Bitcoin is a digital currency that was created in 2009. It’s decentralized, meaning it doesn’t have any central authority or government issuing the money. Each time bitcoins are traded, they’re recorded and stored on a public ledger called “the blockchain.” This means bitcoin transactions cannot be tampered with because all of them are visible to everyone at once.
Cryptocurrency basics for beginners is a term that refers to the basic concepts of cryptocurrencies. It provides an overview of what cryptocurrencies are, where they came from and how they work. Read more in detail here: cryptocurrency basics for beginners.
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This article originally appeared on Quick&DirtyTips.com and was syndicated by MediaFeed.org.
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30 most popular cryptocurrencies
Since Satoshi Nakamoto, who goes by the pseudonym Satoshi, published a white paper for Bitcoin in 2009, an estimated 7,400 cryptocurrencies have been created.
Cryptocurrencies have grown in popularity as a means of trade. The cryptocurrency market has grown to a size of $2.2 trillion at one time, and the introduction of digital currencies has pushed even central banks to investigate virtual equivalents of fiat money.
It might be difficult for prospective cryptocurrency investors to sort through the hundreds of digital currencies and choose one to trade. However, looking at the market capitalizations of virtual currencies might be one method to go about it.
Here’s a look at what a digital coin’s market cap means, as well as a list of the biggest cryptocurrencies by market cap.
Taxes on cryptocurrencies in 2021: How to Pay Taxes on Cryptocurrencies
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The market cap of a cryptocurrency is calculated by multiplying the price of the digital currency by the number of coins in circulation.
The market capitalization of a cryptocurrency is calculated by multiplying the number of coins in circulation by the price of each coin.
The market capitalization of a cryptocurrency enables investors to estimate the entire worth of all available coins. In other words, it calculates the market capitalization of a cryptocurrency.
iStock/SPmemory
Take a look at Bitcoin, the first cryptocurrency, which has a market cap of $34,260.40 and around 18.7 million units in circulation. After calculating the price by the number of coins in circulation, the market valuation is $642 billion.
To put this in context, the Bitcoin market is more than double the size of the second biggest cryptocurrency, Ethereum, which has a market valuation of $246 billion.
Bitcoin’s market capitalization is about similar to Tesla Inc.’s stock market capitalization of $659 billion.
istockphoto/NiseriN
Market capitalization is significant because it allows investors to compare the value of one cryptocurrency network to that of another. Cryptocurrency A’s price may be $600 per share, whereas Cryptocurrency B’s price could be $6. However, these prices provide little insight into the size or worth of the whole market or network.
Let’s imagine there were 1 million Cryptocurrency A coins in circulation, whereas there were 150 million Cryptocurrency B coins. Cryptocurrency B’s market cap is actually bigger than Cryptocurrency A’s, indicating that its overall market worth is substantially higher.
Cryptocurrency A’s market capitalization is $600 million divided by one million. The market capitalization of Cryptocurrency B is $6 x $150 million, or $900 million.
Larger market capitalizations might also indicate stability in the stock market. Blue-chip companies that have been publicly traded for a longer time tend to have the largest market capitalisation.
However, since digital currencies are still so new, unproven, and unpredictable, the same rationale cannot be used to the cryptocurrency market. Even bitcoin, which has the greatest market valuation and has been around since 2009, is subject to huge price fluctuations.
istockphoto/RobertAx
The market capitalization of a cryptocurrency if all of the coins in its entire supply were mined is referred to as fully diluted value.
As an example, there are 18.7 million Bitcoin in circulation, as previously stated. However, there is a limit of 21 million Bitcoins that may be mined. As a result, Bitcoin’s completely diluted worth is 21 million times its present price.
iStock/Phira Phonruewiangphing
Here are the categories for market capitalisation in the cryptocurrency industry, according to bitcoin exchange Coinbase:
- Large-cap cryptocurrencies are those with a market capitalization of $10 billion or more.
- Cryptocurrencies with a market valuation of between $1 billion and $10 billion are known as mid-cap cryptocurrencies.
