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A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange.

It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.

Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

Centralized vs. Blockchain Payments

With this approach, cryptocurrencies do not rely on central banks or trusted third parties to verify transactions.

Cryptocurrencies are decentralized and run by a network of computers instead of a single person or a company.

The money you own is stored in a digital wallet you keep in the cloud or offline on a PC and can be sent to someone via a computer or a mobile device like a smartphone.

Each transaction is recorded in what is called a blockchain that is publicly available to all currency holders.

To learn more about cryptocurrencies and how they work, please have a look for example at blockgeeks.com.

Bitcoin, Ethereum, Litecoin, and Monero are all cryptocurrencies, let us have a look at the differences and advantages.

BITCOIN (recommended)

The cryptocurrency Bitcoin was created in 2009 by a programmer or group of programmers using the pseudonym Satoshi Nakamoto.

Each bitcoin can be broken into fractional units, with up to eight decimal places of precision.

For example, if one bitcoin is worth $1,000 and you need to pay for a $20 item, then you would send 0.02 bitcoins (abbreviated BTC).

All information is transparent and details of every financial transaction involving Bitcoin are available on a public “ledger” known as the blockchain, for everyone to see.

While personal information is not visible, you can see what amount was transferred, and what Bitcoin address it was sent to.

This makes it easy to verify transactions and makes it impossible for Bitcoin to be manipulated by any person, organization, or government.

As all information is available to the public, there is a need to obfuscate the journey of your transactions by tumbling your coins..

• ETHEREUM

Launched in 2015, Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether.

Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications.

a) Etherium is an open-source computing platform and operating system.

b) Also has its own associated cryptocurrency, ether.

c) One of the big projects around Ethereum is Microsoft’s partnership with ConsenSys.

The applications run on Ethereum are run on a platform-specific cryptographic token, ether.

During 2014, Ethereum had launched a pre-sale for ether which had received an overwhelming response.

Ether is like a vehicle for moving around on the Ethereum platform and is mostly sought by developers looking to develop and run applications inside Ethereum.

Ether is used broadly for two purposes: it is traded as a digital currency exchange like other cryptocurrencies, and it is used inside Ethereum to run applications and even to monetize work.

• LITECOIN

Litecoin advertises itself as a “cryptocurrency for payments based on blockchain technology.”

Its primary focus is to act as a medium for transacting payments without a bank or other third-party intermediary.

Litecoin uses very similar technology to Bitcoin, but with the ability to conduct transactions faster than Bitcoin.

How much faster?

According to Litecoin, it takes two-and-a-half minutes to “process a block” compared to Bitcoin’s ten, making the currency four times faster than bitcoin. The tradeoff is that a transaction done in litecoins may not be as secure as a transaction done in bitcoins.

• MONERO (recommended also)

Same as Bitcoin, also Monero is a cryptocurrency.

In contrast to Bitcoin, Monero transactions are completely private due to the architecture of Monero.

With this, no one will be able to see how much Monero you own, to which addresses you send it to, or from where you received it.

This makes it very attractive for our users and the reason why we do recommend using Monero over other currencies on hovamart.com

People who wish to hold and spend Bitcoin, Litecoin, or Monero must create a wallet, which stores the information needed to complete transactions.

The coins themselves remain a part of the blockchain, but your wallet contains the information necessary to access and use your own coins.

To send coins to someone else you need to know an address where you can send the coins to.

This is something similar to a bank account number, this address belongs to the wallet of the person you want to send the coins to.

If you now send the coins to the address, they will appear in the recipient’s wallet, the same process

No, there is no vendor bond on hovamart at present.

You will never communicate directly with our customers you will be fulfilling the role as one of our many suppliers.