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Types of Cryptocurrencies

When it comes to cryptocurrencies, Bitcoin typically garners the most attention, but there are thousands of other possibilities. Although there are other different kinds of cryptocurrencies, these nine are amongst the most well-known ones according to market cap. You can check chesworkshop.org to know more about cryptocurrencies. 

Bitcoin (BTC)

Price (as on 30th June 2022): $19,095

Market (as on 30th June 2022): $364 billion

People still frequently mention Bitcoin while discussing digital currency. Bitcoin was developed as a means of online money transfer. The goal of the cryptocurrency was to offer a different form of payment that would function without centralized management but otherwise function similarly to currencies. The currency made its debut in 2009, purportedly under the guise of Satoshi Nakamoto, and since then has seen a roller-coaster of a ride.

Can bitcoin be converted to cash?

Even small companies can now accept bitcoin, thanks to the wide variety of cryptocurrency exchanges available online. Transactions can even be made in person or over any kind of messaging service or bitcoin trading software.

Ethereum (ETH)

Price (as on 30th June 2022): $1,032

Market Cap (as on 30th June 2022): $125 billion

With the help of the decentralized software platform Ethereum, smart contracts and decentralized apps may be created and operated without interruption, fraud, centralization, or outside influence. Ethereum aims to build a decentralized ecosystem of financial services that anybody around the globe can use freely, regardless of their country of origin, race, or religion. Because people in some nations who lack governmental infrastructure and official identification can access bank accounts, loans, insurance, and a wide range of other financial products, this factor makes the implications for such people more compelling. 

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After Bitcoin in terms of market valuation, Ethereum, which was introduced in 2015, is easily the second largest digital currency.

Tether (USDT)

Price (as on 30th June 2022): $1.00

Market (as on 30th June 2022): $66 billion

Tether is also known as a stablecoin. The value of a given asset is linked to the value of the stablecoin. In the case of Tether, it is the US dollar. Tether frequently serves as a bridge when traders switch between cryptocurrencies. They stick with Tether rather than switching back to dollars. 

USD coin (USDC)

Price (as on 30th June 2022): $1.00

Market (as on 30th June 2022): $56 billion

Additionally, USD Coin is a stablecoin linked to the dollar, so its value is expected to remain constant. According to the creators of the money, it is backed by totally reserved assets. The Centre Consortium, which involves Circle and Coinbase, introduced USD Coin in 2018. The circle is governed by laws because it is based in the United States. As a result, USD Coin is a stabilized cryptocurrency.

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Binance coin (BNB)

Price (as on 30th June 2022): $214.21

Market (as on 30th June 2022): $35 billion

It is the third-largest cryptocurrency by market capitalization. It is a type of utility coin that is used to pay commissions for trading on the Binance Exchange. Although Binance Coin was initially designed as a token to pay for discounted transactions, it is now being used to make payments and buy a variety of goods and services.

Binance USD (BUSD)

Price (as on 30th June 2022): $1.00

Market (as on 30th June 2022): $18 billion

The cryptocurrency exchange Binance developed Binance USD as a stablecoin linked to the dollar. BUSD is authorized and controlled by the New York State Department of Financial Services, guaranteeing the best consumer protections.

XRP

Price (as on 30th June 2022): $0.318

Market (as on 30th June 2022): $15 billion

XRP is the native token for the XRP Ledger, created as a payment system by Ripple in 2012. The XRP Ledger Consensus Protocol is the consensus process used by the XRP Ledger, and it does not rely on proof-of-work or proof-of-stake for consensus or validation. Instead, transactions are signed and sent to the ledger servers by client applications. After comparing the transactions, the servers determine that they should be entered into the ledger.

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Cardano (ADA)

Price (as on 30th June 2022): $0.4476

Market (as on 30th June 2022): $15 billion

The cryptocurrency framework that underpins the ADA coin is called Cardano. Cardano, which was developed by the Ethereum co-founder, also makes use of smart contracts to facilitate identity management. By creating DeFi products that are comparable to Ethereum’s and proposing solutions for chain interoperability, voter fraud, and contract tracing, among other things, Cardano intends to become the world’s financial operating system. 

Solana (SOL)

Price (as on 30th June 2022): $32.21

Market Cap (as on 30th June 2022): $11 billion

Solana is the name of the cryptocurrency that operates on the Solana blockchain (SOL). Its cost has significantly increased since it was first introduced. Solana executes several more transactions per second than Ethereum. Furthermore, it lesser transaction fees than Ethereum.

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