Did you know no one knows the creator of Bitcoin?
However, we do know that cryptocurrency is all of the hot gossip right now. You can’t get away from the crypto talk on Twitter, Twitch, Instagram, and other popular social media sites.
If you’ve sworn you’ll never buy and trade crypto, we can forgive you. But we do insist you at least learn about the popular forms of crypto available on the online market.
To help you out, we’ve provided a quick guide on the different types of cryptocurrency, so keep reading!
Coins (Plus Altcoins)
Does the cryptocurrency you’re thinking of run on its unique blockchain? It could very well be a coin, one of the most popular types of crypto.
Digital coins are a type of cryptocurrency that operates on its infrastructure. Bitcoin is a type of coin cryptocurrency, and it’s perhaps the most popular one available.
You’ll hear the term ‘altcoin’ when someone refers to any crypto digital coins that aren’t Bitcoin. However, even though coins other than Bitcoin are considered altcoins, most of them operate in the same way.
Much like coins, tokens are also digital assets that can be both bought and sold in an online crypto marketplace. The difference is that they operate on a different blockchain’s organizational structure.
For example, the Ethereum blockchain hosts Tether. Tether is a token because it is non-native to the Ethereum blockchain.
These distinctions are important when considering ‘coins vs tokens’ during your crypto purchases.
Speaking of purchasing cryptocurrency, make sure you’re using a safe and trusted platform to do so. If you’re located in Canada, you can trust VirgoCX to safely trade and buy ELON.
NFT stands for ‘non-fungible token’. It’s an asset that can’t be recreated, replaced, or manipulated. Typically, only the artist and buyer hold rights to the NFT work, unless stated otherwise in a smart contract.
In the world of creative exploration, NFTs are becoming one of the most popular types of virtual currencies. NFTs can be just about anything, including exclusive song files or virtual art.
NFTs operate on the Ethereum blockchain and can be sold through popular marketplaces such as Rarible, Nifty Gateway, and OpenSea. Take a look through the world of NFTs to discover the future of art!
A Changing Economy: Different Types of Cryptocurrency
Is cash a way of the past? No one knows the answer to this question, but we do know you should understand the different types of cryptocurrency. Make sure to keep the above guide close by, especially in this economy.
The multiple types of crypto include but aren’t limited to, coins, tokens, and NFTs. We’re sure there are many more types to come, but these are the ones to know for now.
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