From everything I’ve read and looked into over this past yr. the following are the extremely simplified definitions & understandings of each cryptocurrency.
I also listed a few cryptocurrencies below each of my definition understandings that I thought were similar to the crypto above. Please correct me if I’m wrong and any are not similar & feel free to add any other altcoins that are similar and that you believe has potential of becoming a successful project.
Please correct my definition in simple terms (like I’m a 5yr. old child) if any are wrong to help me & others better understand/comprehend cryptocurrency.
Anything in is a statement that’s strictly my opinion and a reason why I see potential in the project & invested in it, therefore do your own research and make your own conclusions before making any investments.
(Please be kind on this post, I’m only trying to educate myself on this subject, thank you.)
Bitcoin (BTC): The “gold standard” of this digital economy that all other coins are to be centered around and compared to in terms of value
Litecoin (LTC): The “silver standard” of this digital economy [not a real popular coin yet because crypto economy too new yet to need/have use for a silver standard value applied to crypto, however could play important rule in economy when OR if that day comes]
Ethereum (ETH): The main part of this digital economy that other altcoins are built upon and managed [may end up being valued more than BTC if becomes the main backbone of the crypto economy that most other coins/crypto projects are built upon, but BTC will continue to be the “gold standard” that all other coins values are based upon]
- Elrond (EGLD) [ETH main competitor]
- Solana (SOL) [the basic or generic version of ETH offering a 2nd option to build other crypto projects upon]
- Tron (TRX) [may play a big part in crypto economy in future]
- Cosmos (ATOM) [may play a big part in crypto economy in future]
- Cardano (ADA) [may play a big part in crypto economy in future]
DogeCoin (DOGE): The digital dollar that is used for everyday transactions for its fast speed and simplicity
- BitcoinCash (BCH) [a more formal version of DOGE & made to be spent as digital cash]
- Stellar Lumens (XLM) [DOGE main competitor]
Amp (AMP): The digital collateral token used as temporary payment to merchants while your payment is being transacted
- Uniswap (UNI) [may play big part in financial sector of crypto market in future]
- Aave (AAVE) [may play big part in financial sector of crypto market in future]
- Ren (REN) [may play big part in financial sector of crypto market in future]
Filecoin (FIL): Used for transferring info. And file sharing and storage
- The Graph (GRT) [may play big part in file-sharing sector of crypto economy in future]
- BitTorrent (BTT) [may play big part in file-sharing sector of crypto economy in future]
Monroe (XMR): Used for extremely secure transactions and anonymity
- Z Cash (ZEC) [used for secure transactions & complies to more regulations as XMR, but not as secure as XMR]
- Bytecoin (BCN) [XMR major competitor]
Tether (USDT): The digital token backed and based on the US dollar
(Remember these definitions are only my interpretations & very beginner understandings of what these altcoins are and potential)
