don’t worry! We’ve got you covered!

Meaning of Cryptocurrency

The answer of this question lies within the word cryptocurrency. In this name, the term “crypto” refers to hidden and currency is a medium of exchange that we all know about. Hence, this is a decentralized system of monetary exchange that is an alternative to the Centralized system.

The cryptocurrencies are digital assets that aim to work as a medium of exchange. This entire system is safe by using cryptography, implying that tracing a crypto currency is impossible.

The main thought behind the cryptos is the use of private business data on lesser private networks. Additionally, another thought of using a system of decentralized currency is also in effect

What is Cryptocurrency

Working of an Electronic Cash System

At this point, we must consider how an electronic system of cash works. In order to complete a transaction, a user requires a payment network with accounts, balances and transactions.

The major issue in that case is the over or under-spending of the cash; or the probability where a minor change in the instructions can completely change a transaction.

In order to overcome the spending issues, a server needs to constantly verify whether or not the instructions are changing. This way, it keeps a record and prevents errors and omissions in a system of cash.

Innovative Decentralized Approach

However, in a decentralized approach, we don’t have that server for record keeping. Hence, every device manages its own record. So, every entity in the system keeps a private record of files to check the errors and omissions (if any).

To sum things up, the main idea was to maintain an email like system, where the private information broadcasts over a network, but only to the select authorities.

Therefore, if you asked the question “what is the meaning of cryptocurrency”, then the answer is simple. Decentralized mode of currency exchange is what defines crytpos.

Decentralized Approach

History of Cryptocurrency

People believe the cryptocurrencies to make them super-rich overnight. However, very few are aware of the fact that history of cryptocurrency is richer as compared to such monetary gains.

So, let’s start with a shock! Did you know that cryptocurrencies are actually bi-products of another invention?

Bi-Products of another Invention

An alias of Satoshi Nakamoto, who is the unknown inventor of Bitcoin, never intended to invent a currency. Infact, the thought behind Bitcoin was to be an electronic cash system that has no central governing authority.

The concept of Bitcoin was not a really admired one, owing to the fact that many such actions had failed in the past. However, Satoshi marked a new feat in the history of cryptocurrency by using a decentralized approach.

The innovation sparked the fuel to create something known as a Bitcoin Blockchain in the history of cryptocurrency.

A Successful Bi-Product

Eventually, the concept developed and more and more companies utilized this idea for their own personal uses. A few notable ones are Ethereum (application-based) and Zcash (Private).

Another interesting fact is that most of the people are surprisingly keen about studying the Bitcoins instead of the Blockchain that was actually the main thing Satoshi Nakamoto wanted to invent!

Block Chain

What Is Cryptocurrency Used For?

The third most interesting question that we face in our lives is the basic use of the cryptocurrencies. There is a huge majority of the people on this planet that still don’t know how a computer works, so expect such a question every now and then from the people!

In the most basic terms, the basic role of a cryptocurrency is as a digital asset, or more precisely a digital currency, alternative currency or virtual currency.

Why Cryptos are a currency?

Imagine James has 100 bucks. In his mind he will have an amount which he possesses, and he is not bound to give it away until some specific requirements are fulfilled.

Similarly, if James possesses a crypto (let’s say one Bitcoin) all of the conditions are same, except that the tangible feel of the currency. So, we can classify cryptos as a currency.

As Digital/Virtual Currencies

The cryptocurrencies are digital currencies. That means that they have no physical existence and they only exist over a network (the Blockchain). They are not coins flying here and there but mere entries in a database that we cannot change without fulfilling specific conditions.

So, we call the cryptocurrencies as digital currencies.

Latest cryptocurrencies Prices

Name	Price	24H (%)
Bitcoin (BTC)	$10,396.00	2.04%
Ethereum (ETH)	$196.99	7.50%
Bitcoin Cash (BCH)	$322.84	5.68%
XRP (XRP)	$0.288400	9.44%
Litecoin (LTC)	$77.41	6.56%
Cardano (ADA)	$0.050707	8.32%
IOTA (MIOTA)	$0.249859	3.65%
Dash (DASH)	$95.65	4.79%
NEM (XEM)	$0.055664	3.26%
Monero (XMR)	$84.39	2.75%

Alternative Currencies

Businesses and enterprises use the cryptocurrencies as alternative currencies as alternatives to the centralized system. In that system, the businesses might have to funnel in some high amounts in the shape of taxation and fees or expenses. However, that is not a case with the cryptocurrencies.

