Cryptocurrencies: An Online Alternative to FIAT
Cryptocurrencies are an online alternative to FIAT monies and have been devised to protect the people holding them
Cryptocurrencies are an online alternative to fiat currencies, and because of the way they are designed, they offer extra protection to those who use them just like a licensed and SSL encrypted online casino ensures safety for its players. Transactions with them are anonymous, and the currencies cannot be duplicated or falsified. At the same time, new users of cryptocurrencies may feel overwhelmed by the sheer amount of variety that currency offers and differences between them. To learn more about common cryptocurrencies, read this article
As of 2019, Bitcoin is the most widely used cryptocurrency.
Bitcoin (BTC) was the first cryptocurrency and is currently the most valuable one. Satoshi Nakamoto, an anonymous collective, is credited for creating this coin. It can be transferred from person to person and no bank controls it. BTC can be used for many purchases and its market cap has exceeded US$100 billion range.
Ethereum is a cryptocurrency whose token is called ether. It has been around since 2015 and it's the second-largest
Ethereum (ETH) is a decentralized software platform that is second only to Bitcoin. The coin was released in 2015 after a fundraising effort, and one of its main advantages is the speed of transaction time, which is mere seconds when compared to other cryptocurrencies. ETH can be used for any transaction where cryptocurrencies are accepted. Its market cap also exceeds 100 billion US$.
Tether, also known as USDT, is a cryptocurrency coin that aims to maintain its value at $1.
Tether is a stablecoin. It can be used on blockchains, but the value of USDTs is attached to the FIAT value. For example, $1 = 1 USDT. The Tether platform was created in 2014 to facilitate the use of digital currencies and digital transactions. At present, this coin ranks third after Ethereum and Bitcoin and has a market cap in two-digit billions.
The USD Coin is a new cryptocurrency that is backed by the US dollar.
Fiat money such as the USD Coin is a digitized form of United States dollars, which can be used in the digital marketplace instead of other online tokens. The USD Coin can also be converted into physical cash at any time, and its price equals $1 per coin.
Binance, the exchange platform that was created by Changpeng Zhao (CZ) in 2017, has a native token called
The Binance Coin, or BNB, is the fifth-ranked cryptocurrency in terms of both popularity and profitability. This coin was created in 2017 and has risen through the ranks to become the 5th most popular cryptocurrency. It is used primarily for transaction or trading fees on Binance, an online platform dedicated to cryptocurrency exchange, as well as tokens mentioned above. As of this writing (2019), the market cap for this coin is over two-digit billion dollars.
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When you first start learning about cryptocurrency, it can seem like a complicated and intimidating world. But once you learn the basics, you will see all the possibilities that this digital market has to offer. As with any endeavor that involves financial investment and risk, it's smart to do your research on different coins and find out which cryptocurrency is right for your needs. Rely on reputable sources of information and have fun exploring the world of cryptocurrency!
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