Crypto may be a currency, but it is unlike most traditional currencies that have ever existed. Furthermore, there is such a wide range of cryptos that it should be expected that there are different cryptos for different purposes, and before you dive headlong into the sector, you need to know a little bit about this. A cryptocurrency generally includes coins and altcoins but does not include NFTs (tokens). This article thus focuses on coins and altcoins that have a range of different uses. It is also focused on those coins that have come to the fore for specific use reasons or, based on their underlying structure, their blockchain tech.
One has to start by looking at Bitcoin simply because it is the most successful cryptocurrency by far. It was the world’s first crypto and the one that provided blockchain technology to the globe. It is the coin with the highest market cap, as well as the most mainstream uses. Bitcoin is the crypto that most resembles a traditional currency, only it is used in the metaverse and is virtual. Only 21 million coins will be minted, and it is this production cap that has arguably been at the core of driving demand. This is the crypto that has been adopted around the globe, and one can almost buy anything with a bitcoin. It is fast becoming a universal form of financial transaction and payment.
This is another crypto that must be discussed as one of the top coins available. It is also run and established on its own Blockchain, like bitcoin, but it has no production cap. The Ethereum blockchain is the forerunner in smart contracts and has been the example in this regard, and now followed by many others.
It’s a cryptocurrency, although many would argue that it is predominantly a linkage of blockchains and specializes in being a decentralized database rather than a currency. The currency is useful, but it was arguably not the end goal. The internet of blockchain was the probable intended end result, with the ATOM, simply being a means to pay for this. The OKX platform has a great guide as to what Cosmos is and how to use the hub of online and internet services that it provides.
The Dogecoin cryptocurrency started off as a bit of a joke, and the initial idea was to make a comedic statement about Bitcoin. It has now become a very popular currency, and its value skyrocketed in recent times. It uses open-source code from Litecoin and can be used for online payments and transactions. The spread of the Doge was essentially due to influencers, who, like Elon Musk, became part of a huge online community that supported the Doge. The rise of crypto has been steady and ongoing. But it must be realized and accepted that not all coins are equal in their usage, their value, and their sustainability or reputation for longevity.