What are cryptocurrencies? Is it possible to create a ranking of cryptocurrencies because of their popularity, value or “profitability”? This topic is definitely not simple, but you can answer many questions from this text and that’s what we will do. We invite you to the text in which you will learn such things.
Many of you are probably able to indicate “what a cryptocurrency is”. The simplest, but at the same time not the most comprehensive definition will certainly be “virtual money”, “virtual currency”. However, this does not necessarily explain the essence of cryptocurrencies. Now with Crypto News you can know more.
What is a cryptocurrency?
Cryptocurrency is a system. Thus, it can be called an accounting system that takes into account its dispersion, based on cartography. In this system there is information about who has the given cryptocurrency in a given unit. The state of ownership is related to “portfolios”, whereas in the context of the sub-custodian portfolios, the private key is at the disposal of the portfolio holder. Other names for cryptocurrencies are, among others a virtual coin or, even less frequently, a cryptographic currency, which refers to cryptography that is important in this context.
What is Bitcoin? What is worth knowing about it?
At the moment, most countries do not recognize cryptocurrencies as currency units, means of payment or electronic money. New cryptocurrencies are being created all the time – it is estimated that at the moment there are around 5,000 of them in the world.
Bitcoin – the most popular cryptocurrency in the world
If you think of “cryptocurrencies” then in a moment, probably also Bitcoin. Introduced in 2009 by a certain (or some) Satoshi Nakamoto definitely revolutionized the idea of cryptocurrency and proved that it is possible to create such and at the same time obtain its exorbitant values. It significantly contributed to the cultural expansion of cryptocurrencies in general. Some places allow you to pay with it even if it is not a recognized means of payment through local law – this is the case, for example, at a café in Bydgoszcz. In most countries in the world, it is either unregulated or simply “allowed”.
Ranking of cryptocurrencies
In Poland, the sale of BTC is regulated by the Personal Income Tax Act and such transactions should be treated as income generated when selling property rights. Bitcoin mining is not banned, although the Ministry of Finance refuses to grant any binding status (e.g. as a financial instrument or currency).
But is there only Bitcoin? Ranking of cryptocurrencies
As mentioned above, new cryptocurrencies are being created all the time – some such losses are related to, for example, the ICO procedure. What other virtual money can you find?
Among the most popular, there are definitely (apart from Bitcoin, of course) Ethereum, XRP, EOS, Litecoin, Bitcoin Cash, Tether, Stellar, Tron, Binance Coin. The order I have chosen here is by no means accidental – in February 2019 this was the list of the 10 most important cryptocurrencies due to their capitalization. However, their prices differ very much among themselves – in this BTC comparison leads the absolute leader with the price at the level of nearly 4 thousand. dollars per unit. In the case of, for example, such a Trona, it is about 0.02 dollars.