If you are into cryptocurrencies, you will be surprised to know that there are more than 500 types on the market Most Bitcoin that are going to be discussed in this informative article. Don’t let the number overwhelm you—there’s no need to be familiar with all of them, just enough to recognize when one crosses your path in your quest to expand your knowledge about this brave new world! Here are some common types of cryptocurrency.
Bitcoin
The most well-known cryptocurrency, Bitcoin has seen a recent surge in its value. For newcomers to cryptocurrency, it’s worth noting that while Bitcoin is often associated with the Silk Road and other nefarious dealings (largely due to illicit uses of Bitcoin), it’s been expanding into more legitimate avenues.
While it may not have a long shelf life due to competition from faster and smarter cryptocurrencies, many expect that its legacy will be felt for years to come. Its success largely hinges on acceptance from governments; regulation could easily hamper growth or kill it outright. It’s also possible that a decentralized currency could usurp even larger centralized players like PayPal or Mastercard—which are really just banks in disguise.
Ethereum
The second-generation cryptocurrency is designed for more complex applications. This time, a Turing-complete programming language—the ability to run computer programs using machine language—was built into Ethereum from its inception. For example, let’s say someone wants to create a game that runs itself and pays out winners automatically based on player choices and in-game outcomes; that game would be coded up in Ethereum and then executed with money made available through crowdsourcing efforts.
Tether
The stable coin from Tether Ltd. is pegged to national currencies like USD, EUR and CNY. Each tether token (USDT) is meant to represent one unit of that currency—one USDT equals one dollar, for example. While some are excited about its potential, others are worried about centralization and corruption in using a digital representation of a fiat currency. If a central authority decides to change something in regards to tether, they can do so without seeking outside approval or influence—much like how other cryptocurrencies operate now.
Binance Coin
As one of the biggest and most trusted cryptocurrency exchanges on Earth, it’s no surprise that Binance Coin is on our list. Developed by a company called Binance, it gives its users 50% off trades when trading their Bitcoin (BTC) for other cryptocurrencies. That’s right—it helps save you money. Other than that, there’s not much to set it apart from other digital coins. Just as others have started to fail with their ICOs (initial coin offerings), Binance has stepped up and capitalized on those mistakes with a very generous free offering.
Cardano
While most people are familiar with cryptocurrencies like Bitcoin and Ethereum, there are many others that you should know about. While Cardano is a newer cryptocurrency than Ethereum and Bitcoin, it has been generating a lot of buzzes lately.
A portion of that comes from Japan-based technology giant SoftBank Corp., which recently made an investment in Cardano to give it some added credibility. Some people think that price developments around Cardano could eventually lead to similar developments around other cryptocurrencies; however, it remains unclear exactly how important such factors will be in driving overall market growth over time.
Tera
Tera, or tens digit ether, is a new way to send money via mobile devices in Sweden. It was created by Stockholm-based Fjord Technologies and has raised over $30 million from investors such as Creandum, Northzone, and Alibaba. In September 2017, it was announced that Tether will be partnering with Digix Global to tokenize gold on Ethereum using DGD tokens through a process called minting. Each DGD token holder will be able to convert their tokens into a 1 gram of 99.99% LBMA Gold through smart contracts on Ethereum.
Conclusion
Investing in cryptocurrency can be one of the most exciting ways to grow your retirement savings, but it’s easy to get confused by all of today’s options. Some cryptocurrencies are better than others, and some may not even exist when you read this. Always note that investing isn’t for everyone, but if it is for you, make sure you learn as much as possible before jumping into one at British Bitcoin Profit. This platform has been created to cater to the requirements of every level of traders. Whether you are a newbie or a seasoned player, you can easily trade on this platform.
