Different types of cryptocurrencies

There are a total of more than 2,000 different types of cryptocurrencies, and Bitcoin is perhaps the best known of them all. If you are unsure of which cryptocurrency is best for you, we will give you an overview of the most popular alternatives.

Find out which cryptocurrency is best for you!

The most popular cryptocurrencies

Different types of cryptocurrency have different degrees of popularity in Great Britain and abroad. These have often gained great popularity because they have received a lot of coverage in the media, and that they are offered as payment methods by several players online.

Different types of cryptocurrencies can also gain a boost in popularity if it becomes known that they are a smart investment object. If you hear of many who have profited from Bitcoin investing, you may want to invest yourself as well.

Bitcoin (BTC)

Bitcoin is undoubtedly one of the market’s most well-known types of cryptocurrency. In fact, it was also the first form of cryptocurrency ever launched, and groundbreaking blockchain technology was adopted.

This technology has since formed the basis of a number of other similar cryptocurrencies. Bitcoin became available on the market in 2009, and it is the person Satoshi Nakamato who is referred to as the mastermind behind the currency.

Bitcoin is based on blockchain technology, and it is a so-called peer-to-peer network that can trade cryptocurrencies without a third party (eg a bank). With Bitcoin, all transactions are stored in the blockchain, and everyone in the network can see all transactions.

Bitcoin Cash (BCH)

Bitcoin Cash is another popular form of cryptocurrency. This is actually a fork (fork) of Bitcoin, and is often referred to as an altcoin (or “spin-off”) of Bitcoin. This cryptocurrency came on the market in 2017.

There are certain differences between Bitcoin and Bitcoin Cash. The latter facilitates, among other things, much faster transactions than Bitcoin. The fees for the transactions are also somewhat lower.

The Bitcoin Cash network can process many more transfers per second than the original Bitcoin currency.

Ethereum | ETH

Ethereum is a software company that also offers its own cryptocurrency, often referred to as ether and abbreviated ETH. Ethereum is a platform for smart contracts and cryptocurrencies, and the technology is based on blockchains. The currency unit came on the market in 2015.

Today, Ethereum is one of the biggest “challengers” to Bitcoin, and a very popular type of cryptocurrency. With ether you can easily perform international and fast transfers in a secure way.

Litecoin | LTC

Of the market’s many different types of cryptocurrencies, Litecoin is among the best known. Litecoin is decentralized in the same way as Bitcoin and other cryptocurrencies. This means that the transactions do not go through a third party.

With LTC, users should be able to look forward to secure and private transfers with low fees. The transactions can be performed anytime, and from anywhere.

The solution is considered very fast, and faster than Bitcoin. This is because another cryptographic algorithm is the basis.

Other common types of cryptocurrencies

There are many other types of cryptocurrencies than Bitcoin, Litecoin, Ethereum and Bitcoin Cash. These may not be as well known to “most people” as the above, but can still be good election alternatives.

We can mention Cardano, Tether, Binance Coin and XRP, among others. Let’s take a closer look at these forms of cryptocurrency.

Cardano (ADA)

Cardano is often described as a third-generation blockchain, with Bitcoin and Ethereum often referred to as first- and second-generation. Cardano came on the market in early 2017, and is thus a relatively “young” cryptocurrency compared to many others.

Cardano is based on open source code, and is, like Bitcoin, decentralized. The currency is often referred to as ADA, and ensures fast and secure peer-to-peer transactions.

Tether (USDT)

Tether is a slightly different form of cryptocurrency, since it is based on tokens. With Tether, it should be possible to transform fiat money into digital currency, and the value is set to be equal to the US dollar (USD), in a ratio of 1: 1.

Tether is therefore also called a stack coin, since the value of the cryptocurrency is stable. 1 US dollar will always equate to 1 USDT.

Binance Coin (BNB)

Binance is one of the world’s largest exchanges for cryptocurrency, and has also launched its own currency called Binance Coin (BNB). Binance offered its services to Norwegian consumers, but stopped this in 2021 after Finanstilsynet warned them since they operated without registration.

Binance is therefore not very relevant for Norwegian users anymore, but fortunately there are many good alternatives.

Ripple (XRP)

Ripple, like Ethereum, is a software company, and in 2012 launched Ripple (XRP) as a cryptocurrency. XRP is a low-cost cryptocurrency, and you can also look forward to lightning-fast transfers.

XRP and Ripple were sued by the US government, and are now very difficult for American consumers to obtain.

Which cryptocurrency should you choose?

It can be difficult to decide which cryptocurrency to buy. There are around 2,000 different types of cryptocurrency, and several of these can stand out as good solutions.

What suits you best depends, among other things, on what your purpose is. Are you going to invest in the hope that the currency will increase in value so that you can earn on sales at a later opportunity?

In that case, you may want to invest in a cryptocurrency that is cheap right now, but which you think may increase in value in the time ahead. However, keep in mind that cryptocurrency can have very fluctuating value, and that you can potentially lose money.

If you are looking for a fast and secure payment method, you have many good options. Bitcoin is a favorite among many, but other solutions can also be at least as good.

FAQ

[sc_fs_multi_faq headline-0=”h2″ question-0=”Hvilken kryptovaluta er mest populær i Norge?” answer-0=”Bitcoin er uten tvil den mest populære formen for kryptovaluta i Norge. Dette er en kryptovaluta som har fått mye omtale i mediene, og var også først ut på markedet.” image-0=”” headline-1=”h2″ question-1=”Hva er en altcoin? ” answer-1=”En altcoin kan beskrives som en «alternative coin», altså en «alternativ mynt». Altcoin er nærmere bestemt et alternativ til Bitcoin. Mange nye kryptovalutaer omtales som altcoin.” image-1=”” headline-2=”h2″ question-2=”Hva er en stablecoin?” answer-2=”En stablecoin kan defineres som en type kryptovaluta som er knyttet direkte mot et aktivum med høy stabilitet, som for eksempel gull eller fiatpenger som USD.” image-2=”” count=”3″ html=”true” css_class=””]