These are complementary currencies that businesses can hide from this system and rack up until necessary. So, the next time when someone utters the word altcoin in front of you, you’ll know that they are actually talking about alternative coins (or alternative currencies).

Mineable Commodity

If you don’t happen to be a businessman, but a person with a golden thumb with tech. Then, you might be able to lend the thinking power of your PC to sort out a few blocks on the Blockchain. The blockchain works upon compensating every such person (we call them miners) with shiny cryptocurrency.

Consider a huge variable, where your teacher awards you for guessing its value. On the other hand, for every guessed value, more variables add into the formula. This is what happens in the blockchain. Rewards are distributed upon completion of a block. On the other hand, a new block which is more complex from its predecessors adds into the blockchain.

So, to some people, it is not a business currency but a potential mine from which they can extract some ledger entries with knowledge worth bucks!

Types of Cryptocurrency

This is the most interesting question you might be having in your mind. You might be thinking that if this is all cryptocurrencies are about then you are wrong!

Reflect upon what I said while talking about Bitcoin in the history of cryptocurrency. I even managed to mention a few! So, what I deduce from those names is that the Blockchain is more diverse than we can possibly think of.

As the environment of decentralization takes the mainstream, more and more businesses will join in and everyone will try to implement their own unique use of the Blockchain network.

Hence, we will experience different algorithms over the Blockchain.

Types of Cryptocurrencies

Cryptocurrency Algorithms

Interestingly, many different types of cryptocurrency are already seeing the face of the market. And these currencies group up on the basis distinct algorithms. These different algorithms determine the complexity of work, and the requirements of machines to process them.

This system is interestingly similar to the system of Boxing, where a lightweight system has his own champions and competitions; whereas, in the middleweight and heavyweight there are different people. So, we divide the Blockchain into different categories depending upon the potential gains of the business that are behind the different currencies.

From the perspective of their algorithms, the following different types of cryptocurrency are there:

SHA-256 Algorithm
Scrypt Algorithm
X11 Algorithm
Cryptonight Algorithm
Dagger Hashimoto – Ethash Algorithm

SHA-256

SHA-256 or Secure Hash Algorithm creates a unique 256-bit encryption key for the protection. In this system, the blocks generally take 6-10 minutes to complete a single block.

The system uses GH/s (Giga Hashes per Second) for processing in this Blockchain Algorithm. It is equivalent to 1 billion Hashes in a second.

The Hash is a fixed-size index that we use to retrieve items from a database.

Bitcoin (BTC), BitcoinCash (BCH), Peercoin (PPC), 21Coin (21), Unobtanium (UNO), Namecoin (NMC) are a few coins that work on this algorithm.

Scrypt Algorithm

The Scrypt Algorithm requires large amounts of memory but is simpler and quicker than SHA-256. It’s hash rate is measured in KH/s (Kilo Hashes per Second) meaning one thousand hash computations in a second. Another important feature of the Scrypt is that it does not depend upon the previous blocks in the Blockchain for new blocks.

Some of the most notable coins that use Scrypt Algorithm are the Litecoin (LTE), Dogecoin (DOGE), Novacoin (NVC) etc.

Meaning of SHA-256

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X11 Algorithm

Calculated in MH/s (Mega Hashes per Second), the X11 was developed by Evan Duffield. There are 11 scientific hashing algorithms in this system for the proof of work.

The processing power required for this Algorithm is a million hashes within a single second.

If you obtain this power, you are likely to mine Dash (DASH), CannabisCoin (CANN) or StartCoin (START).

Cryptonight Algorithm

This algorithm was designed to be the best suitable for the CPUs. Unlike the Scrypt Algorithm, the Cryptonight depends upon all the previous blocks for new block.

It is measured in H/s (Hash per Second).

Some notable coins using this algorithm are Monero (XMR), Bytecoin (BCN) and Dashcoin (DSH).

Dagger Hashimoto/ Ethash Algorithm

It is the combination of the Dagger and Hashimoto algos developed by Vitalik Buterin and Thaddeus Dryja respectively. Dagger is actually easier alternative of the Scrypt algorithm, and Hashimoto limits the mining processes.

