The Different Types Of Crypto You Should Know (For beginners)

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Types of Crypto

Storage of value – A way of storing value in a currency with large volume and market capacity to facilitate growth of the currency. Smart Contracts – A self executing set of parameters that trigger when an action is performed. When said action is performed the smart contract triggers, and verifies the transaction on the blockchain and rewards the action. Example, Coin 1 will distribute 50% of initial supply Via “wager mining” for every 1$ in Crypto wagered on Corresponding partners, Coin 1 will distribute 0.07COIN1 of said Crypto into the Associated Wallet. Oracles – Oracle Cryptos are Cryptocurrencies with a real world tie-in, Allowing for developers to add in real world data that have an effect on the Smart contracts executed. For example, Non-existent Crypto GREENCOIN will reward holders or small businesses with a token if regional/national carbon emissions decrease and perform a different action if emissions increase, this data is imputed by a singular source of truthful data. This data can also be pulled from the real world, like a program grabbing the real time price of eth to usd when you need to cash out or pay for something. Payment Method Cryptocurrency – These are Cryptos created to replace the conventional ways of payment and transactions we usually have, these currencies have very fast transaction speeds and incredibly small to no transaction fee. Included in this category are Bitcoin Cash, Litecoin, and Dashcoin. Privacy Coins – Coins meant to be as anonymous as possible, while it’s easy to track who could possibly be holding the coin if you’re using an exchange with KYC, if you move it off exchange it will be harder to trace. (Monero, Zcash.) Memecoins – Coins with little-no functionality often minted purely relying on speculation and Hype to achieve gains in the crypto space. (Dogecoin, Shiba Inu,) Exchange Coins – Exchange coins are Minted and rewarded to users of an exchange, Usually by means of Yield/Liquidity Staking. (UNISWAP, CAKE, Crypto.com Coin, Binance BEP-20 “BNB”.) Stablecoins – Stable Coins are a great way of storing value as the mission of these coins is to stay with a price equivalent of 1$USD, other uses for these coins include storing your coins in the case of price dip or using them to move money between exchanges.

Please feel free to correct me in the comments if I got something wrong.

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