Many people say, “I want to buy virtual currency, but there are so many types that I don’t know which brand to buy.” In this article, we will briefly introduce the types of virtual currencies that are distributed all over the world and 13 types of brands that can be purchased in Japan.
Over 3,000 types of virtual currencies
As of May 15, 2020, there are more than 3,000 types of virtual currencies in circulation around the world. If you want to know the types of virtual currencies in real time, please refer to this page ” All virtual currencies “.
List of 12 types of virtual currencies you can buy in US!
Of the above 3,000 types of virtual currencies, as of May 15, 2020, the following 12 types can be purchased in US.
- Bitcoin (BTC)
Bitcoin was developed following the electronic currency system “Bitcoin: P2P” launched by Satoshi Nakamoto in 2008, and began operation in 2009 the following year. The most distinctive feature of Bitcoin is that it has noticed a decentralized electronic payment system with no public issuers or administrators by a decentralized system based on P2P technology. Traditional payment systems have completed transactions with third-party intermediaries, but in the case of Bitcoin, this intermediary does not exist and is managed by all participants. The turning point is building the first decentralized payment system.
- Ethereum (ETH)
Ethereum (ETH), which appeared in July 2015, is said to be the leading cryptocurrency after Bitcoin (BTC) and has the second largest market capitalization after Bitcoin (BTC) (Source: Cryptocurrency Market Capitalization Top 100). Ethereum was developed by Vitalik Buterin by applying Bitcoin technology, while Bitcoin (BTC) is a cryptocurrency used for payments, while Ethereum (ETH) is a decentralized application (Dapps). One of The Ethereum’s unique features is its smart contract feature. Simply put, a smart contract function is the automatic execution of a contract and refers to a mechanism for executing a contract automatically when a condition is met. It is said that contract information is competitive in terms of cost because it is written on the blockchain, so there is less risk of counterfeiting and there is no need to go through a third party to comply with the contract. Scalability issues are addressed through solutions such as Plasma, and specific solutions are described daily.
- Ripple (XRP)
Ripple is a platform dedicated to payment systems. Therefore, strictly speaking, XRP used in ripple networks serves as a cryptocurrency. Ripple is operated by a trading entity called Ripple, unlike Bitcoin, which does not have a centralized entity. Ripple uses decentralized accounting technology, but the mechanism is very different from the public blockchain represented by Bitcoin. Specifically, the verification was done by an approver called a validant (single list of nodes: UNL), certified by Ripple as a “trusted participant”, and a certain number of verifiers said, “This transaction was successful. In acknowledging this, we have adopted a mechanism for reaching an agreement. One of the big points of ripple is its high processing speed. In fact, for Bitcoin, the payment processing time takes at least 10 minutes, while for Ripple, the payment is completed in at least 4 seconds. Based on these features, Ripple is expected to serve as a “bridge currency” that connects different currencies.
- Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a cryptocurrency created by Bitcoin’s Hard Fork in August 2017, and its basic specifications are similar to bitcoin’s specifications. Specifically, bitcoin block size is capped at 1MB, but Bitcoin Cash is trying to solve the scalability problem by expanding the block size limit to 8MB.
- Litecoin (LTC)
Litecoin (LTC) is a cryptocurrency (crypto asset) that began development based on Bitcoin in 2011. The maximum number of Bitcoin issues is 21 million, while the maximum number of Litecoin issues is 84 million, a four-time increase. In addition, the generation time of the Bitcoin block is set to about 10 minutes, and the Litecoin is set to about 2.5 minutes. Litecoin (LTC) is characterized by a reduction in the size of transactional data called SegWit (isolated witness) in response to bitcoin scalability issues (system and network expansion capability issues and transaction data processing flexibility). This method is said to be the place where it is used.
- Ethereum Classic (ETC)
Ethereum Classic (ETC) is a cryptocurrency (crypto asset) created by the Ethereum division in 2016. Being a hard fork, the Ethereum Classic is systematically incompatible with Ethereum. Ethereum Classic (ETC) was born because the DAO project developed at Ethereum was stolen around 5 billion yen in the form of a system vulnerability. The case has begun. To the Ethereum development team, which returns to the state before hard fork fraudulent remittances and distributes it, the community targeting decentralized cryptocurrencies says, “The code is the law (the code is the law). Rejected, the Ethereum Classic (ETC) was born. Because it comes from Ethereum, the basic specifications of Ethereum Classics, such as smart contracts, are not very different from ethereum specifications.
- Monacoin (MONA)
Monacoin is a Japanese cryptocurrency that can be used on the Internet. Development began in December 2013 and was released in January 2014 using the ASCII art motif “Monitor” used in the Internet bulletin board 2channel. The program is being developed by the Monacoin Project, but not by issues or trading coins, but by open source. Monacoin is known to have entered SegWit (Segregated Witness), a way to reduce the size of transactional data.
- NEM (NEM)
NEM (NEM) is an abbreviation of the New Economy Movement, a cryptocurrency (crypto asset) that began development in 2015. The maximum emission limit for XEM is set at NEM currency 8,999,999,999 and there is no new emission limit. Network payments and token issuance can be done on the NEM platform. Nem features a specification called the Importance Test (PoI), which gives each account an important score to the consensus algorithm (approval method). He is inside. It also adopts a reward system called harvesting, which corresponds to bitcoin mining and pays rewards according to its contribution to the network.
- Factom (FCT)
Factom is a cryptocurrency system platform developed by U.S.-based Factom in 2015. Our goal is a decentralized management platform for recording and storing all kinds of electronic data (documents). The currency is factoid and the abbreviation of the currency is FCT. By using Facttom, you can test important documents such as registered copies, residence cards, loan records, securities, insurance, etc. without a third party.
- Risk (LSK)
- Stellar Lumen (XLM)
Stellar Lumen (XLM) is a cryptocurrency (crypto asset) developed in July 2014. It is operated by the Stella Foundation. Monetary unity is rumen. Ripple (XRP) was developed for business-to-business, while Stellar Lumens (XLM) has a history of being developed for remittances and settlements between individuals. The remittance rate is 0.00001XLM (about $1 million), which is very low. Another feature of Stellar Lumens (XLM) is its high payment speed. Bitcoin takes about 10 minutes and Stellar Lumens takes about 2-5 seconds.
- Quantum (QTUM)
QTUM is a platform that combines bitcoin’s financial capabilities with Ethereum’s smart contracts. PoS (Proof of Staq) is adopted as a consensus algorithm.