Cryptocurrencies are an online alternative to FIAT currencies, and the way they are designed, they offer additional security to those using them just like licensed and SSL encrypted live casinos, which ensures security for their players . Transactions with them are anonymous and currencies cannot be counterfeited or falsified. Having said that, new users of cryptocurrency may feel overwhelmed by the variety of currency offerings and the differences between them. Read this article to learn more about the more common cryptocurrencies.
bitcoin – btc
Around 2008, Bitcoin (BTC) was the first cryptocurrency and currently holds the highest ranking of cryptocurrencies. The credit for making this coin is known as Satoshi Nakamoto. It is exchanged from person to person, not controlled by any one bank. BTC can be used for a variety of purchases and the market cap of the token has crossed the $100 billion threshold.
Ethereum – ETH
Close to Bitcoin, Ethereum (ETH) is another decentralized software platform. The coin was released to the public in 2015 after a fundraising effort. One of the main advantages of ETH is the speed of transaction times, which is a mere few seconds compared to other cryptocurrencies. ETH can be used for any transaction where cryptocurrency is accepted. The market cap of ETH also exceeds US$100 billion.
Tether – USDT
Unlike Bitcoin and Ethereum, Tether is best known as a stablecoin. Tether can be used on the blockchain, but the value of USDT is tied to the value of FIAT. For example, $1 = 1 USDT. The Tether platform was created in 2014 to facilitate the use of digital currencies and digital transactions. Nowadays, the coin ranks third after Ethereum and Bitcoin and has a market cap of double-digit billion.
USD coin
A new way to use FIAT money, the USD coin is a tokenized form of the United States dollar. USD Coin is an alternative to other online tokens, which facilitate the use of US dollars in digital marketplaces. They can be converted to physical USD at any time. For example, a 1 USD coin is worth $1.
Binance – BNB
Binance Coin, or BNB, is the fifth-ranking cryptocurrency in terms of both popularity and profitability. Created in 2017, the coin rose through the ranks to become the 5th most popular cryptocurrency. It is mainly used for payment of transaction or trading fees on Binance, an online platform dedicated to cryptocurrency exchange, along with the tokens mentioned above. As it stands, this coin has a market cap of over double-digit billion.
conclusion
The world of cryptocurrency may seem complicated and intimidating at first, but once you learn the basics, you can see all the possibilities this digital market can offer. As with most efforts where financial investments and risks are involved, you should take the time to research different coins and find the cryptocurrency that works for your needs. Take the time to find reputable sources of information and enjoy diving into the world of cryptocurrencies!
Image by Sergei Tokmakov Terms.Law from Pixabay