Intro to Cryptocurrency + 9 Popular Types of Cryptocurrency

Once seen as a gimmick investment, cryptocurrency is becoming more and more mainstream with each passing day.

If you’re interested in investing in cryptocurrency but want to learn a little more about it first, you’ve come to the right place. Let’s dive in to understand the different types of cryptocurrencies and the technology behind them.

What is Cryptocurrency?

In its most general sense, cryptocurrency is a virtual or digital form of currency or money. Basically, it’s a way to pay someone without having a tangible item to hand over.

What is Blockchain?

The easiest way to define a blockchain is as a list of transactions that anyone can view and verify. The blockchain for each type of  cryptocurrency will have a record of anyone sending or receiving that coin.

What Are Altcoins?

Long before it became as popular as it is today, Bitcoin was the one  and the only cryptocurrency out there. Eventually, others started using  the technology and tried to improve upon it. Hence, altcoins were born. Let’s dive in to understand the different types of cryptocurrencies and the technology behind them.

Bitcoin

Bitcoin is the original and most widely known cryptocurrency. It was  created in 2009 as open-source software by a source whose true identity is still unknown to this day.

Litecoin

Litecoin is one of the first altcoins and was created in 2011.  Litecoin is also an open-source currency. Its global payment network is  entirely decentralized, meaning there are no central authorities.  Litecoin was made to have faster transaction times and is run on a  different algorithm than the original bitcoin.

Ethereum

Ethereum was created in 2015 and is also run on open source code using blockchain technology. Ethereum added Smart Contracts and decentralized applications to the crypto resume.

Bitcoin Cash

Bitcoin Cash (BCH) is one of the earliest and most successful hard forks of the original Bitcoin. Think of it as a fork in the road; at one point, everyone is on the same path.

Stellar Lumens

While using the same technology as other coins, Stellar has positioned  itself as an enterprise blockchain for institutional transactions. The  system allows for cross-border transactions between any currencies.

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