Although Bitcoin was created to serve as a medium of trade, its use as a currency is not universally sanctioned; indeed, it is outright forbidden in certain nations. Many of the 18,000 kinds of crypto aren’t used as money or cash. Using robust blockchain technology, developers can create nearly anything. Digital asset markets allow the trading of cryptocurrency, and some of these coins serve as investment vehicles or value storage mechanisms. For more detail about Bit ES
Besides serving as a medium for monetary transactions, several additional crypto platforms provide other important functions. Besides the financial industry, several other industries can benefit from blockchain technology, including agriculture, cybersecurity, fine art, gaming, healthcare, insurance, law, medicine, real estate, and supply chain management. Motivated by crypto’s meteoric rise over the past few years and eager to seize any opportunity for profit, entrepreneurs are constantly flooding the market with brand-new currencies.
Various Cryptocurrency Assets
These days, you may buy cryptocurrency from various sources, each selling its unique coin. Monero was designed to be a private, decentralized, digital money. Kodak has now released its crypto asset, which photographers can use to store and verify ownership of their images on the blockchain. Spotify has also invested in a comparable system for licensing music.
Siacoin’s developers set out to build a decentralized data storage market by encouraging users to donate their extra hard drive space to the network. To help publishers earn money from their work and expand their user base, Steem is a blockchain-based rewards platform that issues digital tokens called smart media tokens (SMT).
None of these cryptoassets can be called cryptocurrencies because they weren’t designed to do so. Therefore, classifying them according to their traits is essential.
Crypto Investment
Traditional investors may be wary of crypto investments based on blockchain technology. On the other hand, cryptocurrencies are rising in popularity, and many people are starting to question whether they won’t eventually replace current sovereign currencies. The growing acceptance of cryptocurrencies in India in recent years has been a boon for this digital currency. Consequently, investors want in, even if some are clueless about how to do so.
What are the different kinds of altcoins?
There are various kinds of the altcoin. Here they are:
Payment token
It is not hard to guess the function of the payment token from its name. it is designed only to be exchanged with some product, goods, or services. So, it is used for payment purposes only which is why it is called a payment token. Bitcoin, Ethereum, tether, BNB, and many others fall under the category of payment tokens. you can also trade them in exchanges.
Security tokens
Using the security tokens one can add value to their assets. For example, any kind of asset you have such as gold, stocks, or real estate can be tokenized into cryptocurrencies. And the currency which is used for converting these assets is called the security tokens. To get it done, one needs to hold the asset. Apart from doing that, one has no use for the assets.
Utility token
Next comes the list the utility tokens; these tokens function as certain networks.For example, a particular utility token is designed to pay for some particular service, or product. One the example of buying some storage space is Filecoin.
Meme coin
It is also easy to understand from the name that meme coin is based on jokes. Thus, these are based on some lightweight concepts. One exampleeeof memecoin is the dogecoin which is based upon the meme of Shiba Inu.
Stable coin
Stable coins are those that are pegged with some kind of fiat currency. Some of the cryptos are pegged with USD, and some of them are pegged with Japanese Yen, Pound, Euro, and many more. Most of the stablecoins are pegged with USD. It means when the price of the fiat currency will fall or rise, similarly, the worth of the stablecoin will also fall or rise. Usually, the stablecoin is pegged with its respected cryptocurrency in 1:1 ratio.
Conclusion
These are the altcoins that are available apart from bitcoin. Also, you can make successful trading using any of those coins on a very efficient platform https://thebitcoinup.io/.