3. Types of Crytpocurrency

Dogecoin (DOGE), seen by some as the original “memecoin,” caused a stir in 2021 as its price skyrocketed. The coin, which uses an image of the Shiba Inu as its avatar, is accepted as a form of payment by some major companies.17 Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, in 2013….

XRP is the native token for the XRP Ledger, created as a payment system by Ripple in 2012. The XRP Ledger uses a consensus mechanism called the XRP Ledger Consensus Protocol, which doesn’t use proof-of-work or proof-of-stake for consensus and validation. Instead, client applications sign and send transactions to the ledger servers. The servers then compare the…

Cryptocurrency exchanges have started offering custodial key storage for their users. However, you should use this service cautiously. Cryptocurrency exchanges are highly-prized targets for cybercriminals. Additionally, if the cryptocurrency exchange goes out of business, there may be no guarantees that you’ll get your cryptocurrency back. For example, Coinbase, a popular exchange, announced in its quarterly report…

BNB is the cryptocurrency issued by Binance, among the largest crypto exchanges in the world. While originally created as a token to pay for discounted trades, Binance Coin can now be used for payments as well as purchasing various goods and services.

Ethereum — the name for the cryptocurrency platform — is the second name you’re most likely to recognize in the crypto space. The system allows you to use ether (the currency) to perform a number of functions, but the smart contract aspect of Ethereum helps make it a popular currency.

While the word cryptocurrency itself is a generic term for virtual currencies using blockchain technology, there are many different types: over 26,000 as of July 2023, according to CoinMarketCap.com. Bitcoin was one of the earliest cryptocurrencies created and remains the best known. Collectively, all other coin-based cryptocurrencies are called “altcoin,” or alternative to bitcoin.  Several cryptocurrencies…