What Are Cryptocoins?
How cryptocurrency works, where to buy it, and which ones to consider
by Brad Stephenson
Updated on August 25, 2019
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Cryptocoins, also called cryptocurrency or crypto, is a form of digital currency powered by blockchain technology. Cryptocoins do not have a physical, real-world equivalent. No physical coins represent cryptocurrency value, although some replicas have been made for promotional purposes or as a visualization tool. Cryptocoins are purely digital.
Bitcoin is the most popular example of a cryptocurrency but there are many more such as Litecoin and Ethereum that are made to rival it or be used in competing markets.
How Many Crypto Currencies Are There?
Hundreds of cryptocurrencies have been created since the debut of Bitcoin in 2009. Some of these have spun-off of the Bitcoin blockchain such as Bitcoin Cash and Bitcoin Gold. Others use the same technology as Bitcoin such as Litecoin, and many more are based on Ethereum or use their own unique programming language.
Like traditional fiat currencies (currency not backed by a physical commodity), some cryptocurrencies are more valuable and practical than others and most have a very limited use case. Given that anyone can create a cryptocurrency, it's likely that most will remain niche while only a few popular cryptocoins will achieve mass adoption through mining or investments and go mainstream.
What's The Most Popular Cryptocoin?
The No. 1 cryptocurrency by ownership, price, and usability is undoubtedly Bitcoin. Bitcoin's popularity is mostly a result of it being the first cryptocoin on the market and its unmistakable brand identity. Everyone's heard of Bitcoin and very few people can name another cryptocurrency. Many online and offline stores accept Bitcoin and it's also accessible via the growing number of Bitcoin ATMs popping up in major cities around the globe.
Major rivals to Bitcoin include coins such as Litecoin, Ethereum, Monero, and Dash while smaller cryptocurrencies like Ripple and OmiseGo also have the potential for larger adoption in the future due to their backing by major financial institutions.
Bitcoin spin-off currencies such as Bitcoin Cash (BCash) and Bitcoin Gold can get a lot of buzz online and their prices can appear impressive but it's unclear if they will have any true lasting power due to the growing perception of these coins as cheap imitations of the main Bitcoin blockchain.
Despite using the Bitcoin name, these coins are very much separate currencies from the main one even though they use similar technology. New investors are often tricked into buying BCash, thinking it's the same as Bitcoin when it's not.
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Each participating computer, often referred to as a 'miner,' solves a mathematical puzzle that helps verify a group of transactions—referred to as a block—then adds them to the blockchain leger. The first computer to do so successfully is rewarded with a small amount of cryptocurrency for its efforts.криптовалюту monero будущее ethereum monero free
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Play this one out. When exactly would developed world governments actually step in and attempt to ban bitcoin? Today, the Fed and the Treasury do not view bitcoin as a serious threat to dollar supremacy. In their collective mind, bitcoin is a cute little toy and is not functional as a currency. Presently, the bitcoin network represents a total purchasing power of less than $200 billion. Gold on the other hand has a purchasing power of approximately $8 trillion (40x the size of bitcoin) and broad money supply of dollars (M2) is approximately $15 trillion (75x the size of bitcoin). When does the Fed or Treasury start seriously considering bitcoin a credible threat? Is it when bitcoin collectively represents $1 trillion of purchasing power? $2 trillion or $3 trillion? Pick your level, but the implication is that bitcoin will be far more valuable, and held by far more people globally, before government powers that be view it as a credible competitor or threat. cubits bitcoin bitcoin ixbt ethereum calc bitcoin мошенники
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