Describe Each Coin In Under A Minute
It can be hard to keep track of the dozens of major cryptocurrencies, especially when Wikipedia describes most of them the same way! Even if you know the specific differences between them, it can be difficult to answer your casual crypto friends when they ask for a simple explanation. I thought it would be helpful to create a VERY, VERY rough description of the major coins to help distinguish them.
- Bitcoin - Online money without a bank.
- Ehereum - Distributed computer.
- Ripple - Bitcoin for banks.
- Bitcoin Cash - Bitcoin with a different strategy for speeding up transactions.
- Cardano - Ethereum that is heavily peer-reviewed.
- Litecoin - Bitcoin but faster.
- Stellar - Bitcoin that is faster and made to interact with traditional money.
- NEO - Ethereum with a heavier focus on digital identities rather than distributed applications.
- EOS - Ethereum with a focus on supporting many applications and low fees.
- NEM - Ethereum with a focus on making smart contract development easier.
- IOTA - Bitcoin with no transaction fees, designed for machine-to-machine payments.
- Dash - Bitcoin that funds its own development and gives users options to pay for private or instant transactions.
- Monero - Bitcoin with private transactions.
- Tether - Bitcoin but each coin is backed by a dollar in a bank.
- TRON - Coin used in a platform that allows entertainment content creators to control and monetize their content.
- Lisk - EOS but supports different programming languages.
- Ethereum Classic - Older, less used version of Ethereum that differs in development philosophy.
- Qtum - Hybrid of Bitcoin and Ethereum.
- VeChain - EOS with a focus on corporate apps.
- Bitcoin Gold - Bitcoin that us attempting to make mining more fair.
Leave a comment if you would like to propose a description for a new coin or you would like to recommend a revision to one of the above descriptions. I will be adding more coins so follow for updates!