The different types of cryptocurrencies
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In the Crypto Ecosystem, there are different types of cryptocurrencies and each of them have their unique features, ever since the creation of the first cryptocurrencies "Bitcoin", there have been numerous innovations and organisations set upon to further increase its capabilities and thus creation of new cryptocurrencies.
There are currently three types of cryptocurrencies in the world today, and everyone of them have their capabilities and unique features. Below are the various types of cryptocurrencies and what makes them unique.
- Coins
There is only one cryptocurrencies that is referred to as coin, and that is "Bitcoin", it's the first ever cryptocurrencies to be created and thus it's given the title as the major cryptocurrencies in the entire market. Bitcoin was created by an anonymous man named "Satoshi Nakomoto" in 2013, ever since it's creation, it gave rise to other cryptocurrencies with the sole of creating a financial world without the use of Centralized currency.
Later on, the creation of more cryptocurrencies came about and thus gave rise to the name Alt coins, Which imma explain below.
- Alt Coins
Other coins except from bitcoin are referred to as Alt coins because they are inferior to the first cryptocurrency. There are also called That because they are have their native blockchain. Alt coins comes with their own. Blockchain and serves as the native currency for it. For example, Steem is the native currency of the Steem Blockchain and Tronix(TRX) is the native currency for the Tron blockchain. Many other big cryptocurrencies with their blockchains are Ether (ETH) which serves as the native currency for the Ethereum blockchain and XPR which serves as the native currency for the Ripple Blockchain.
- Tokens
Tokens are cryptocurrencies without their native currency, there are also referred to Alt coins since there were created after bitcoin. Since they can't have the capability to create their blockchains and executes contracts, they now rely on other Alt coin blockchain. The major blockchains that tokens uses are Ethereum (Erc-20) And Tron (TRC -20). Major tokens are, Tether USDT which runs on Ethereum blockchain and USDD which runs on tron blockchain.
With everything said above, I hope you understood some of the types of cryptocurrencies, thank for reading...🚀💯
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You have clearly explained the different types of Cryptocurrencies. However, those Coins which have their own blockchain can be defined as coins and those Tokens which depend on someone's blockchain can be defined as Tokens. Thank you very much for this great article.
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Thank you for sharing articles like this and of course the discussion is very useful for many people
Thank you for reading my article too
You have indeed shared a wonderful post and this is so good of you. Telling us the different types of cryptocurrency is great. Thanks for sharing
This is good and wonderful article, you have indeed listed the types of cryptocurrency and also well explained them one by one. I really love this, thanks for sharing
I'm glad you enjoyed reading it✅
Hello dearest friend @anzaksen
Thank you very much for giving such an informative post.
I enjoyed going through your post and I hope to read more of your interesting post.
#steem-on 💙
Thanks for reading friend ⭐
It's been interesting learning about the different Cryptocurrencies from you. I like the fact that you have clearly explained the different types of them.