12/17/21, 12:45 PM
The Different Types of Crypto | Piroska Nagy-Mohacsi | Technology
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The Different Types of Crypto by Piroska Nagy-Mohacsi | Dec 16, 2021 | FinTech, Piroska Nagy-Mohacsi, Technology
Cryptocurrency is a form of digital money that is now more popular than ever. Thanks to Bitcoin, the market has expanded to include many other tokens. While each token or “coin” is a representation of money, not all digital currency works the same.
The Top Digital Coins Available Digital tokens can be used for different purposes. The currency, Storj, is used to share files across a secure network. Other currencies like Namecoin are primarily used for internet addresses. Digital currency that is used as money is far more common.
Ethereum
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12/17/21, 12:45 PM
The Different Types of Crypto | Piroska Nagy-Mohacsi | Technology
Ethereum is an alternative to Bitcoin. Using decentralized software, this coin minimizes transfer fees. This is an attractive trait for many countries that lack state infrastructure. Individuals who cannot access bank accounts have a much easier time purchasing services and goods with Ethereum.
Cardano Cardano was designed by engineers with a special interest in blockchain technology. Through peer-reviewed research, mathematicians were able to create advanced security for its users. Cardano was originally started by a former founder of Ethereum. The founders behind this currency aim to be a financial operating system for the word.
Stellar Stellar connects financial institutions so that large transactions can be made. Typically these transfers are between investment firms and banks. Without this form of cryptocurrency it can take multiple days and fees to transfer large sums of money.
Dogecoin This coin is unique in that it uses an image of the Shiba Inu in its brand. Dogecoin is accepted by specific companies such as SpaceX and Kronos. The coin was originally created as a joke in 2013, but it is now the tenth-largest cryptocurrency.
Binance Coin This type of currency is similar to Storji because of its utilitarianism. Known as a utility currency, Binance is a token that is used for fees associated with its exchange. Discounts are awarded on their trading platform to those who use the coin. In November of 2021, the coin’s individual value was worth $545.
Tether Known for its stability, Tether reduces volatility in the market. By smoothing out price fluctuations, this coin is an attractive investment for cautious users. Tether runs on a blockchain network to manage traditional currency. This currency is directly tied to the U.S. dollar. https://piroskanagymohacsi.net/the-different-types-of-crypto/
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12/17/21, 12:45 PM
The Different Types of Crypto | Piroska Nagy-Mohacsi | Technology
Is Cryptocurrency Really The Future? Many experts predict a rise in the use of cryptocurrency. By eliminating third parties, bank fees are no longer a concern for politically unstable countries. Digital currency may offer a global currency that can be used anywhere including offline. While it is not possible to predict the future, the trend is continuing to grow.
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