- Cryptocurrencies with a market capitalization of less than $1 billion are known as small-cap cryptocurrencies.
istockphoto / dulezidar
The market forces of supply and demand determine the price of a cryptocurrency. So, how does the second half of the market capitalization equation — the amount of coins in circulation – come into play?
The blockchain technology is used to clear transactions using cryptocurrency. By solving sophisticated computer riddles, so-called “miners” may produce new currencies. When a puzzle is solved, one block — a collection of transactions – is added to the blockchain.
Miners are generally incentivized to mine cryptocurrencies like Bitcoin that trade at greater values because they earn one or two new coins for their computational labor. The stronger the motivation to mine a coin, the higher its price.
As a result, one side of the equation might impact the other when it comes to the calculation for crypto market cap. The quantity of coins in circulation may be influenced by the price of a cryptocurrency.
istockphoto
According to statistics from the website CoinMarketCap, the following is a list of the top cryptocurrencies by market cap.
istockphoto/Marc Bruxelle
- $2,780,265,388 in market capitalization
- 30 June 2021 The cost is June 30, 2021 Price: $0.11.11.
- Supply in circulation: 25,263,013,692
Crypto.com Coin is the native token of Crypto.com, a cryptocurrency exchange that aims to act as a payment network for cryptocurrency projects. Crypto.com is often less expensive than exchange rivals like Coinbase.
Crypto.com
- $6,153,754,357 in market capitalization
- Price: $482.36 as of June 30, 2021
- Supply in circulation: 12,754,905
Aave is a DeFi lending platform that runs on the Ethereum network. Its main goal is to allow users to lend and borrow a variety of crypto assets while also earning income.
Aave
- $3,276,672,704 in market capitalization
- Price on June 30, 2021: June 30, 2021 Price: $0.000008292.000008292
- Supply in circulation: 394,796,000,000,000
Shiba Inu is an ERC-20 token on the Ethereum blockchain that was created in August 2020 by an unknown individual known as Ryoshi. Shiba Inu is a cryptocurrency that is inspired by Dogecoin, which has a Shiba Inu dog as its logo, and considers itself a “Dogecoin killer.”
Shiba Inu lacks smart contract functionality and is not backed by any assets or rights. There’s no defining technology, and there’s no limit on supply. Instead, Shiba Inu, like numerous meme stocks, has seen a surge in popularity in the cryptocurrency market in 2020.
Shiba Inu
- $3,722,430,916 in market capitalization
- 30 June 2021 Cost: $3.91
- 954,781,934 circulating supply
EOS is a blockchain-based system that promises to facilitate the creation of apps on its platform. It’s often seen as a rival to Ethereum, which is still more widely used. It offers a smart contract platform that aims to remove transaction costs while processing millions of transactions per second.
EOS
- $3,826,701,458 in market capitalization
- 30 June 2021 Cost: $212.77
- Supply in circulation: 17,942,846
On its blockchain, Bitcoin leaves a transparent trace of transactions. Monero is a privacy currency that conceals the identities of senders, recipients, and transaction amounts. Criminals are increasingly using Monero to make illegal payments and launder money. When hackers are cryptojacking, it’s also popular.
The initial white paper on Monero, published in 2014, claims that Bitcoin’s transaction visibility is a “critical issue.” Monero may face more regulatory attention in the wake of high-profile ransomware events in the United States, such as the hacking of the Colonial Pipeline and meatpacking factories.
Since the beginning of 2020, Monero has outpaced Bitcoin. The Internal Revenue Service of the United States has given a $625,000 prize to anybody who can create tools to track Monero. It’s more difficult to trade on larger cryptocurrency exchanges since regulators insist on stricter Know Your Customer (KYC) requirements.
iStock / Pe3check
- $4,638,835,632 in market capitalization
- Price as of June 30, 2021: June 30, 2021 Price: $0.06478.06478
- Supply in circulation: 71,659,657,369
Tron is the cryptocurrency of the Tron Foundation, a blockchain corporation aiming to “creating the infrastructure for a genuinely decentralized Internet,” according to its website. According to a report from the media site Verge, most of Tron’s initial white paper overlaps with Ethereum’s white paper.
