[Part 1 of 3] Let me breakdown what is BTC, ETH and BNB for you.
A very layman understanding of the current crypto craze.
If you Google any crypto name now, you will probably see a flood of information you can’t even comprehend.
It would take you forever to get to the bottom of what it really means and what you really need to know.
There is so much fuzz and buzz, you can’t tell left from right.
What has a dog got to do with blockchain and why are there so many different types of crypto coins?
Here is a very layman breakdown of the top few cryptocurrencies in the market today.
This is a mega thread, so I will be spreading it out into 3 parts.
Enjoy.
BTC: $1.03 T
13 years old, Bitcoin, the Original Gangster, the ONE, the Messiah, the Cubanos.
Everything we know or don’t know about crypto, came from bitcoin.
Billionaires, bankers, wall street fund managers, your best friend and even your next door neighbor probably already know about it.
Truthfully, most people just buy and hold on to it as a digital asset.
Most people either bought in too late, found out about it too late and poof, now its USD 50k+ per coin and suddenly out of reach.
ETH: $487 B
6 years old, the little brother of bitcoin. That title used to be litecoin, somehow, it fell off the face of the earth after its owner publicly cashed out.
Mainly used for its smart contracts and for buying / selling NFTs.
Also, because it is generally a hell of a lot cheaper to own one ETH than one BTC currently.
No you friend didn’t like ETH because the underlying tech was better or that they understood proof of stake vs proof of work.
They like ETH because it was a fraction of what BTC cost.
That definitely contributed to its popularity and also because its founder Vitalik is revered widely in the community.
BNB: $100 B
4 years old, it is a token by Binance exchange.
People buy it because they believe in the crypto hype and that generally BNB will continue to rise in the near future.
How is it different from other exchanges like crypto.com and gemini?
Well, its just like every other industry out there, you have choices.
Ferrari is known for its F1 racing heritage, Lamborghini is known for its italian macho-ness and Volvo for its safety and reliability.
The different exchanges have different usability, interfaces and fees.
Pick your poison.
Like any cryptocurrency, it is volatile and when it goes up or down, nobody quite knows why.
If you like this, check out part 2.
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