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What is Cryptocurrency & How many cryptocurrencies are there?

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What is Cryptocurrency

Cryptocurrency is a collection of binary data that is designed to serve as a medium of exchange (transaction). Cryptocurrencies are kept safe through a computer database which is called Cryptography.

To make transactions easier, other Crypto coins were created. Cryptocurrency does not exist in physical form for example paper money and is not usually issued by a central administration. Cryptocurrency usually uses decentralization instead of central bank digital currency.

Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of Bitcoin, many other cryptocurrencies have been created. About which you will know further.

How many cryptocurrencies are there?

There are over 7,500 cryptocurrencies as of 2021.

Some major cryptocurrencies

1. Bitcoin (BTC)

Market Cap: Over $821 Billion

Created in 2009 by someone under Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. In the same way, BTC runs on a blockchain.
The price of Bitcoin has skyrocketed as it has become very famous. Five years ago, you could buy bitcoin for around $500.

As of September 30, 2021, one bitcoin was worth over $43,000. That is an increase of about 8,600%.

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2. Ethereum (ETH)

Market Cap: Over $353 Billion

Ethereum is the favorite of its programming developer on both cryptocurrency and blockchain platforms.

Ethereum has also experienced tremendous growth. In just five years, its value increased from about $111 to nearly $3,000, up more than 27,000%.

3. Tether (USTD)

Market Cap: Over $68 Billion

Different from some other forms of cryptocurrency, Tether is a stable currency, which means that it is recognized as the US Dollar principle, which means that the value of Tether is considered superior to that of other cryptocurrencies, and it Preferred by investors who are troubled by the instability of other cryptocurrencies.

4. Cardano (ADA)

Market Cap: Over $67 Billion

Cardano accelerates the transaction time and maintains the competition among the other crypto coins platforms likewise Bitcoin. Cardano also works like Ethereum due to smart contacts and decentralization experiments.

Cardano’s ADA token has seen a slight increase in comparison to other major crypto coins. In 2017, the price of ADA was $0.02. On 30 September 2021, it was priced at $2.10. That is an increase of over 10,500%.

5. Binance (BNB)

Market Cap: Over $64 Billion

Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world.
Since its launch in 2017, Binance Coin has expanded past to simply facilitate trades on Binance’s exchange platform. Now, it can be used for business, payment or even for booking travel. It can also be traded or exchanged for other types of cryptocurrency, such as Ethereum or Bitcoin.

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It cost just $0.10 in 2017; As of 30 September 2021, it had risen by more than 382,000% to over $382.

6. Ripple (XRP)

Market Cap: Over $44 Billion

Ripple was created by a few founders as a digital technology and payments company. XRP can be used to facilitate the exchange of various currencies on that network, including FIAT currency and other major cryptocurrencies.

At the beginning of 2017, the price of XRP was $0.006. As of September 30, 2021, its price reached $0.94, which equates to an increase of over 15,700%.

7. Solana (SOL)

Market Cap: Over $41 Billion

Solana uses Decentralized Finance (DeFI). It is updated for the decentralized app (DAP) and smart contacts. Solana runs on a Hybrid proof of stake and proof of history method which helps in carrying out transactions quickly and securely. SOL is the basic token of Solana.

Launched in 2020, the SOL starts at $0.77. As of August 2021, it was worth around $140, a gain of about 18,000%.

8. USD coin (USDC)

Market Cap: Over $31 Billion

Like Tether, the USD coin (USDC) is a stable currency, which means it is backed by the US Dollar and means the equivalent of 1 USD – 1 USDC. USDC is operated by Ethereum, and you can use USD coin to complete the transaction.

Read  Cryptocurrency Exchange Guide For Beginners || 2022 || * UPDATED*

9. Polkadot (DOT)

Market Cap: Over $28 Billion

Cryptocurrency can use any number of Blockchains. Polkadot’s job is to keep them together by creating a Cryptocurrency network so that different Blockchains can work together. This process tells how the cryptosystem works.

There has been impressive growth since the launch of Polkadot in 2020. Between September 2020 and September 30, 2021, its price increased by 872%, From $2.93 to $25.61.

10. Dogecoin (DOGE)

Market Cap: Over $26 Billion

Dogecoin has become a trending topic thanks to celebrities and billionaires like Elon Musk. Famous as a meme in 2013, Dogecoin quickly became a major cryptocurrency alternative, unlike many other cryptocurrencies, such as Bitcoin having 20 million, the same number of Dogecoin has no limit.

FAQs

Which is the cryptocurrency of India?


Officially there is no cryptocurrency in India.

Which is the cheapest crypto currency?

Ripple, Dogecoin, Wink etc.

What is the future of cryptocurrency?

It is very difficult to predict the future of Cryptocurrency.

Is cryptocurrency legal in India?

RBI is not in support of Cryptocurrency but yes online transaction is possible.

How many types of cryptocurrency are there?

There are more than 6,500 cryptocurrencies in existence as of September 2021.

Is bitcoin safe?

Yes, Bitcoin is safe to a large extent.

Who owns bitcoin?

The owner of Bitcoin is Satoshi Nakamoto who is a resident of Japan.

How to invest in bitcoin?

You can buy bitcoin through apps like Coinswitch, WazirX, Binance etc.

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