In 2018, a lot of people have heard of cryptocurrencies. But not many really do know what they are or what types there are.
Well, cryptocurrencies are a type of digital, decentralized currencies which use advanced programming and cryptography as a form of security. They are transferred directly between peers, and so no middlemen (such as banks) are needed.
In 2009, the world saw the invention of the very first cryptocurrency by anonymous crypto architect(s) – Bitcoin.
Bitcoin happens to be the most popular cryptocurrency till date. Using peer-to-peer technology, it operates without a central authority – it is not regulated by a single administrator. So, nobody owns Bitcoin and literally anybody can become a part of it.
The unit of account of the Bitcoin system is a Bitcoin. However, the ticker symbol used to represent it is BTC.
Currently, Bitcoin has a market cap of about 112 billion USD. Meanwhile, the total supply of Bitcoin stands at 21 million BTC, and circulating supply is at just a little above 17 million BTC.
Now, so many other cryptocurrencies have been inspired by Bitcoin. A really good example of another cryptocurrency is Bitcoin Cash. It is also pretty popular type of cryptocurrency, and should not be mistaken for Bitcoin itself.
Although, Bitcoin Cash arose from a fork of the Bitcoin Classic network, it can handle more transactions than Bitcoin. This is a result of an increase in the unit size of the blocks of Bitcoin by developers in 2017.
Bitcoin Cash has a ticker symbol of BCH. As it stands, Bitcoin Cash has a total supply of 21 million BCH, and a circulating supply of around 17 million BCH. It also records a market cap of a little above 7.5 million USD.
Aside Bitcoin and its adaptations, there are many other cryptocurrencies right now. (such as banks) are needed.
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