What! There are thousands of Crypto Coins?

May 2022

Excerpts from CareYourPresent website on the thousands of crypto coins

Types of Crypto coins

There are literally thousands of Crypto coins in this world, more are being minted every single day, or even hours etc. One key question that came to all Cryptocurrency investors: What are the many types of cryptocurrencies?

What common type of coins are there? Summarized overview as below:

The blue chip crypto coins

Similar to stocks, there are cryptocurrencies that are classify as blue chip coins. They are:

BTC: is undoubtedly the king of Crypto. About 800B Market Cap as at today,

ETH: Queen of alternate coins. About 400B Market Cap as at today.

If we add both ETH and BTC, they almost made up half of the total Market CAP of the entire Crypto coins market cap! That’s why they are called the King and Queen!

Stablecoins

There are cryptocurrencies that attempt to peg their market value to some external reference. Two main types:

  • pegged to a currency like the U.S. dollar. Example: USDC, USDT etc
  • achieve their price stability via collateralization (backing) or through algorithmic mechanisms of buying and selling the reference asset or its derivatives. Example: UST, FRAX etc

Metaverse coins

The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually.

Augmented reality overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience.

This is still a very new area, people are learning innovating, imagining on what the future Metaverse will be like. Maybe one day we can work virtually in Metaverse and don’t need to go physically to work!

Examples of metaverse coins will be like Sand, Mana etc.

GameFi coins

Play to earn coins where you get to earn some cryptocurrencies while playing the games! Usually there will be a native game token or NFT where you can purchase in order to play the game. When you level up, you can sell them to other players!

Examples of GameiFi coins are Jewel, Crystal, Axs etc.

Meme coins

These are the coins created as part of a joke or a theme which is often not seen as a serious coin. Doge coin is one of the famous meme coin and make many people millionaires! Would you want to be next person?

Other coins

There are other coins such as FaaS (farming as service) where the owner of the coin help you to do all the degen farmings, centralized exchange coins, node coins etc.

You can find the full article here

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