• Sun. Sep 25th, 2022

Types of Cryptocurrency: Which one is best for you ?

Types of Cryptocurrency: Which one is best for you ?

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This is the Second Article in CRYPTOCURRENCY Series… Stay connected for More!

Cryptocurrency is a digital currency that uses cryptography to provide security for transactions. The most well-known types of cryptocurrency are Bitcoin, Litecoin, Ethereum, and Monero, but when you first think about cryptocurrency, Bitcoin might be the type that first comes to your mind. Bitcoin is the most well-known digital currency as well as the largest, but several other types of electronic currency have also recently surfaced. Learn more in this article!

A few Types of Cryptocurrency

When it comes to investing in cryptocurrency, there are many different types to choose from. But which one is best for you?

Here’s a look at some of the different types of cryptocurrency and what they offer:

Bitcoin:

Bitcoin is the original and most well-known cryptocurrency. It was created in 2009 and offers a peer-to-peer electronic cash system. Transactions are recorded on a public ledger, making it a transparent and secure way to send and receive money.

Ethereum:

Ethereum is a popular platform that allows developers to build decentralized applications. It also has its own currency, Ether. Ethereum is faster and more scalable than Bitcoin and offers features such as smart contracts.

Ripple:

Ripple is a real-time gross settlement system that also offers currency exchange and remittance networks. It’s designed to be used by banks and financial institutions. Ripple is faster and cheaper than other systems such as SWIFT.

Litecoin:

Litecoin is a fork of Bitcoin that offers faster transaction times. It’s often referred to as the “silver to Bitcoin’s gold.” Litecoin is also more affordable than Bitcoin, making it a good option for those looking to invest in cryptocurrency on a budget, etc.

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A few Pros and Cons

There are many different types of cryptocurrency, each with its own set of pros and cons. Here is a quick rundown of the most popular types of cryptocurrency, to help you decide which one is right for you:

Bitcoin Fun Fact:

Bitcoin is the original and most well-known cryptocurrency. It is also the most valuable, with a current market cap of over $60 billion.

Pros:

Bitcoin is widely accepted and can be used to purchase goods and services both online and offline.

Cons:

Bitcoin is relatively volatile and has been known to fluctuate in value by 10% or more in a single day.

Ethereum Fun Fact:

Ethereum is the second largest cryptocurrency by market cap, with a current value of over $20 billion.

Pros:

Ethereum is very versatile and can be used for a wide variety of purposes. Additionally, Ethereum transaction fees are much lower than those for Bitcoin.

Cons:

Ethereum can be quite difficult to understand, due to its complex underlying technology.

Ripple Fun Fact:

Ripple is the third largest cryptocurrency by market cap, with a current value of over $10 billion.

Pros:

Ripple transactions are extremely fast, taking only 4 seconds to complete. Additionally, Ripple has very low transaction fees.

Cons:

Ripple is not particularly versatile, and can only be used with specific partner banks to facilitate interbank transactions.

Bitcoin Cash Fun Fact:

Bitcoin Cash is the very first hard fork of Bitcoin, created back in 2017. Up until recently, it was the third largest cryptocurrency by market cap, with a current value of over $10 billion.

Pros:

Bitcoin Cash transactions are much faster than those for Bitcoin or Ripple. And because there is no limit on the number of possible coins, this could potentially make it easier for people to obtain cryptocurrencies in the future.

Cons:

As with any new technology, there is always a possibility that newer systems could supersede older ones. And as Bitcoin Cash’s use continues to grow, transaction times will increase greatly due to increasing activity on its network.

Conclusion

What is the best cryptocurrency for you? It really depends on your individual needs and goals. If you are looking for something that is stable and secure, then Bitcoin might be the right choice. If you are more interested in speculative investing, then a currency like Ethereum could be a better option. Ultimately, it is up to you to do your research and decide which cryptocurrency is best suited for your particular needs.

This is the Second Article in CRYPTOCURRENCY Series… Stay connected for More!

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Types of Cryptocurrency: Which one is best for you ? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.