Why are there so many kinds of cryptocurrency?
Why are there so many kinds of cryptocurrency? It’s important to remember that Bitcoin is different from cryptocurrency in general. While Bitcoin is the first and most valuable cryptocurrency, the market is large. More than 22,000 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And while some cryptocurrencies have total market valuations in the hundreds of billions of dollars, others are obscure and essentially worthless. If you’re thinking about getting into cryptocurrency, it can be helpful to start with one that is commonly traded and relatively well established in the market. NerdWallet has created guides to some widely circulated cryptocurrencies, including Bitcoin and some altcoins , or Bitcoin alternatives: Bitcoin is the first and most valuable cryptocurrency. Ethereum is commonly used to carry out financial transactions more complex than those supported by Bitcoin. Cardano is a competitor to Ethereum led by one ...