Unlike conventional “proof-of-work” techniques employed by many cryptocurrencies, including Bitcoin, Tron employs a delegated proof-of-stake approach to gain agreement on its ledger. Consensus is reached by twenty-seven “super representatives,” who rotate on a regular basis. The procedure is meant to use less energy.
Justin Sun, the creator of Tron, is notable for buying BitTorrent, a peer-to-peer file-sharing business.
iStock/Phira Phonruewiangphing
- $4,820,709,413 in market capitalization
- Price: $58.11 as of June 30, 2021
- Supply in circulation: 83,612,398
Filecoin aspires to be a decentralized storage network that allows for the most efficient data storage and retrieval. The Filecoin network intends to link storage and retrieval miners with data storage and retrieval customers that pay for storage and retrieval.
For offering services on the Filecoin network, participants transmit tokenized incentives in the form of Filecoin. To check the quantity and kinds of files on the network, the network employs specific proofs. In March, Grayscale, a cryptocurrency investment trust manager, introduced Filecoin to one of its programs.
Filecoin
- $5,346,751,563 in market capitalization
- Price on June 30, 2021: June 30, 2021 Price: $0.08354.08354
- Supply in circulation: 64,315,576,989
VeChain, which was founded in 2015 by the former chief technology officer of Louis Vuitton China, focuses on using blockchain to improve supply chain management and corporate operations.
VeChain (VET) and VeChainThro Energy (VET) are the two coins (VTHO). The former tries to transport wealth over the blockchain network, while the latter aims to fuel smart contracts with energy or “gas.”
Vechain
- $5,386,070,570 in market capitalization
- 30 June 2021 Amount: $1
- Supply in circulation: 5,383,336,912
Dai is a stablecoin that has a one-to-one exchange rate with the US dollar. Unlike some other stablecoins, Dai, on the other hand, seeks for even more decentralization.
Tether, for example, aims to support cryptocurrencies backed by a reserve that is administered by a central authority. To keep the peg to the US dollar, Dai intends to employ smart contracts instead.
Dai
- $6,067,833,949 in market capitalization
- 30 June 2021 Cost: $45.02
- Supply in circulation: 135,173,634
Dfinity Foundation, the company that created Internet Computer, is financed by Andreesen Horowitz, a Silicon Valley venture capital firm. The goal of Internet Computer is to build applications and websites that are more decentralized versions of the web.
As a result, some suggest that Internet Computer is more suited as a blockchain-based app network than as a coin. Using blockchain technology, the platform enables anybody to build software on the Internet.
Dfinity.org
- $6,089,904,070 in market capitalization
- 30 June 2021 Cost: $52.45
- Supply in circulation: 116,313,299
Ethereum Classic (ETC) preserves the Ethereum network’s original, unadulterated history. After a hack in 2016, the new Ethereum network (ETH) was developed.
The number of daily active users of ETH vastly outnumbers that of ETC, with about one million vs tens of thousands. The Ethereum Classic network has also been subjected to 51% assaults, implying that it is less secure.
While it lacked any distinguishing features, Ethereum Classic witnessed a rebirth in 2021, with speculation that it might resurface if Ethereum or ETH shifts to a proof-of-stake protocol rather than the more typical proof-of-work model.
Ivan-balvan/istock
- $6,271,627,310 in market capitalization
- Price on June 30, 2021: June 30, 2021 Price: $0.2722.2722
- Supply in circulation: 23,207,246,068
Lumen, the Stellar network’s cryptocurrency, is traded under the ticker XLM. Stellar is a blockchain-based ledger with the goal of connecting banks and payment systems to enable low-cost, cross-border payments.
Stellar, which was founded by a Ripple co-founder, claims to be focused on bank loans in emerging nations or delivering services to people outside of the conventional banking system.
Stellar
- $6,551,813,342 in market capitalization
- 30 June 2021 Cost: $6.57
- 1,000,000,000 circulating supply
Theta had a fantastic year in 2021. The Theta Network bills itself as a “decentralized streaming video protocol,” with the goal of allowing users to donate extra bandwidth and processing capabilities in return for tokens using blockchain technology.
