In simple words, Bitcoin is just like your money in your digital wallet but there is a huge difference between Bitcoin and your digital wallet because Bitcoin has its own peer-to-peer network on which it can be transferred from one wallet to another .
Cryptocurrencies are not regulated by any government they are run by a centralized network of computers that runs nodes and stores data of every transaction on the internet.
The main idea behind Bitcoin is decentralization so no particular person holds power.
Since Crypto is not regulated by govt. most of the time they are exit scams means they gather money by ICO and when they reach their goals they disappear so you have to be cautious while putting your money in crypto.
Here is the list of top Crypto after Bitcoin.
Etherium
Ethereum is also an open source blockchain like Bitcoin that features its own crypto Ether.
Ethereum was first described in 2013 in the whitepaper Vitalik Buterin along with other co-founders secured funding for the public in online public sale in the summer of 2014. The project team managed to secure funding of $18 million in funding in bitcoin.
What makes Ethereum unique?
Ethereum has pioneered the concept of blockchain smart contract platforms. Smart contracts are programs that automatically execute their action after certain conditions are met.
They are designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability.
Smart contracts were initially the idea of Ethereum but after that, it also enforced existing crypto to use it .
USDT or Tether is a stablecoin which means its value will always be equal to $1 USD .
The state purpose of USDT is to combine the unrestricted nature of cryptocurrencies which can be sent between users without a trusted third-party intermediary with the stable value of the stablecoin.
We measure the value of other currencies with USDT so without it the entire crypto market will be crashed.
What makes Tether Unique?
USDT’s unique feature is the fact that its value is guaranteed by Tether to remain pegged to US dollars. According to Tether, whenever it issues a new USD token, it allocates the same amount of USD to its reserve, ensuring that USDT is fully backed by cash.
Binance is the biggest cryptocurrency exchange in the world based on daily trading volume.
and it has its own crypto known as the Binance coin.
Aside from being the largest cryptocurrency exchange globally . Binance has launched a whole ecosystem of functionalities for its user . The Binance network includes the Binance chain, Binance Smart chain, Binance Academy, Trust wallet, and research projects. which all employ to power the Binance technology to bring new-age finance to the world.
XRP Ledger is an open source, permissionless and decentralized technology. Benefit of its use is that its transection fee is very low higher speed and scalability.
The XRP Ledger also features the first decentralized exchange (DEX) and custom token customization capabilities built into the protocol.
What makes XRPL unique?
The XRP Ledger presents a wide variety of applications and use cases related to payments, including micropayments, Defi, and soon NFTs. Currently, the five main applications of XRP Ledger are Payments, tokenization, Defi, CBDCs, and Stablecoins.
Where Can you buy cryptocurrencies?
you can buy cryptocurrencies direct from exchanges like Binance, Coinbase and FTX or you can buy from p2p market where you don’t have to provide your personal information but there are certain limitation on p2p like there is daily limit that you can buy daily.
whereas on centralized exchanges you can buy any amount you wish. but your personal information is taken and can be shared with the government at any time when the government demands it .
Popular p2p markets are Binance P2P , Wazrix ,Paxful , localbitcoins and many more.
we will talk more about crypto later in this blog .
have a good day.
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