A cryptocurrency is a form of currency consisting of binary codes. The crucial feature of cryptocurrency is not to be managed by any governments, authorities or individuals. Cryptocurrency doesn't have a physical form and uses Blockchain for maintaining a secure transaction.

Blockchain is a decentralized database that spreads information across many nodes worldwide and records transactions. In other words, a cryptocurrency is a form of currency that is digital.

How many cryptocurrencies are there in the world?

According to CoinMarketCap, one of the most reputable financial business sites, there are more than 7,600 different cryptocurrencies as of 2021.

Although most cryptocurrencies are not that significant, the top 20 make up nearly 90% of the total market. But it's a profitable trade to invest a reasonable amount of money into new cryptocurrencies. The companies that make their cryptocurrency, launch it as Initial Coin Offering (ICO). In ICO, Users exchange cryptocurrencies such as Bitcoin and Ethereum or Fiat currencies with the new token and invest in the project.

The total value of cryptocurrencies on November 23 2021, was more than $2.5 trillion and the total value of Bitcoin is about $1 trillion.

The Best Cryptocurrency by Market Cap

These 10 currencies are the largest cryptocurrencies in terms of market capitalization introduced by CoinMarketCap. You can see the cryptocurrency list below:

• Bitcoin

• Ethereum

• Binance Coin

• Ripple

• Tether

• Cardano

• Polkadot

• UniSwap

• Litecoin

• Stellar

Why is cryptocurrency so popular?

Cryptocurrencies attract fans for a variety of reasons. Here are some of the most important reasons:

• Supporters of digital currency consider it as the currency of the future and will likely convert their assets into cryptocurrency before it's too late!

• Most cryptocurrencies are decentralized, which means they are immune to any government or authority manipulation. They are likely to eliminate central banks, as they tend to devalue money through inflation over time.

• The blockchain technology behind crypto is a shared and database. This means that no particular person controls the data, but all users sustain it together; besides, the recorded data is irreversible and viewable to everyone.

• Another group of fans are brokers who profit from cryptocurrency and the ones who buy goods in cryptocurrency. They can move large amounts of money this way without any problems.

Are cryptocurrencies legal?

Cryptocurrency is legal in the US, but China has strictly banned it. Still, the legality of crypto ultimately depends on the law of each country.

Stay alert! Consider protecting yourself from scammers who see cryptocurrency as an opportunity for theft.