Cryptocurrencies are a digital type of money that can be used for exchanging and purchasing new products that you can buy with normal currency. This method of payment is very different from the current method of payment, where the online payments are different as well as the money is different because it is totally decentralised and does not come under the authority of any government agency. There are three main types of cryptocurrency that have had a significant impact on the market. They’re bitcoin, altcoins, and tokens.
Bitcoin – Bitcoin is said to have been one of the largest cryptocurrencies in the market. It was the first cryptocurrency ever to be launched on the market. Bitcoin was developed as a form of payment for various services and products not accessible on conventional markets. Bitcoin supplies are bound to only 21 million Bitcoins, 17 of which have already been mined by users. Bitcoin is considered to be much easier to cash than to compare with other altcoins. More stores and online platforms accept Bitcoin than other altcoins and cryptocurrencies.
Tokens – Tokens are also a type of cryptocurrency, the thing that separates tokens from other types of cryptocurrency is the lack of Bitcoin in the system. These coins use other systems, such as smart contacts, to replace the Blockchain. These tokens do have the same apps, such as crypto coins, where you can pay for services and purchase goods using these tokens. The biggest example of Token coins are Ethereum and EOS, which are the two most significant cryptocurrency-based tokens on the market. The speed of the money transfer and the process is unique compared to bitcoin and altcoins. Many token coins, such as Ethereum, can help their users build other decentralised apps with the help of token coins.
Altcoins – Altcoins are a lot faster and cheaper than Bitcoin. Altcoins are any coin other than Bitcoin that is governed by Blockchain. They are gradually gaining ground as a payment module among many major corporations. The network is much more efficient than any other type of bitcoin. There are a lot of altcoins that are quite successful that use a different version of Blockchain that is better than Bitcoin in some ways. Ripple, Bitcoin Cash, Litecoin, and Dogecoin are some of the most popular altcoins on the market.
These are three main types of cryptocurrency that have had a great impact on market.