Different Types of Cryptocurrencies and the Platforms That Accept Them
The cryptocurrency world is constantly changing and evolving and has become a hot topic today. The decentralization, anonymity, and unregulated nature have won the hearts of many people to invest in crypto.
There are over 23,000 digital currencies currently in the market. Each has different features; you can hold them on other platforms like exchanges and wallets.
Cryptocurrencies allow you to make transactions securely and privately without needing an intermediary. They are fast and convenient, and you can use them to pay for services in different stores that accept them.
Today, we explore the different types of digital currencies that you can invest in. You'll also learn about some platforms that accept these coins.
Bitcoin
Bitcoin was the first crypto ever to enter the market in 2009. It's the most valuable coin for many investors due to its blockchain technology that acts as the public ledger for its transactions.
The ledger offers tight security as it requires you to prove that you're the owner of the Bitcoin you're using. As a result, an unauthorized person cannot tamper with the coin, making it challenging to attract fraud.
Over 19 million Bitcoins are circulating, and many online platforms and stores accept it as a payment method. These include giant names like PayPal, Microsoft, Burger King, and Stripe.
Additionally, some online casinos in Canada accept Bitcoin to allow you to enjoy lower transaction fees and faster withdrawals. On the other hand, once you deposit your BTC, it will be converted to CAD$. When you withdraw, you will also receive Canadian Dollars. To find out more, you can visit comparison sites for detailed reviews to help you select a platform that suits your needs. Also, the site offers valuable guides on how to gamble responsibly to ensure you enjoy a thrilling gambling experience.
Ether (ETH)
Ether is a coin that facilitates safe transactions with the Ethereum network. Like Bitcoin, this cryptocurrency uses a blockchain network, making it resistant to attacks and censorship.
However, Ethereum uses a programmable blockchain custom-made for decentralized applications (dApps) like DeFi and smart contracts. The coin is not run by a central authority, giving users complete control of their coins.
Ether has shown spontaneous growth, and many companies like Shopify and Namecheap are adopting its payments. When writing this, its price was $ 1,629.73 with a market capitalization of $ 201.39B.
Binance Coin (BNB)
Binance coin is among the most valuable digital currencies making headlines on the crypto market. It was launched in 2017 by Binance, one of the largest cryptocurrency exchanges globally. Initially, BNB started as a digital asset sold on the exchange's initial coin offering (ICO), facilitating low platform trading fees.
The growth of the Binance coin has been a spontaneous one. Many businesses and merchants have adopted it to receive payments from their customers. For example, you can use BNB to book travel accommodations at Travala.com, pay for online services at Canva, or on entertainment platforms like lotteries and card packs.
Binance Exchange has been working harder to ensure its coin sees tremendous success. The exchange uses one-fifth of its profits to burn BNB tokens held in its treasury permanently. This reduces the supply of digital currency, helping its value rise and making it an eye-catching investment for many investors.
Cardano (ADA)
Cardano was created by Input Output Hong Kong company led by an Ethereum co-founder, Charles Hoskinson. Charles and his team of engineers aimed to design a Blockchain platform that would be sustainable, interoperable, and scalable while ensuring security and decentralization.
The team performed extensive research and experimentation to create Cardano's blockchain that enhances secure and transparent transactions. As a result, the coin remains unique among other digital currencies and its POS peers.
Cardano (ADA) uses proof-of-stake protocol, making it the best energy-efficient crypto in the market. The coin has other powerful features, like a multi-asset ledger that allows you to build and manage tokens and a governance model to ensure stakeholders are involved in the decision-making process.
Over 7 million businesses can receive Cardano payments thanks to the introduction of ADA Pay plug-ins. For instance, you can play at most crypto casinos or book hotel accommodations and food using Cardano.
Polkadot (DOT)
You can't miss the advanced features of Polkadot and its promising growth potential of decentralized web technology. Its blockchain network allows developers to create innovative decentralized systems.
By linking blockchains together, Polkadot increases scalability, security, and interoperability. This integration allows users to transfer digital assets between blockchains without needing third-party intermediaries.
Polkadot network's native cryptocurrency (DOT) allows blockchains to exchange messages, offer network governance, and facilitate transactions without intermediaries. The total supply of DOT in circulation is 1.2 billion, with a market cap of $ 5.19B.
Over 400 companies and online shops accept Polkadot (DOT) for payment. You can also trade this coin at the world's biggest exchanges like Binance and Coinbase.
Tether (USDT)
With a market capitalization of over $82.81B, Tether is the largest stablecoin globally. It's backed by fiat currencies like the U.S. dollar, making it less volatile than other cryptocurrencies.
In the crypto world, most cryptocurrencies, including the giant ones like Bitcoin, experience unexpected volatility. However, this stablecoin is an excellent choice if you're too cautious since it smooths out price fluctuations.
Tether (USDT) utilizes a third-party blockchain network for transactions of traditional currencies. It offers lower transaction costs and transparency to its users.
Moreover, you can use Tether (USDT) to trade other cryptocurrencies on exchanges that accept it as an alternative to fiat currencies. Some of these exchanges include Binance and Kraken.
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The cryptocurrencies of today all differ in their underlying technology, application, and specific purpose. However, they all share one thing: acceptance as a viable alternative currency.
As more merchants and payment platforms continue to accept these currencies, opportunities for purchasing cryptocurrencies will undoubtedly increase. If you're interested in dabbling with the blockchain, the above most popular cryptocurrencies will get you started.
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