History of Cryptocurrency Coins
Decentralized digital money, as a concept, has been around for decades. However, in 2009, Bitcoin became the first real cryptocurrency. The credit goes to an anonymous computer programmer known as Satoshi Nakamoto.
Bitcoin was the first to successfully use blockchain as a decentralized ledger. Many altcoins followed suit, such as Ethereum, Solana, and Dogecoin. Naturally, some of these new cryptos failed. Plus, cryptocurrency frauds have taken advantage of unsuspecting traders.
Despite the challenges, the popularity of cryptocurrencies is undiminished!
Different Types of Cryptocurrency Coins
Bitcoin (BTC) — The Pioneer and Most Well-Known Cryptocurrency
This is the coin that started it all. BTC uses a decentralized network to support peer-to-peer transactions. More than being a new digital currency, it revolutionized the payment system altogether.
Ethereum (ETH) — Beyond Digital Currency: Smart Contracts and Decentralized Applications
With its smart contracts capability, ETH allows the creation and maintenance of secure digital ledgers. ETH has the second-largest cryptocurrency market cap.
Ripple (XRP) — Facilitating Cross-Border Payments and Financial Institutions
XRP is a pre-mined digital currency with a total supply of 100 billion tokens. Payments through this network ripple through currencies and hops, thus the name.
Litecoin (LTC) — The Silver to Bitcoin’s Gold: Faster and Cheaper Transactions
It shares many features with Bitcoin but uses a different mining mechanism. As such, it can facilitate more at a given time and for a lower cost.
Bitcoin Cash (BCH) — Forking for Scalability: A Solution to Bitcoin’s Limitations
A fork of BTC launched in 2017, BCH aims to address the shortcomings of Bitcoin. It is the digital equivalent of cash.
Cardano (ADA) — Building a Secure and Scalable Blockchain Infrastructure
Interoperability, scalability, and sustainability are the defining pillars of ADA. It has a proof-of-stake system. This is unlike BTC, which is a proof-of-work currency.
Polkadot (DOT) — Interoperability and the Future of Web3
DOT operates on a shared blockchain. It connects several networks to form a single chain. This speeds up data processing without compromising security.
Solana (SOL) — High-Performance Blockchain for Decentralized Apps and Crypto Projects
Utilizing a proof of history mechanism, SOL has smart contract capabilities. It can process over 2,700 transactions per second!
Binance Coin (BNB) — Powering the Binance Ecosystem and Fueling Crypto Innovation
BNB is the native currency of Binance, one of the largest global crypto trading platforms. It was initially a part of the Ethereum network, before moving to Binance’s system.
Chainlink (LINK) — Bridging Smart Contracts with Real-World Data
It connects non-blockchain enterprises to blockchain systems. LINK incentivizes node operators to provide data to the network.
Stellar (XLM) — Enabling Low-Cost Cross-Border Transactions and Tokenization
Thanks to decentralization, XLM improves access to global financial services. It does so while improving speed and lowering costs.
Dogecoin (DOGE) — From Meme to Mainstream: The Community-Driven Cryptocurrency
From a meme-inspired coin, DOGE has grown into a legitimate cryptocurrency. DOGE is also famous for its low transaction cost and tight community.