Types of Cryptocurrency Image Source: DALL.E
Ever wondered why people are so intrigued by cryptocurrency?
Well, if you wish to find that out, let’s put you on board a time train. In the 1960s, even a dollar bill was sufficient to buy a lot of things, contrary to what it could do now.
Now, let’s put Bitcoin in the picture. In 2010, someone spent over 25,000 BTCs to buy two pizzas; at the time of writing, the same amount of BTCs could help you simply own a luxurious life with yachts, a penthouse, and fortunes at the bank.
That’s the reason why cryptocurrencies are so famous after the fragmented or broken monetary policies of the government have been exposed, putting the financial system in jeopardy due to inflation, wars, and many more things.
In this article, we shall see a few cryptocurrencies that shall dominate the sphere by working atop such inefficiencies, and they should be on your radar for the next bull run.
So brace yourself to find out about them and the way they work to completely change the face of finance.
Bitcoin is leading the crypto market with its bullish hit and is known as digital gold. Introduced by the mysterious Satoshi Nakamoto in 2009, the coin functions on a decentralized network using blockchain technology. With a limited supply of 21 million coins, this coin’s store value contributes to its popularity.
Ethereum (ETH) is not limited to being a currency but is a platform that enables the creation of decentralized applications from smart contracts. The trading of ETH goes beyond simple transactions. Moreover, on August 25, 2023, Ether (ETH) was trading at approximately $1,652 with a robust market capitalization approaching $199 billion.
Tether is known for being a stablecoin pegged to the value of the U.S. dollar, gold, or assets, which maintains a stable value of $1.00. These coins bridge cryptocurrencies and traditional fiat currencies, providing a less volatile option for traders.
Binance Coin (BNB) is the native cryptocurrency of Binance, one of the largest cryptocurrency exchanges globally. Originally designed to pay for discounted trades on the platform, BNB grew as a platform for various transactions and purchases across several networks and currencies.
Formerly known as Ripple, XRP facilitates cross-border transactions, which aim for a fast and efficient method for transferring value in real-world currencies. This coin can be used as a trust-less mechanism to streamline international payments.
Similar to Tether, USD Coin (USDC) is also a stablecoin pegged to the U.S. Dollar. As per the founder, it is a fully reserved asset, providing stable values. It serves as a reliable digital representation of the dollar in the crypto market.
This coin holds a strong “web-scale” platform with fast transaction speeds., Solana was introduced in 2020 and holds a value of 480 million coins. SOL, the platform’s native cryptocurrency, seeks to offer a scalable and effective framework for decentralized apps.
Developed by the co-founders of Ethereum, Cardano makes use of smart contracts for several purposes, including identity management. The cryptocurrency linked to the Cardano platform, ADA, has an emphasis on interoperability, sustainability, and scalability.
Initially designed as a joke, this coin is currently among the most talked-about in the cryptocurrency world. The meme coin, which has amassed a sizable fanbase, is named after a well-known online meme that features a Shiba Inu dog and has limitless issuance: Dogecoin. Though it started out humorously, it is used for payments and money transfers. As of July 22, 2023, Dogecoin boasts a market capitalization of $9.9 billion, standing tall as the ninth-largest cryptocurrency.
Justin Sun launched this tron in 2017, which aims to decentralize the internet through blockchain technology and decentralized applications (DApps). The significance of this coin is aligned with the supply of stablecoins, contributing to its role in the blockchain ecosystem.
Originally developed by Telegram in 2018, Toncoin saw a surge in 2023 after Telegram integrated a TON-based wallet into its platform. Despite Telegram abandoning the project, the TON Foundation continued with the project, which now holds certain resilience in cryptocurrencies.
Chainlink, established in 2017, is considered a bridge between blockchain-based smart contracts and external data feeds. The operation of this is on the Ethereum platform, serving as a blockchain abstraction layer. This ultimately enhances the capabilities of smart contracts.
Polkadot (DOT), a cryptocurrency making waves with its innovative approach to blockchain connectivity, was launched in 2020. Developed by Dr. Gavin Wood, one of Ethereum’s co-founders, Polkadot has the vision to create a decentralized and interoperable web where different blockchains can seamlessly communicate and share information.
These 13 digital assets are a presentation of how diverse and strong the crypto market has become with investors and traders. It shows the diverse applications and functionalities within the blockchain space. From stablecoins providing price stability to platforms revolutionizing decentralized applications, each cryptocurrency holds unique features and use cases. However, it’s essential to navigate this Wild West with caution, especially considering the volatile and regulatory developments of the market, which constantly change, shaping and reshaping cryptocurrencies.
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