Future Samsung Galaxy phones would have Theta.tv built in, and the software would be installed on 75 million current smartphones.
ThetaToken.org
- $6,650,827,175 in market capitalization
- 30 June 2021 $34,290.76 is the price.
- 194,125 circulating supply
Bitcoin that has been wrapped (WBTC) is an Ethereum-based currency that symbolizes Bitcoin. One Bitcoin is equivalent to one Bitcoin that has been wrapped.
WBTC tokens, on the other hand, may be utilized with Ethereum’s decentralized applications and financial ecosystem. Bitcoin that has been wrapped’s transaction speed is another advantage, since it is based on the Ethereum network.
Bitcoin that has been wrapped
- $6,920,008,608 in market capitalization
- 30 June 2021 Amount: $1.10
- Supply in circulation: 6,303,422,325
Polygon, originally known as Matic Network, is a cryptocurrency located in India that was founded in 2017. It tries to address problems like congestion and excessive transaction costs that plague the Ethereum network.
Polygon
- $8,038,538,683 in market capitalization
- 30 June 2021 Amount: $18.49
- 435,509,554 circulating supply
The blockchain network of Chainlink intends to connect real-world data with smart contracts. LINK, the company’s cryptocurrency, is used to pay for smart contract transactions. As previously stated, smart contracts are blockchain agreements that automatically fulfill once all relevant preconditions are met.
Outside data sources are referred to as oracles in bitcoin markets. Chainlink is a tool that connects external data sources to the blockchain.
Chainlink
- $8,731,513,592 in market capitalization
- 30 June 2021 Cost: $32.12
- Supply in circulation: 272,637,428
On many blockchains, consensus is established by participants solving a mathematical challenge, a process known as “proof of work.” Miners are then paid in coins for their efforts, which is an energy-intensive process that has been criticized for its negative environmental effect. It’s why Tesla CEO Elon Musk reversed his decision to accept Bitcoin as payment.
As previously stated, certain currencies are transitioning to “proof of stake,” which is a less energy-intensive method. However, Solana founder Anatoly Yakovenko, a former Qualcomm engineer, came up with the concept of “proof of history,” which timestamps transactions and prevents miners from deciding which transactions are recorded on the blockchain. The network, according to Yakovenko, may be as quick as “light speed.”
Solana
- $9,193,856,401 in market capitalization
- 30 June 2021 Amount: $137.72
- Supply in circulation: 66,752,415
Litecoin was one of the first cryptocurrencies, having been created in 2011. The Litecoin network generates new blocks every 2.5 minutes, which is four times faster than the Bitcoin network, which mines blocks every 10 minutes.
Founder Charles Lee has said that Litecoin was created to be a supplement to Bitcoin rather than a replacement. Litecoin rallied in 2019 ahead of a halving. In 2017, when cryptocurrencies were at their peak, Charles Lee sold his holdings.
Weedezign / istockphoto
- $9,472,408,895 in market capitalization
- Price: $503.84 as of June 30, 2021
- Supply in circulation: 18,777,488
Bitcoin Cash (BCH) is a cryptocurrency that (BCH) was created in August 2017 after a contentious split in which a group of hackers complained that the original Bitcoin network was too sluggish and costly.
Bitcoin Cash (BCH) is a cryptocurrency that uses similar technology to Bitcoin, however adjustments were made during the split to make transactions quicker and with cheaper fees. The BCH network, for example, can handle more than 23 million transactions per day. That’s less than the 2 trillion transactions Visa can process, but considerably more than the 600,000 transactions Bitcoin can do.
The market, on the other hand, hasn’t taken advantage of this enhanced transaction capabilities. While it was established to compete with Bitcoin, BCH has struggled to gain traction and has seen its price plummet. The market capitalization of Bitcoin Cash (BCH) is a cryptocurrency that is still a fraction of that of Bitcoin. It is, nevertheless, still one of the most successful currencies to emerge from a hard fork.
