3 min read

What is Crypto | PDAX Learn 101

What is Crypto | PDAX Learn 101

In previous articles, we talked about Bitcoin and Blockchain Technology.

To enhance your knowledge on trading cryptocurrencies, let us take a closer look at what a cryptocurrency is. From the word’s origin, “crypto” comes from how they are cryptographically recorded, and “currency” is because it can be used as a medium of exchange. There are currently a lot of cryptocurrencies in the world, with Bitcoin being the largest one, followed by Ethereum.

Now that we know what cryptocurrencies are and how they work, take a look at the different cryptocurrencies you can trade at PDAX to kickstart your cryptocurrency journey.

Bitcoin (BTC)

  • Created in 2009, BTC is currently the world’s largest cryptocurrency in terms of market capitalization.
  • Regarded as the 21st century digital gold given its finite supply of 21 million Bitcoins.

Ethereum (ETH)

  • Ethereum is second to Bitcoin when it comes to market capitalization.
  • It is a type of blockchain designed to operate “smart contracts”. Smart contracts can be used to ensure the completion of an agreement between two parties.

Tether (USDT)

  • Tether (USDT) is one of many available stablecoins, and is widely used across many cryptocurrency exchanges.
  • Its value is pegged  to the value of 1 US Dollar, hence its name ”USD Tether”.
  • It is widely used for remittances and fund transfers as it utilizes the benefits of a cryptocurrency while bypassing the volatile issue.

Ripple (XRP)

  • Ripple refers to the company that created the Ripple Consensus Ledger, and XRP is the digital asset that is traded
  • Ripple refers to a company that created the Ripple Consensus Ledger.
  • XRP is a technology that is known for its digital payment network. Aside from the cryptocurrency XRP, Ripple is the company behind it and is known as a payment settlement, asset exchange, and remittance system.

Bitcoin Cash (BCH)

  • Bitcoin Cash is a hard fork of Bitcoin. In 2017, some miners and developers in the Bitcoin community disagreed on a number of fundamental beliefs that concerned the future of Bitcoin and its scalability.
  • Bitcoin Cash’s blocks have an increased block size compared to Bitcoin’s, in order to accelerate the verification speed, ensure the chain’s effectiveness.

Litecoin (LTC)

  • Litecoin altered the code of Bitcoin to create a significantly quicker and cheaper cryptocurrency.
  • The creation and transfer of litecoins are based on an open cryptographic protocol and is not managed by any central authority—like many other cryptocurrencies.

Buy BTC, ETH, XRP, USDT, LTC, and BCH today on https://trade.pdax.ph/

Buy your first Bitcoin on PDAX at https://trade.pdax.ph/