Cryptocurrencies are all the rage these days. They are an innovative way to make purchases, send money internationally, or invest in a new business. Bitcoin is the most popular cryptocurrency in the world, but it is not your only option. Some people might not know that there are many different types of cryptocurrencies out there that have their own unique features and benefits.
In this blog post, we will discuss some of these different types of cryptocurrencies so you can determine which one best suits your needs.
Let’s take a look at these types of cryptocurrencies.
1. Bitcoin
Bitcoin is a cryptocurrency, and it’s the one that started the whole craze. Satoshi Nakamoto created it in 2009. It has become so popular because of its scarcity factor: there will only ever be 21 million bitcoins in existence. And while you can’t hold them in your hand like actual coins, they do exist on what’s called “The Blockchain,” in which everyone who uses bitcoin has access to each record of all transactions between two parties is entirely public – but without knowing anything about anyone else using Bitcoin except their wallet address.
This makes it very difficult for people to buy or sell things illegally with Bitcoins since every transaction is documented permanently on The Blockchain (and thus cannot be tampered with).
2. Dogecoin
Dogecoin is a cryptocurrency like Bitcoin, but it has no real value. It started as a joke and was created by Billy Markus after noticing the lack of dog-based cryptocurrencies on the market. Dogecoins do not have any real intrinsic value other than their usefulness within online communities such as Reddit, where they can be used to reward users who produce content or comments that are particularly good or helpful for others which makes them different from other types of cryptocurrencies because instead of having some sort of utility outside of exchanges, they serve only to provide social interactions between people involved in various online communities while also acting as a means through which its users can express themselves through.
3. Litecoin (LTC)
Litecoin is a decentralized digital currency that works on blockchain technology. It was created by Charlie Lee, who also started working as an engineer at Google after its launch in 2011. He left his job and decided to focus full-time on Litcoin’s development team back in 2019 since he believed there was not much room for growth with Bitcoin due to its high transaction fees and slow processing times.
4. Cardano
Cardano is a decentralized public blockchain and cryptocurrency project that features the world’s first provably secure proof of stake algorithm. It’s the first blockchain project to be created from scientific philosophy and built on peer-reviewed academic research. Cardano is very cautious with their promises because they don’t wish to disappoint anyone again, like when the roadmap was moved forward in June of 2017, which caused panic among community members who then dumped all their ADA tokens while prices went down 50%.
5. Ethereum
Ethereum is an open-source, public blockchain-based distributed computing platform featuring smart contract functionality. It provides a complete decentralized Turing virtual machine that can execute scripts using an international network of public nodes. Development of the Ethereal software project began in early 2014 through a Swiss company, Ethereal Switzerland GmbH (EthSuisse).
Written by Barbara McGee
