Cryptocurrency, is a digital currency, is an exclusive of the Internet.
Not all cryptocurrencies are created in the same way. Some feature amazing underlying blockchain technology behind its creation. Some were created ‘just because’, or as a joke.
Some of the cryptocurrencies were part of a difficult pyramid scheme. Some of them are quite useless.
Like any other actives, its price can rise and can fall so quickly, to make them highly volatile and risky investments. Here is the list of cryptocurrencies and why there were created for.
The very first cryptocurrency and the one that started it all was Bitcoin which was created and released in 2009 by Satoshi Nakamoto, by an anonymous figure. Bitcoin has the biggest market cap to date around $10billion. It's a budget of all cryptocurrencies if to combine it together.
For the big quantity of people, the object of cryptocurrencies is an object of Bitcoin. Because Bitcoin has such a huge reputation, among other cryptocurrencies. And all other cryptocurriencies that were created further were created as an alternative to Bitcoin.
Ether is the cryptocurrency for Ethereum, a decentralized platform that can execute peer-to-peer ‘smart contacts’. As of September 2016 and as a result of an attack to The DAO, Ethereum was split into 2: Ethereum (ETH) and Ethereum Classic (ETC).
Peer-to-peer smart contracts are what Ethereum is created for, aside from the cryptocurrency. It gives a possibility to people to code and enacts contracts without third parties.
Litecoin was released in October 2011 by former Google employee Charles Lee as an alternative to Bitcoin. Overall, Litecoin is similar – it can be mined, used as currency and transacted for goods and services.
It was like an alternative to Bitcoin.
Bitcoin is frequently mislabeled as an ‘anonymous’ currency. This not. Monero is a cryptocurrency that focuses on privacy – using the ring signature technology, Monero is ‘secure, private and untraceable.
The next on the list, Ripple, is actually a real-time gross settlement system, currency exchange, and remittance network. The cryptocurrency is called ripples. Released in 2012. The Ripple system has been integrated into a few banks and payment networks to reduce costs.
Dogecoin was originally made as a ‘joke currency’ but have since garnered a real following. Modeled after the dog in the ‘doge’ memes, the cryptocurrency (released in December 2013 by programmer Billy Markus) is now frequently used to tip users in forums.
Dash - digital cash is a cryptocurrency with a strong focus on both privacy that uses the anonymization technology and speed transaction. It was rebranded from Darkcoin as an attempt to stop being associated with the ‘dark web’.
Behind of this list, there are also cryptocurrencies that never incorporating other types of advantages. There are also cryptocurrencies that sometimes connected in and out from this list, such as SiaCoin and Counterparty.