Cryptocurrency is more than a trendy way to trade. The Bitcoin phenomena took day traders by surprise. Trading is no longer something done during daylight hours. Federal regulations, most companies, and large banks realize the importance of the new way to conduct business. However, everyday people have heard the term Bitcoin but do not know how it works or the scope.
Cryptocurrency is not going anywhere and easier to understand than most people think.
Cryptocurrency for Beginners
A quick review of cryptocurrency is best for a complete understanding of its evolution from Bitcoin.
What are the origins of cryptocurrency? It starts with Bitcoin’s beginnings. It is the outcome of history. Bitcoin was a rebellion against gold’s spike in trading, liberation ideals of freedom from banks, and over-regulation.
Why is learning about cryptocurrency important? -Tech skills are in demand because blockchain technology and cryptocurrency are expanding. Bitcoin is only one type. The opportunity to join the revolution is opening wider as more show up on the scene. No one wants to miss a money opportunity and to feel left behind.
Img source: coindesk.com
Covering Other Cryptocurrency
Bitcoin is not the only cryptocurrency on the market. The beginnings are still developing as more options come to fruition.
- Ethereum (ETH) ETH is a public blockchain based platform with scripting capability. An ether token generates from the open-source platform. An ether is transferrable between accounts and compensates mining nodes. It uses the Ethereum Virtual Machine (EVM) to run scripts on an international network. Contrasting Bitcoin, ETH avoids mining spam and distributes resources through networking.
- Ripple (XRP) Ripple is a currency exchange network created by Ripple Labs Inc. The American company built XRP on the foundation of open source protocol. The tokens represent three things: commodities, fiat currency, and cryptocurrency. The Ripple promise is a secure and instant way to make global financial transactions without extra fees or chargebacks.
- Litecoin (LTC/ L) -The Litecoin project uses open-source software to assist in peer-to-peer cryptocurrency. No central authority mandates the creation or transfer using LTC. The cryptocurrency is an altcoin of Bitcoin and cut from the same cloth as Bitcoin.
- EOS EOS is a twin to Ethereum or at least a cousin. They both use the same blockchain technology.
- Binance Coin (BNB) – Binance has a base like Ethereum’s blockchain, and the tokens work like Ethers. Binance.com is the direct way to utilize BNB.
- Stellar (XLM) – Stellar is a nonprofit that uses an open-source platform. The decentralized protocol allows for digital currency transfers between any pair of currencies.
- Tron (TRX) TRON uses the (dapp) platform. A Singapore-based foundation, the Tron Foundation, focuses on the global international industry. TRX uses a blockchain based system and is expanding to cover the whole daap market.
Img source: coindesk.com
Bitcoin was the beginning. The truth is, there is no end in sight for the cryptocurrency. Knowing the trends and markets makes an everyday person part of an exchange system that is only going to grow.
