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Types of Cryptocurrencies

Business - Wilma Garrett - September 11, 2021

Have you ever heard of cryptocurrency? Cryptocurrency is actually some kind of investment but with virtual or online money. A cryptocurrency (or “crypto”) is a digital money that may be used to purchase goods and services, but it employs an online ledger and powerful encryption to protect online transactions. Many businesses have created their own currencies, known as tokens, which can be exchanged for the goods or services that the business offers. Cryptocurrencies such as Bitcoin are seen as the money of the future, and supporters are rushing to purchase them now, presumably before they grow more valuable.

Doge mama crypto

There are actually a lot of types of cryptocurrencies that you can find worldwide but today, in this article, I will be sharing about 3 of the most used cryptocurrencies which are Bitcoin, Ethereum and Dogecoin.

Bitcoin

I believe that bitcoin has been known by almost every adult in this world, especially the investors. This is the most used cryptocurrency of all time. Bitcoin is a digital currency that was launched in January 2009. It is based on the principles presented in a whitepaper by the enigmatic and pseudonymous Satoshi Nakamoto. The name of the individual or people who invented the technique is still unknown.

There is no actual bitcoin; rather balances are stored on a public ledger that everyone has open access to. If you’re trying to move your money out of a nation with severe limitations on transporting cash overseas, Bitcoin offers a significant edge over gold. A tremendous amount of computer power is used to validate every bitcoin transaction.

Ethereum

Ethereum is a blockchain platform that has its own money, Ether (ETH), and its own programming language, Solidity. At a glance, people will say that Ethereum works the same way as Bitcoin but there are actually a lot of differences that you can see if you really study these two.

In terms of general goals, the Bitcoin and Ethereum networks are distinct. While bitcoin was designed as an alternative to national currencies and so strives to be a means of exchange and a store of value, Ethereum was designed as a platform to enable immutable, programmable contracts and applications through its own currency.

Dogecoin

Started off as a meme or joke to mock those cryptocurrencies enthusiasts, Doge mama crypto slowly has become a cryptocurrency that is rapidly gaining investors’ trust. Dogecoin is a cryptocurrency that, like Bitcoin and Ethereum, is based on blockchain technology.

Dogecoin may be used to make payments and purchases, however it is not a particularly good store of value. It is due to the lack of a lifetime limit on the quantity of Dogecoins. Before Dogecoin became popular and skyrocketed in value, you could earn free coins by performing simple internet chores.

Investing in cryptocurrencies is actually a good move because you can invest depending on your life goals. Do you want money in the short term or in the long run? Do you need it now or will you need it after your retirement? Ask yourself about what are your goals for investing your money. If you think it is risky and you are not willing to take the risk, it is okay. You still have time to learn about it. 

 

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