The Future of Money: Types of Crypto

So, in the last two articles, we talked about the history of Bitcoin, and the technology behind it. However, that’s not the only type of crypto by far. Today I’ll talk about a few of the others.

There are many different types of crypto. And I mean MANY! As of March 2022, there are 18,465 cryptos! Many of these cryptos have little to no value or following though, and are virtually unheard of. (Pun unintended) If you were to take away the dead ones, or the ones with no value, you’re left with 10,363. That’s still a large number! I assure you though, at least 75% of those aren’t useful, or at the very least hold little value. So, what are the basic cryptos you should know?

1. Bitcoin
   

Created : 2009

Current Price : 53,427.75 CAD

You already know about Bitcoin, so I’m just going to say that this is probably the best bet for any beginner who wants to get into

crypto.

2. Ethereum
   

Created : July 30 2015

Current Price: 4,051.11 CAD

Ethereum is the second largest crypto currency in the world, and is used mainly in NFTs and smart contracts. The main difference between it and Bitcoin is that it is a programmable blockchain, meaning that it is essentially a blockchain with a built-in programming language. You can program apps and tools on top of the currency. Ethereum is aiming to create a decentralized system and infrastructure that is not maintained by a single authority.

The Future?

To top off this series, let’s talk about the future of crypto. At this moment, crypto is mainly open for business and high level investors, but that could change. Since early 2021, PayPal customers have been able to use their cryptocurrency holdings as funding to pay at PayPal's 26 million merchants around the globe. In this new system, consumers can instantly convert their selected cryptocurrency balance to official currency, like USD or CAD. It has only been a year, so there is still a lot of room for the currency to grow.

Analysts estimate that the global cryptocurrency market will more than triple by 2030, hitting a valuation of nearly $5 billion. Whether they want to buy into it or not, investors, businesses, and brands can’t ignore this rising force anymore.

Many people are widely supporting the decentralization of cryptocurrencies, but feel like there should be some sort of government regulation, as a main hesitation people have over crypto is the lack of control and rules on these currencies. Many feel like the government should step in and place certain restrictions and rules to increase security and decrease fraud, but on the other hand, many others feel that governments entering into this would destroy the entire concept of crypto.