It has only been a little over ten years since Bitcoin (BTC) was launched.
The beginnings of blockchain technology were a concept long before the inception of cryptocurrencies.
That is how it goes with the development of most technologies, and then there is the launch.
What else is there to know about the history of cryptocurrency?
There is currently a bull market, and digital assets are soaring higher than the stock market.
That’s quite an accomplishment, considering that stocks are doing quite well.
These days, crypto enthusiasts are rushing to get airdrops of new cryptos.
They are also trading, hodling (yes that is spelled correctly) and even staking digital assets.
Back when BTC was first conceived in 2009, a person signing up for the airdrop could have received 5 bitcoins for free.
That’s right, you would have been handed roughly $50k in today’s money for free. Many people are still struggling to grasp the concept that these cryptos are real money.
They are traded on quite a few exchanges.
Bitcoin is considered the gold standard, and Ethereum is considered the silver standard.
In recent years, a ton of ERC 20 tokens have been launched on the Ethereum blockchain.
There have also been other blockchains introduced, and there are even stablecoins now, which are pegged to the dollar.
If you put regular dollars in a savings account in today’s world, you’re not going to earn a ton of interest.
Yet there are crypto companies paying up to 8 percent interest on stablecoins.
That is rather amazing, and it is is indicative of how well the crypto market is doing.
That is without the majority of the world really embracing cryptocurrencies, yet anyway.
Even meme coins like Doge, Banano and Turtle Coin have quite a following.
The year 2019 was all about DApps or decentralized applications, Compound being one of the best.
Blockchain games are quite popular as well, and there are some like crypto kitties that allow you to earn collectibles.
Crypto Kitties is based on the Ethereum blockchain. There are quite a few Tron blockchain enthusiasts out there when it comes to the gaming industry.
There are also quite a few ways to earn crypto in general, one of the most popular being claiming through faucets.
Many people say that faucet claiming isn’t really worth their time. These faucets pay a miniscule amount of crypto, but over time, it can add up.
Besides, you’re having fun and still earning something.
To add to that, Bitcoin was paid through a faucet when people were first getting 5 BTC per airdrop claim.
You can’t look at the state of crypto now and think that’s as good as it gets.
You have to think outside the box and keep learning. The history of cryptocurrency tells you that there is so much more to come.
If you were to dive in now and accumulate some digital assets, you could ride one of the biggest bull markets we’ve ever seen. It will be interesting to see how blockchain technology is utilized in the future.
The Various Types Of Cryptocurrency
This is probably not the first time you have heard the word ‘cryptocurrency’.
However, in case you are hearing it for the first time, you will get a brief meaning of what cryptocurrency is and then get to know the most popular types of cryptocurrency.
What is Cryptocurrency?
If you are keen enough, you may be able to derive the meaning of the word cryptocurrency from the word itself.
The prefix crypto- is from “cryptography:, a technology that’s efficient in securing information by hiding it from attackers.
Cryptocurrency can briefly be described as electronic money that depends on technology for its creation, control of its transactions and for protecting its transactions.
With this in mind, let’s now look at the different types.
Types of Cryptocurrency
Though the types are endless, let’s look at the major ones.
Created in 2009, bitcoin is one of the well-known cryptocurrencies. Bitcoin is considered an original cryptocurrency as compared to the rest.
The Bitcoin works through the blockchain technology.
It allows users to make safe transactions as they view and monitor them. However, the algorithm within the blockchain secures these transactions.
The Bitcoin owner is the only person capable of decrypting it since he or she is given a “private key”.
Bitcoin allows anonymous transactions to take place in every corner of the world because its users take charge of sending and receiving of money.
Ethereum was created in 2015. It also works through the blockchain technology.
It is an open-source platform and thus individuals and the application developers on the Ethereum network use it to pay for transaction fees and services.
Litecoin was launched in 2011. It was meant to be an alternative to the already existing bitcoin.
It’s also an open-source, globally used payment network with no central authorities than control it.
The Litecoin features faster transaction time than the Bitcoin. Another difference between Bitcoin and Litecoin is that Bitcoin has its coin limit at 21 million, whereas that of Litecoin is 84 million.
Ripple ( XRP)
Ripple came into the market in 2012. It acts both as a cryptocurrency and a digital network, allowing financial transactions.
Ripple gives room for exchange of any type of currency, from gold and USD to Bitcoin and EUR. Though other cryptocurrency is mostly used for peer to peer transactions, ripple is used for moving large amounts of money.
Bitcoin cash was created to improve various features of Bitcoin.
It allowed lots of transactions to be processed faster, by increasing the size of blocks.
Stellar Lumen (XLM)
Stellar lumen facilitates currency exchange and thus, it is used as an intermediary currency.
When using Stellar Lumen, one can send any type of currency they own to another person in a different currency.
Though the different cryptocurrency types are inexhaustible, these are the major ones.
If you would like to trade in cryptocurrency, try one of these and you may pocket a significant amount of profit.