What are the different types of cryptocurrencies?

As the world is moving and attracted towards digitalised eco- system, paperless transactions are trending in the financial system. Cryptocurrency the famous decentralised digital and virtual currency is gaining a lot of value. Even Reserve Bank of India has also taken a lot of legal initiatives towards cryptocurrencies in India.

This crypto system is strengthened by Blockchain technologies and cryptography, which makes buying and selling, trading reliable and secure. As per now in India crypto currency is immune from government and central authorities. This digital asset does not have any physical forms this is a complete computerised, digital system which is available online.

If you are a crypto Investor or planning to invest in crypto world, its important to know the different types of crypto currencies available. As per research its believed that there are more than 1000 different types of cryptocurrencies available in the world, but only few are known. Crypto's are differentiated by considering various factors like market capitalization, Utility in Different informations. The cryptocurrencies are also categorised by coins and token.The below mentioned cryptocurrencies does not consider any of these factors. There are also Different programming languages implemented, hashtag algorithm used and mechanism used for various cryptocurrencies.

Different types of cryptocurrencies:

1. Bitcoin (BTC):

Bitcoin was found in 2009, by satoshi namamoto, online version of cash with highest or largest market capitalisation. The first and most widely used cryptocurrency. The transactions of this currency are monitored under cryptography and Blockchain technology. This can be used as traditional currencies, alternative payments and transaction system. Bitcoin is the most useful cryptocurrency.

2. Litecoin (LTC):

Litecoin was found in 2011, by Charlie Lee, refereed to as "silver to Bitcoin's gold." this currency transactions are much faster than the bitcoin transactions. This is a type of scrypt cryptocurrency, which is open source. Due to its market Capitalizations and token value litecoin is the 18th largest Digital Currency in the world.

3. Name coin:

Name coin was found in 2011 by Vincent Durham, There is limitation of 21 million coins for this particular crypto, this works same as Bitcoin and uses same algorithm like bitcoin.

4. PeerCoin:

PeerCoin was found in 2021 by Sunny King and Scott Nadal , based on Bitcoin Framework. This is the first crpto that used both proof-of-stake (PoS) and proof-of-work (PoW). This crypto can be used for money transfer, trading and buying purpose.

5. These are some of the Cryprocurrencies found in the year 2013: Dogecoin, Gridcoin, Primecoin, Ripple, Nxt

6. These are some of the Crypro currencies found in the year 2014: Auroracoin, Dash, Neo, Mazacoin, Monero, Titcoin, Verge, Stellar, Vertcoin

7. Ethereum:

In 2015 Ethereum, Ethereum Classic, Nano, Tether were found. After Bitcoin Ethereum is one of the most famous and widely used decentralised cryptocurrency, Without third party interference. Ethereum is Accessible from any where. Many Platforms use Ethereum as currency, in the transaction of digital assets. Ethereum had upgraded itself from its initial state. 

8. In 2016 Firo, zcash were found.
9. in 2017 Bitcoin cash, EOS.IO, Cardano, TRON were found.

Cardano (ADA):

Cardano was founded byEthereum co-founder Charles Hoskinson. Its a open source blockchain Technology Platform. With Internal Cryptocurremcies it aims to be worlds financial operating sytem, cardani is at 6th position for its market capitalisation.
10. According to reserch in 2018 Amabacoin was aslo found.
11. Algorand or ALGo was founf by Silvio Micali wirks with group of blocks.
12. In 2020 Avalanche crypto was found by Emin Gün Sirer, Kevin Sekniqi, Maofan Ted Yin and Shiba Inu by Ryoshi.
13. In 2021: DeSo, SafeMoon, Internet Computer were Found.

Conclusion:

Investing in cryptocurrency or crypto products might not be safe, it's important to make ones own research before investing in any kind of digital assets. There are various Cryptocurrencies available in the crypto market, choosing the right one is completely a research based task. Its advisable to be on the safer side of investment always.

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