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What you need to know about cryptocurrency
Cryptocurrency is created to become a medium of exchange between people through the use of the internet. Unlike traditional currencies, cryptocurrency isn’t issued by the government or any banks. It uses cryptography which is why the process of exchanging and purchasing is almost untrackable because it converts all this information into a code.
What makes cryptocurrency ideal is its decentralised technology that allows users to settle their payments without having to provide their name and go through a lot of processes just to secure their transactions. The information it gets is stored in the blockchain. This platform allows digital information to be passed but not edited. Each block represents a transaction, making the blockchain a collection of blocks as a whole. This makes any transaction using cryptocurrency safe and fool-proof.
List of cryptocurrencies
Bitcoin cryptocurrency is the first and most popular cryptocurrency there is. It was invented in 2009 based on a white paper created by the pseudonymous Satoshi Nakamoto. There have been speculations about Nakamoto that it could be a name taken by one person or a group of people to stay hidden before the digital coin was published.
Bitcoin is ideal for most people because of its lower transaction costs, unlike traditional online payment processes that incur expensive fees.
Ethereum cryptocurrency is also one of the most-known cryptocurrencies since its launch in 2015. This cryptocurrency can be used in two ways: to exchange currencies and develop and run applications inside Ethereum. As of 2019, it became the second-largest virtual cryptocurrency in the world next to Bitcoin.
EOS cryptocurrency is similar to Ethereum, that’s why it has earned the title ‘Ethereum killer’ because it can do everything that Ethereum can. EOS is also a blockchain-based decentralized system that is capable of hosting DApps. Though EOS is also a cryptocurrency, it’s different from the others because it focuses on speed, scalability, and flexibility.
Cardano was founded by Charles Hoskinson who is also the co-founder of Ethereum. ADA is the native coin of Cardano and its goal is to perform faster transactions at a cheaper price. It is named after the 19th-century mathematician Ada Lovelace who was known as the first computer programmer.
Unlike the usual cryptocurrency, Tether is backed by traditional fiat currencies such as the dollar, euro, and yen. Tether is designed to become a bridge between fiat money and cryptocurrencies. Similar to Bitcoin, Tether offers stability, transparency, and only requires minimal charges.
Some miners and developers initiated the hard fork in August 2017 which resulted in the creation of Bitcoin cash (BCH). Bitcoin cash cryptocurrency has its blockchain and can process transactions more quickly than the main Bitcoin network because of its bigger block size of up to 32MB. Transaction charges are also lower in BCH.
Ripple cryptocurrency is known as the third-largest cryptocurrency next to Bitcoin and Ethereum. This cryptocurrency is an open-source and decentralized platform that allows people to perform fast and seamless transactions of transferring money in dollars, yen, litecoin, or bitcoin.
Just like all other cryptocurrencies, Litecoin is not backed by or issued by any banks and the government. Litecoin’s supply is fixed and only has a total of 84 million. This cryptocurrency is identical to Bitcoin, only instead of digital gold, it’s silver and four times faster in transactions than Bitcoin.
Originally founded as AntShares in 2014, NEO cryptocurrency was rebranded in June 2017 by its Chinese founders Da Hongfei and Erik Zhan. This cryptocurrency has two types of coins which are NEO and GAS. NEO doesn’t have a monetary value, unlike GAS that is used to pay for transactions within the network.
IOTA cryptocurrency isn’t built on a blockchain like most cryptocurrencies. Rather, it’s built on a system called ‘Tangle.’ IOTA doesn’t charge any transaction fees, unlike other cryptocurrencies that require minimal fees for every transaction.
Because of its high-level privacy features, Monero made a name for itself in the market. Every transaction made with Monero is anonymous. What makes this digital coin popular among crypto users is that it has a non-traceable transaction history, making it a safer network compared to others.
Facebook has its own cryptocurrency called Libra. Similar to other cryptocurrencies, Libra is used for sending money and purchasing products.
Libra’s blockchain is not decentralised, unlike other cryptocurrencies, that’s why some people argue that Libra is not considered a cryptocurrency. But despite this, the day Facebook announced its new digital coin, it easily garnered attention from crypto enthusiasts.
Binance coin cryptocurrency runs on the Ethereum blockchain and is known to be the biggest cryptocurrency exchange site in the world because it has a total of 200 million BNB coins. The BNB tokens can be used for paying transaction fees while exchanging the coins.
Tezos cryptocurrency doesn’t rely on mining but instead on a proof-of-stake mechanism. It is connected to Tez or Tezzie which is a blockchain network linked to a digital network. This cryptocurrency is designed to use smart contracts.
Bitcoin SV cryptocurrency was created in 2018 by forking the Bitcoin Cash blockchain and making the block sizes larger so the transaction fees will become lower. It is named after the creator of Bitcoin Satoshi Nakamoto. Its name is derived from the belief that lower transaction costs align with Satoshi’s vision for Bitcoin.
Founded in September 2017, Tron cryptocurrency was created by a Singapore based organization named Tron Foundation. Tron’s goal is to eliminate the middleman between content creators and consumers. This cryptocurrency uses TRX as its coin and it can be used by content consumers to purchase the content that they want to have access to.
Cosmos cryptocurrency consists of independent blockchains that have control of its own governance. This cryptocurrency has two types of blockchains: the Zones and Hubs. Zones are the regular blockchains while Hubs connect zones.
Nem cryptocurrency claims itself as the Smart Asset Blockchain that aims to be a network that manages assets and data at a low cost. Created as a fork-out version of the NXT, Nem evolved in March 2015 and is operated by NEM.io Foundation which is a non-profit organisation in Singapore. XEM is NEM’s own cryptocurrency that doesn’t function like bitcoin as a means of payment.
Originally known as Darkcoin, Dash cryptocurrency was launched in 2014, aiming to provide cryptocurrency users with privacy and anonymity. Based on its whitepaper, this cryptocurrency is described as the ‘first privacy-centric cryptographic currency.’
Like the usual cryptocurrencies, ZCash is a decentralized blockchain that aims to provide anonymity for the transactions of its users. This cryptocurrency was founded in 2016 as a way for users to have an open financial system with enhanced privacy features.
Waves cryptocurrency is unlike any other. It’s a blockchain platform that allows users to create their custom token. These coins can be utilized for loyalty programs, creation of in-app currency, and ICO funding. The created tokens can be traded on Waves’ decentralized exchange.
DigiByte cryptocurrency was launched in 2014 and runs on DigiByte blockchain. What makes this cryptocurrency different from others is that it uses five algorithms while others only use one. This makes it more secure and decentralized than other cryptocurrencies.
Dogecoin is another decentralized cryptocurrency that allows users to easily send and receive money online. This crypto was launched in December 2013 and is represented by the popularized dog meme which is a Japanese breed dog called Shiba Inu. Its technology was based on Litecoin.
Theta cryptocurrency is different from the usual cryptocurrency because its function is to provide a video streaming platform with its blockchain.
HedgeTrade cryptocurrency is a social trading platform where traders from around the world share their knowledge about trading and its market. Since its launch in 2019, it has become one of the top 50 cryptocurrencies in the world.