The World of Crypto, Explained.
How to get started in the world of crypto and Web 3.0 even if you have no idea.
Many of my articles were about how crypto works. This article is here for all of those who understand crypto, and want to get started, but have no idea how to do so. Let’s jump right in.
Popular Cryptocurrencies
The only cryptocurrency isn’t Bitcoin. Below are many popular cryptocurrencies and their use cases. Note that all price and market cap data is as of this writing, and shouldn’t be used for trading purposes.
1.) Bitcoin (BTC)
- Price: 16,250
- Market Cap: $312B
The OG of cryptocurrency and the most popular one. Debuted in 2009, but became popular in 2017.
2.) Ethereum (ETH)
- Price: $1,210
- Market Cap: $144B
Probably the second most popular cryptocurrency. The main function is the smart contract feature, enabling Web3 and Defi applications. Smart contracts are programs and software stored in the blockchain itself, which will trigger when certain conditions are met. This can allow for abilities like decentralization apps that run on the blockchain rather than having a centralized company.
3.) Tether (USDT)
- Price: $1.00
- Market cap: $69B
This cryptocurrency stays at $1.00 per coin. That’s because it is a stablecoin, meaning it stays the same as its underlying asset (in this case the U.S. dollar). This is useful for transactions and moving money around. Even though this is a stablecoin, during the FTX crisis it briefly dropped to $0.98.
4.) Binance Coin (BNB)
- Price: $272.00
- Market Cap: $45B
The official cryptocurrency for Binance, one of the largest cryptocurrency exchanges in the world. Created to pay for discounted trades, but now can be used for payments.
5.) XRP (XRP)
- Price: $0.34
- Market Cap: $34B
Created in 2012 by Ripple to be the ultimate cryptocurrency for payment. Useful for cross-border transactions.
6.) Solana (SOL)
- Price: $13.41
- Market Cap: $4.6B
The new kid on the block was created in 2020 to be the most scalable cryptocurrency for transactions. It can complete transactions very fast and cheaply. However, due to the FTX crisis, it fell by 60%.
7.) Dogecoin (DOGE)
- Price: $0.08
- Market Cap: $10.8B
A meme coin featuring the internet-famous Shiba Inu dog.
Cryptocurrency Exchanges and Wallets
Before you can buy any of these cryptocurrencies, you first need to sign up for a cryptocurrency exchange. You can think of a cryptocurrency exchange like a stock broker, a platform where you can buy and sell cryptocurrencies.
Top Cryptocurrency Exchanges
- Binance
- Coinbase Exchange
- Kraken
- KuCoin
- Bitfinex
- Gemini
Once you buy crypto, the crypto is stored in the cryptocurrency exchange. However, with crypto, it is not wise to store the crypto in the exchange itself as it can be hacked. It is usually suggested to move the crypto to a crypto wallet, as they are more secure with private keys.
Top Cryptocurrency Wallets
- Exodus — Best for beginners
- Metamask — Browser extension, best for interacting with Ethereum
- Ledger Nano X — Best hardware wallet
- Trezor Model T — Best for security
- Mycelium — Best for mobile users
Conclusion
Cryptocurrency is a rapidly evolving field, and it has the potential to change the world, as long as more people use and understand it.
Thank you for reading everyone, give some claps, share it with your friends, and cheers.
The information in this article is not financial advice.
