How Many Crypto Currency Are There?

Cryptocurrencies have quickly become mainstream, but how many digital currencies exist today? Bitcoin may be best known, but it’s far from being the only cryptocurrency. A look at CoinMarketCap shows there are currently 13,217 active cryptocurrencies trading – though many have little or no value.

Though cryptocurrencies have proliferated rapidly in recent years, only a select few dominate both daily trading volume and overall market capitalization. Bitcoin takes the cake here with over 98% market cap valuation at approximately $1.1 trillion while popular alternatives include Ethereum (ETH), Ripple (XRP), and Cardano (ADA).

Due to the vast selection of coins and tokens found within the crypto space, some observers are questioning its viability as part of our financial system. Critics point out issues like rampant fraud, cybersecurity risks, price volatility and energy consumption as major potential challenges facing this sector.

Proponents of cryptocurrency revolution contend that digital money will democratize money movement and challenge central banks’ control of global economy. Furthermore, proponents claim cryptocurrencies will help reduce global inequality by providing individuals with ways to store and transact with their own funds in ways not controlled by governments or large institutions.

Cryptocurrencies have quickly become ubiquitous since Bitcoin’s rise, with every household owning at least one coin or more in their wallets. Some purchase them as investments hoping their value will appreciate as more people adopt cryptocurrency payments; others see them as an inflation hedge because their supply is limited and therefore cannot increase as quickly.

Some individuals are drawn to DeFi, or decentralized finance, with cryptocurrency providing more secure, low-cost transactions than through traditional banks or payment networks. Others invest in blockchain startups and applications through cryptocurrency investments.

No matter their use, cryptocurrency has the potential to change our economy and society for the better. But as its popularity increases, it’s vital that consideration be given on how these assets can be safely utilized in an efficient manner.

As the most widely held cryptocurrency, Bitcoin provides an ideal starting point to explore blockchain and cryptocurrency technology. But for more in-depth coverage of topics related to its future development, be sure to visit our blog or read up on some of our articles on StaxPay’s other articles for further insight into this emerging frontier! And feel free to reach out with any queries or feedback on Twitter at @StaxPay – we look forward to hearing from you!

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