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6 Types of cryptocurrencies you might not know

by , 15 July 2021
6 Types of cryptocurrencies you might not know
Q. “I've started reading Sam Volkering's Crypto-Revolution book. It mentions a couple of digital coins, which got me thinking. Are all cryptocurrencies the same or are they broken up into different categories?”
 
 
A. Each cryptocurrency has its own group of features, benefits and functions. Some are used to pay for goods & services while others are used for investment purposes i.e. Bitcoin.
 
As far as categories go, I can think of six main types of crypto - here are the top three.
 
Type #1: Large Cap
 
Large cap crypto-currencies, are the ones that have the largest market cap (Price X No. of cryptos in circulation).
 
The top 3 large cap cryptocurrencies in order are:
 
Bitcoin - $640 billion
Ethereum - $254 billion
Tether - $62 billion
 
Type #2: De-Fi
 
De-Fi (Decentralised Finance) are blockchain base cryptos that aim to recreate the traditional financial systems by not relying on a central financial intermediary i.e. banks, exchanges or brokers using cryptocurrencies and smart contracts.
 
The top 3 largest De-Fi cryptos are: 
  
Uniswap
Chainlink
Pancake Swap
 
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Bitcoin's Weakness = Your Opportunity
 
If you're just watching Bitcoin headlines, you probably think crypto's dead in the water. But Sam Volkering’s Crypto Kings have crushed it - even when Bitcoin is taking it on the chin.
  
 
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Type #3: Gaming
 
Gaming cryptos uses blockchain technology and digital currencies to for betting or playing online games. You’ll then find crypto coins used in crypto gaming to help facilitate and provide an economy-based system in the games.
 
The top 3 large gaming cryptos are:
 
Enjin
Decentraland
Wink
 
Type #4: Memes
 
These cryptos started on the base of internet memes, to show how people will drive the price of anything including jokes.
 
Elon Musk, supports the buying of Doge Coin and is humorously known as the ‘Dogefather’ with an anecdotal quote ‘To the moon’.
 
The top meme cryptos are: 
 
Doge
Shiba Inu
Safemoon
 
Type #5: Internet of things
 
IoT cryptos allow devices across the internet to send data to private blockchain networks. Basically, it’s a function to create the websites and search engines using decentralised methods…
 
The top IoT cryptos are: 
 
IOTA
Digibyte
Vechain
 
Type #6: NFT (Non-fungible Tokens)
 
NFTs offer the ability to buy, sell or create works of digital art on the internet through a decentralised blockchain system. The main differences is that each NFT is unique, is not replaceable and is not divisible by another. You can read more about NFTs in the articles I’ve written recently by going here…  
 
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A. I’m almost certain you have everything you need to start the service on a profitable note.
 
But just to make sure, here are my quick 6 check boxes to optimise your success.
 
You’ll need:
 
1. A computer or a cell phone with a good internet connection
 
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(addition, subtraction, multiplication and division).
 
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6. Discipline to take trades and build your portfolio on a weekly basis.
 
That’s about it!
 
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Trade well, 
 
Timon Rossolimos,
Analyst, Red Hot Storm Trader  


6 Types of cryptocurrencies you might not know
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