Cryptocurrency Write For Us – By now, you may already know that cryptocurrencies are digital currencies protected by cryptography. But how many types of cryptocurrencies are there? It’s not just Bitcoin and Dogecoin; there are thousands! In this article, we look at the top 10 types of cryptocurrencies (regarding market capitalization) and provide information on other crypto assets you should know about.
How many types of cryptocurrencies are there?
Since Satoshi Nakamoto created the first Bitcoin in 2009, cryptocurrencies have evolved and changed very quickly. Today, many different types of this currency already have their own characteristics and uses. The world of cryptocurrencies often sounds too far away for us, and we still have to do a lot of research to know if we are facing an opportunity or a threat. Knowing their types and the uses given to them in the market can help us understand what they are, what they are for, and what their role may be in a future that is increasingly immersed in the network.
We will stop at some of them and find out what makes them different from the rest and their main characteristics.
Bitcoin (BTC)
Bitcoins are the most popular cryptocurrencies. They were created in 2009 with Blockchain technology to create coins that could be used as a payment method that did not have to be supervised by a government. It is considered the original ‘crypto’ and intends to become an alternative to the traditional system. Thanks to Bitcoin, many business sectors are growing.
Currently, bitcoin is mainly used as a form of investment. It is too volatile and extremely high in value to physically use. In fact, they are not usually bought whole but are bought in fractions. In addition, to avoid inflation, the creators of these cryptocurrencies put a maximum number of stocks on them.
There are also different types of bitcoins, such as Bitcoin cash (BCH), which belongs to a subsidiary created by forking in August 2017 and allows faster transactions.
Ether (ETH)
Ether is one of the coins with the highest market capitalization. It belongs to Ethereum, a blockchain platform for “smart contracts.” The annual emissions of this currency are limited to 18 million, and its use is to pay in Ethereum itself. Its main difference with Bitcoin is that it is not considered an investment cryptocurrency.
Dogecoin (DOGE)
In this case, we are talking about a cryptocurrency that was generated from the DOGE dog meme humorously. It was created by modifying a Bitcoin protocol, and, despite seeming like a joke, almost 30 million DOGE currently circulating on the market.
It is one of the cheapest coins, currently costing only $0.3.
Binance Coin (BNB)
Originated by Binance, this type of cryptocurrency is today a beautiful technique since it allows the decrease of the cost of transaction fees that have tokens issued on BNB in the account. Another advantage is that you can get more of these tokens with recommendations to other people.
Ripple (XRP)
Another type of virtual currency is Ripple, one of the largest known today. It is traded on many crypto exchanges and works as a payment network for banks trying to make international transactions more efficient and profitable.
Lumens (XLM)
This virtual currency is within the Stellar network, where transactions in different currencies can be processed. It works very well as an antispam filter since the transactions carried out require the payment of a fee in this currency.
Litecoin (LTC)
In the words of its creator, Litecoin was created to be the silver of Bitcoin, considering the latter gold. Its offer is four times larger than that of its type coin base. Its use provides high speed in transactions.
Other less common cryptocurrencies
Despite having focused on a few, we must remember that there are many existing cryptocurrencies that, in one way or another, provide solutions to different situations that we can find in the market, such as:
- Neo
- Cardano
- bit bay
- Polkadot
- IOTA
- chain link
- money
Features of cryptocurrency
Its main features are:
- A cryptocurrency is a type of asset based on a network that is distributed in a large number of computers. This makes it decentralized (it does not depend on a large central system).
- It is not a physical currency (although it can be kept on devices such as hard drives or external memories).
- Its creation is based on unique cryptography.
- They do not depend on anybody or the government responsible for generating this currency.
Differences between cryptocurrencies and tokens
Both the term “coin” and the word “token” are different denominations of what we know as cryptocurrency units, although there is a key difference between the two, and this has to do with technical issues:
Coins are what we understand as native blockchain cryptocurrency. For example, Bitcoin is a cryptocurrency that works on the blockchain, a technology we explain in more depth in this article on how the blockchain works.
This is where the fundamental difference lies since a token does not have its own chain of blocks to support itself, but rather the permits directly depend on existing partnerships.
In turn, thanks to pre-existing tools and the use of open codes, they are easier to create. In general, token development is faster, easier, and relatively cheaper.
The revolution that the appearance of cryptocurrencies has brought to our daily lives has made more and more people interested in knowing how to invest in cryptocurrencies safely. Not only that, but the crypto fever has even reached the job market; more and more companies are looking for expert professionals capable of keeping up with the constant evolution of the crypto world.
As a basis, studying the Cryptocurrency Course offered by the European University seems one of the best options to begin training in this new digital paradigm and obtain the necessary knowledge to lead and manage the takeoff of the new crypto technology.
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