Types of cryptocurrencies
Netizens are well aware of the recent rage on the internet regarding investment in cryptocurrencies. But do you know how and when was this term coined? Back in the year 2008, the global financial crisis demanded a solid financial medium and that was when decentralized finance was introduced in the form of digital currency, i.e., cryptocurrency or Bitcoin.
Cryptocurrency means the digital currency which one can see as a digital alternative to real or fiat currency. It can be used in online transactions as a transparent and more secure source of decentralized finance in a secure manner due to its cryptographic layer of protection. It can be used to purchase goods, services, or trading and investing.
Even though Bitcoin is the first cryptocurrency in the market, several non-bitcoin currencies or altcoins are widely popular as well. Have a look at some of the most popular types of altcoins in the market.
First things first, Bitcoin was the first cryptocurrency launched in the global market in 2008 as a byproduct of blockchain. Blockchain is a distributed ledger of a database over the internet where the records of transactions are saved in the form of blocks. It is built on its blockchain which is not governed by a central authority. There are bitcoin’s tokens in the form of Bitcoin Cash and Litecoin on the platform as well.
It started with an initial price of $0.0008 and has witnessed the highest price of $70,000 till now.
Ethereum is an altcoin that acts more like an app store than a digital currency. It is built on its blockchain with smart contract functionality. It is the most popular currency of the platform after Bitcoin. It is also widely used as the most common blockchain by apps and crypto tokens.
Since Ethereum focuses on apps, it is planning on removing the middlemen like Apple and play store and giving the authority solely to the owner of the application. Ether is its token that is used by application developers.
Litecoin can be considered as a spin-off of Bitcoin as it is based on the latter’s blockchain. It was designed and created in 2011 as an improvement to Bitcoin’s services. Litecoin is a platform that cuts down the transaction time, fees, and offers a dedicated set of miners.
This replica of Bitcoin has witnessed the highest surge in its prices in 2013 with a shocking 100% leap in less than 24 hours. It cuts short the processing of blocks from 10 minutes to 2.5 minutes in comparison to Bitcoin.
Another growing crypto in the platform is none other than Caizcoin. Caizcoin is the first blockchain of the market which has an Islamic compliant blockchain. It means that this crypto coin promotes global financial solutions in compliance with the holy Islamic principles. It promotes charity and donations in the weaker sections of society. It has worked towards the welfare of children and funded their treatment.
The best part about this coin is that its financial services are open to people of every faith. Caizcoin is approved by Islamic scholars. Therefore, it gives the investor insight into the ethical way of investing with this coin. With a minimum starting price on the exchange, it is the most cost-effective form of crypto investment.
Therefore, this was the list of types of cryptocurrencies that are legit and open for investment.
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Caizcoin Official Website: https://caizcoin.com/