A cryptocurrency is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.
Here are seven most common questions about cryptocurrency, and what to watch out for.
Number 1. What is cryptocurrency?
Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.
Number 2. How many cryptocurrencies are there? What are they worth?
More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on Feb. 18, 2021, was more than $1.6 trillion, according to Coin Market Cap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $969.6billion. (You can check the current price to buy Bitcoin here.)
Best cryptocurrencies by market capitalization
These are the 10 largest trading cryptocurrencies by market capitalization as of 18th February 2021 as tracked by Coin Market Cap, a cryptocurrency data and analytics provider.
Bitcoin is leading at first with $969.6 billion market capitalization.
Ethereum is second with $222.3 billion, Tether is on number three with $33.1 billion, Binance Coin is at number four with $30.5 billion, Cardano is at number five with $28.3 billion, Polkadot is at six having $28.1 billion, XRP is at number seven with $24.4 billion, Litecoin is on number eight with $15 billion, Chainlink is on 9th with $13.3 billion and Bitcoin Cash is on 10th with $13.1 billion market capitalization.
What is Cryptocurrency – Why invest in [BTC] Bitcoin Litecoin or Dogecoin – Blockchain Explained
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