These Are The Five Popular Cryptocurrencies And Their Values

Cryptocurrencies are becoming increasingly popular as an alternative investment. (photo L unsplash)

Jakarta – Cryptocurrencies have now become the center of general discussion in most financial-related conversations. Digital currencies are slowly starting to gain acceptance in the global market as an alternative mode of payment to fiat currencies.

For those who do not understand, cryptocurrency is a type of electronic money that is managed using blockchain technology. Blockchains are sophisticated computer networks created using mathematics and coding.

Unlike fiat currencies that are issued by governments and regulated by banking authorities, cryptocurrencies are completely decentralized and are not issued or regulated by any government or authority.

Cryptocurrencies are divided into coins and tokens. Coins operate on their own blockchain and have value because they are used as money for transactions. Tokens, on the other hand, are built on top of an existing blockchain.

Here are 5 Types of Cryptocurrencies and their importance

1) Bitcoin

Bitcoin is the oldest and most popular cryptocurrency in the world. It was created in 2009. It is the first decentralized cryptocurrency that facilitates transactions using its own blockchain technology. At the time of writing, Bitcoin is priced at around IDR 671.004.914

2) Ethereum

Ethereum is a cryptocurrency network that uses blockchain technology to facilitate smart contracts. It is a decentralized software that allows smart contracts to be built on its network and run without any control or fear of fraud by third parties. Ether is a token used to enable transactions on the Ethereum network. Ethereum is currently priced at around IDR 44,535,500.

3) Dogecoin

This cryptocurrency was created using a popular meme featuring the Shiba Inu dog as its icon. The meme is so popular as a cryptocurrency that its price skyrocketed after receiving support from Tesla CEO Elon Musk. Musk managed to shake up the already volatile crypto market by endorsing the meme coin. Dogecoin, unlike Bitcoin, has no limit on the number of coins that can be mined. It is currently priced at IDR 4,280.

4) Cardano

Cardano was created through a research-based approach by a team of mathematicians, engineers, and cryptographers. In the cryptocurrency ecosystem, Cardano claims to be a more sustainable and balanced coin when compared to other cryptocurrencies. It is currently priced at IDR 36,004.

5) Litecoins (LTC)

It was created in 2011 by Charlie Lee, a graduate of MIT and an engineer at Google. It was one of the first few cryptocurrencies to follow the same technology as Bitcoin. Although modeled on Bitcoin, Litecoin generates blocks at a faster rate, and, therefore, offers faster transaction times. Currently priced at IDR 2,399,610

All values or prices are according to google.com, at the time of this writing.