Chapter 5 Different Cryptocurrency Types
There are so many different types of cryptocurrencies, it seems like the rise in fame over the last 2-5 years especially has birthed infinite currencies. Did you know it’s so easy to make your own cryptocurrency that you and I can make our own? Promote it and generate a massive market cap? WILD, yes I know. Even celebrities are doing it, or worse yet.
The most popular name was naturally, Bitcoin, created by an anonymous person Satoshi Nakamoto. It was introduced to the world in 2008 as a white paper, just as the market was combusting in the US around the financial crisis. Now there are thousands of cryptocurrencies in the market. In 2009, Bitcoin was presented to the world, made public, and to this date, in 2022 remains the most traded crypto in terms of volume. As of Jan 02, 2022, there is 18.92M Bitcoin (BTC) in circulation. The January 2022 market cap is currently around 800B. Once over 1T. There is only 21M Bitcoin. When all are minded out, there will be a finite amount.
Bitcoin was the father of crypto, fathering many “altcoins” which are other cryptos. Some are brand new cryptocurrencies, others are plays off Bitcoin. The crypto that was created completely independent from Bitcoin as their own crypto are: Litecoin, Solana, Ethereum, Cardano, and EOS. The total market cap of Crypto as of Jan 2022 is around USD 2T which is still under AAPL (Apple).
Now each crypto claims to have its own use, which is not replicated by others. Should that be true for things like DogeCoin? Maybe not, but Doge was created as a farce, mimicking Bitcoin.
