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How many Cryptocurrency types are there in the world?

The virtual currencies have really crowded the world market with more than 2000 altcoins. These have been as a result of the explosion of the bitcoin. The bitcoin has paved the way to most of these altcoins that have led to most companies betting on this blockchain. But it’s evident that these altcoins could eventually change the economy and eventually leading to the surge in blockchain depending projects.

Before choosing or buying any altcoin it’s advisable to do research, the process is not easy for you will be forced to buy the bitcoin or the ethereal ones first before you can buy the others.

The list below includes the most well-known altcoins by coin ranking, though most are experiments of blockchain that involve the sale of coins, that are used to fuel network and fund projects.

They include;

  • Zcash
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • Cardano
  • TLitecoin
  • NEM
  • Stellar
  • NEO
  • IOTA
  • Dash
  • Monero
  • Tron

Below is a brief discussion of the above list.

  1. Zcash

This altcoin is most preferred due to its enhancement in security and also privacy for its users. Transactions under this altcoin are recorded on the blockchain. The sender’s details, the amount and also the recipient remain private. Just like bitcoin, the Zcash gives its users an option to send payments privately or publically.

  1. Ethereum

 

This is mostly used because of its smart contract features. Its also called ether.

  1. Ripple

The ripple, unlike most cryptocurrency, was created to help the banking sector, by facilitating the global payment as its primary function.

  1. Bitcoin Cash

The bitcoin is the most preferred due to its decentralized structure, unlike all the others. Unlike having a central entity that makes the decision for every person, the bitcoin community gives its miners this responsibility of voting on how to best improve the bitcoin system. But the disagreement led to the creation of the bitcoin cash.

  1. Cardano

This altcoin is used to transfer funds digitally like most but the difference with it is that it has a platform that can run smart contracts and also financial applications.

  1. Litecoin

The Litecoin was created as a bitcoin fork. Most like using it because its quick in settling goals. Its target is to settle in less than 2 minutes, unlike bitcoin that takes up to 10 minutes. Though buying it will require you to buy bitcoin or either first or carry an exchange with Coinbase.

  1. NEM

The NEM is aim is to help industries and companies to improve on their payments and logistics. By making its blockchain more and highly customizable. It’s the best for advanced developers that are looking to develop blockchain apps.

  1. Stellar

The aim of stellar is to improve and capitalize on how banks and payment networks move their money.

  1. NEO

The focus of NEO is the smart economy. It looks to create a framework for the same, by enabling easy movement of digital assets, safeguarding the identity, and making smart contracts work smoothly.

  1. IOTA

This stands for the “Internet of Things Application”, it involves betting on the future number of devices that are connected to the internet. The higher the number of devices connected the higher the of micropayments.

  1. Dash

This is the only altcoin that allows people to purchase goods and services. its intention is to learn from mistakes of bitcoin and make the service faster and even cheaper.

 

  1. Monero

Monero intends to be totally opaque compared to what bitcoin offers to its users. The reason why the Monero is preferred when it comes to the dark web for bitcoin has become passe here.

  1. Tron

The main aim of the Tron is to decentralize the web by taking the likes of Facebook, and youtube. It’s looking to offer all internet users to easily share their creations without depending on the centralized sites and services.

These are just a few most popular cryptocurrencies that are used in the world. As I said before, there are more than 2000 altcoins in the world. Some are inactive too, these are termed as inactive due to the process of coin ranking. Among those that are inactive are; Bitconnect, Kodakcoin, Coinye, and Petro.