It is called Ethash Algorithm because it is used for mining Ethereum (ETH), Ethereum Classic (ETC) and Expanse (EXP).

World of Cryptocurrencies

The world of cryptocurrencies is very diverse. Given the proper conditions, this method of digital assets’ trading can be very influential and insightful.

Going through this guide will have thoroughly given you the explanation about the legit nature of the cryptocurrencies and how they are benefiting people. The fact that they require money to be processed (in terms of bills) is what that defines their price. Hence, they are a good investment in the present times.

Ethereum

admin — Sun, 04 Feb 2018 00:45:05 +0000

Ethereum (ETH)

What is Ethereum (ETH)

Ethereum (ETH) is one of the top decentralized software program in world. It was launched in 2015 and has has a market capitalization of $41.4 billion which is second to Bitcoin. Ethereum is one of the most valuable cryptocurrencies in the world followed by bitcoin.

How Ethereum (ETH) Works

Ethereum is actually a Blockchain platform that uses the “Smart Contract” functionality. It is actually a system of distributed devices that share workload to process information. Hence, mutual working and issues of interference, downtime, censorship or fraud don’t come into play!

How To Buy Ethereum (ETH)

Like other currencies you can buy Ethereum (ETH) from online digital currency exchanges. You will need digital wallet and find currency exchange that sells Ethereum. No matter where you are in the world as long as you have internet connection and a digital wallet you will be able to buy Ethereum (ETH).

What is Ethereum (ETH)

Zcash (ZEC)

admin — Sat, 03 Feb 2018 23:27:38 +0000

What is Zcash

Zcash is one of the latest cryptocurrency in the digital coin market. It was developed in 2016 by Zooko Wilcox who is the current CEO of Zcash. Zcash is very similar to all other digital currencies and uses blockchain to record all transactions but with Zcash details such as the sender, recipient, and amount remain private.

How Zcash Works

Zcash is a cryptocurency built on bitcoins code base and is dedicated to protecting your privacy. It is the first digital currency to combine the power of block chain with extra security of all transactions. The Zcash provides privacy for its users and its the first protocol of its kind. It was developed with years of research and advanced engineering. Zcash works by providing privacy and freedom to all its users . Find out more on

Zcash Price

Our up to date Zcash chats shows the latest Zcash price in USD and NZD. Find out how the one of the worlds favorite underrated digital currency is doing. We have ZEC price charts that shows the value of Zcash every hour, every day, every week and much more. All our charts are live and updated from the leading currency markets. Check out the latest Zcash(ZEC) prices

Buy ZCash

Buying Zcash or any cryptocurrency in New Zealand can be complicated, frustrating and time consuming unless you know what you are doing. In this section we will explain in detail how to buy Zcash and where from. Check out more detail on how to buy Zcash from New Zealand

Zcash Wallet

Before buying any Zcash you will need a Zcash(ZEC) wallet. This is digital wallet that will store all your Zcash and any online digital currencies. With this wallet you will able to send and receive Zcash online. Its free and simple to create your Zcash wallet. We will show you how and where to setup your digital Zcash wallet. Check it out now

Zcash Made Simple

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Litecoin (LTC)

admin — Sat, 03 Feb 2018 02:02:21 +0000

What Is Litecoin (LTC)

Litecoin is considered as the second largest cryptocurrency in the digital market. It was created in 2011 by person named Charlie Lee. Litecoin is has evolved from Bitcoin and now considered to be faster and more secure in some cases then bitcoin. Find out more about what is litecoin

How Does Litecoin Work

Litecoin works very similar to bitcoin. Litecoin is transferred between people and businesses for goods and services. It can be stored in an online account called litecoin wallet. For more detailed information click the link below..

How To Buy Litecoin (LTC)

Buying Litecoin is same as buying any other cryptocurrency. You will need few things like Litecoin Wallet and a litecoin exchange. We have sourced out detailed information on how and where to buy Litecoins. This information is crucial if you are looking to buy Litecoin from New Zealand….

What is Litecoin

"Litecoin is one of the fastest emerging cryptocurrencies in the digital world. It is following the bitcoin trend. Is Litecoin the new big thing? "

Chris Jones

Litecoin Writer