Cryptocurrency

Cryptocurrencies are a type of digital currencies that use cryptography for security. These cryptocurrencies are used as an exchange for digital transactions. They are also called coins in the crypto market.

The First Cryptocurrency

The first cryptocurrency is the Bitcoin (BTC). It was launched in 2009 by the developer Satoshi Nakamoto. Bitcoin was created because of the idea to achieve a decentralized transaction. Since its launch, Bitcoin got popular each day. The miners use computational power to create blocks in the blockchain and get rewarded with Bitcoin. However, mining new Bitcoins becomes harder since there is a limited supply, and the system makes it more challenging. 

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Blockchain Technology

Cryptocurrencies use blockchain technology. Blockchains are structures where transactions are recorded cryptographically, and new blocks connect with the main chain. Moreover, in the blockchain, there is no one control unit. The whole ecosystem of the blockchain network is separated for a decentralized reason. Furthermore, the transaction history can not change since it is recorded on all of the computers that is part of the blockchain.

Each cryptocurrency has different properties and structures. There are over 10000 cryptocurrencies that exist, and every day, new projects and new blockchain networks are announced.

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Altcoins

Every other cryptocurrency that is not Bitcoin is an alternative coin. Even though they started behind Bitcoin, some alt-coins create great interest and grow bigger.

For example,

• Ethereum (ETH): Ethereum is the biggest cryptocurrency after Bitcoin in the market. It uses its blockchain and principles. There are many utility tokens because of the structure of Ethereum. Compared to Bitcoin, Ethereum has a lot of functions, and it can also be used for the non-fungible-tokens.
• Binance Coin (BNB): It is the coin of Binance, which is the largest cryptocurrency trade market in the world. At first, it started as a discount coin for the Binance, but as Binance grew, Binance coin increased their functions and investment for many traders.”
• Litecoin: Litecoin is one of the first alternatives to Bitcoin. As the name suggests, developer Charlie Lee created this cryptocurrency as a cheap and easy to mine alternative to Bitcoin.

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