The cryptocurrency scene is very diverse. With so many hurdles to overcome, anyone who understands blockchain technology can launch their own digital currency if they so desire. Currently, there are over 1,600 cryptocurrencies listed on major, medium, and niche exchanges. This smaller group can be shortened to cryptocurrencies that are traded enough for real liquidity, or often used to pay for using blockchain platforms with tokens. In this category, we can probably include 20-30 different digital currencies.
All the most popular cryptocurrency
Bitcoin was the original cryptocurrency, and its launch in 2009 marked the beginning of the entire cryptocurrency movement.
Bitcoin – and the blockchain technology it runs on – was invented by a person or group under the pseudonym Satoshi Takemoto. Bitcoin was introduced as an alternative to the monetary system.
In The Bitcoin White Book, Satoshi Takemoto argued that a forced monetary system controlled by the central bank and a small number of financial institutions leads to wealth, and concentration of power, and makes social and financial flows difficult.
Ethereum is the second most popular cryptocurrency in history, but it is very different from Bitcoin.
Ethereum is actually the name of the blockchain platform, while Ethereum is the name of the cryptocurrency.
Ethereum is a blockchain platform for “smart contracts”. They can also be thought of as specific “rules” that can create many different applications or Dapps.
Ripple XRP is another “interest” currency. Its blockchain platform is designed to facilitate more efficient cross-border fiat currency transfers.
Ripple XRP has been closely associated with the support of many banks since its inception and is often seen as a “created” cryptocurrency.
Over the years, the number of remittance services using the Ripple platform has gradually increased and is likely to become part of the traditional financial system.
Litecoin is another potential legal alternative and a major competitor to Bitcoin.
In theory, this could make Litecoin more attractive to traders, but with “real-world” cryptocurrency trading still limited, Bitcoin’s more established “brand” makes it the preferred alternative cryptocurrency.
NEOs like Ethereum, NEO is a smart contract and Dapps platform.
NEO was released in 2014 with the aim of improving Ethereum by providing almost the same tools as a more technically sophisticated example of blockchain technology.
Many see NEO as a platform technically superior to Ethereum, but like Litecoin and Bitcoin, the latter’s more stable position has helped it maintain a larger market share.
IOTA is a unique cryptocurrency based on the Direct Graph Architecture (DAG) created to work with Internet of Things (IOTA) devices.
The Internet of Things facilitates micro-transactions involving connected devices and also helps maintain the integrity of their data.
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