Bitcoin Cash (BCH) is a cryptocurrency that
- $9,995,097,737 in market capitalization
- 30 June 2021 Amount: $17.32
- 575,244,185 circulating supply
DEXs (decentralized exchanges) are trading platforms that require users to give up the keys to their coins rather than depositing or withdrawing them. The technology, which is part of the DeFi movement, is based on smart contracts.
Uniswap is the biggest DeFi exchange, and it’s known for methods like “yield farming,” which involves lending cryptocurrency in return for income. Uniswap was founded by Hayden Adams and has received funding from venture capital companies such as Andreesen Horowitz and Union Square Ventures.
The platform’s native token is Uniswap (UNI). While market capitalization has increased dramatically, there have been some setbacks. An unidentified organization copied Uniswap’s code in August 2020, causing the DEX’s liquidity to be stifled.
Uniswap
- $10,109,402,513 in market capitalization
- 30 June 2021 Cost: June 30, 2021 Price: $0.9998.9998
- 10,109,425,905 units in circulation
USD Binance (BUSD) is a stablecoin created by Binance, the biggest cryptocurrency exchange in the world. It has a one-to-one exchange rate with the US dollar. Because it is based on the Ethereum network, it may be used for payments and loans everywhere that other ERC-20 tokens are accepted.
USD Binance
- $14,624,503,052 in market capitalization
- 30 June 2021 Amount: $15.30
- 956,244,736 circulating supply
Dot is the name of Polkadot’s coin (DOT). Gavin Wood, the developer of Polkdot, is also a co-founder of Ethereum. In 2016, he authored the initial white paper for Polkadot.
Polkadot revolves on “parachains”–blockchains that, by design, have a greater transaction throughput than Ethereum. “Parallel blockchains”–transactions distributed over numerous computers, analogous to parallel processing–have also been promoted as a possible Ethereum replacement.
Polkadot
- $25,203,864,990 in market capitalization
- 30 June 2021 Amount: $1
- Supply in circulation: 25,202,767,808
USD Coin (USDC) is a stablecoin that is tied to the US dollar and is powered by the Ethereum network. USD Coin is also tied to the Circle cryptocurrency business. Circle has indicated that its reserves are examined and audited by Chicago-based accounting firm Grant Thornton LLP, after regulatory scrutiny of the stablecoin Tether over how much it truly backs in reserves.
Visa stated in March 2021 that it will enable USDC to be used to settle transactions on its payment network, signaling the crypto market’s mainstream adoption. Customers may now pay for items using a Visa credit card without of having to convert digital currencies into regular currency first.
Coinbase
- $30,462,825,137 in market capitalization
- Price: June 30, 2021 Price: $0.6577.6577 as of June 30, 2021
- Supply in circulation: 46,146,927,647
Ripple XRP is a cryptocurrency created by Ripple Labs Inc. Unlike Bitcoin and many other cryptocurrencies, XRP does not operate on a blockchain. It’s instead based on a “hash tree.” This implies that XRP can’t be mined, and there are only a certain quantity of currencies available–100 billion to be precise.
The Ripple network has a transaction rate of 1,500 transactions per second.
The Securities and Exchange Commission sued Ripple and its officials in 2020, alleging that they misled XRP investors by selling more than $1 billion of the virtual tokens without first registering with the SEC.
iStock / Pe3checkphoto
- $31,646,744,193 in market capitalization
- Price: June 30, 2021 Price: $0.2429.2429 as of June 30, 2021
- Supply in circulation: 130,234,209,886
In the year 2021, Dogecoin saw a spectacular surge, rising during the month of May. In 2013, the cryptocurrency’s creators created it as a prank. Dogecoin’s emblem is a Shiba Inu dog, which is one of the coin’s most distinctive qualities.
Dogecoin’s popularity followed a similar trend to that of meme stocks in 2020. Elon Musk, the CEO of Tesla, was a proponent of Dogecoin, praising it on social media. Coinbase, a cryptocurrency exchange, said on June 1 that it will take Dogecoin, indicating that the cryptocurrency is becoming more widespread.
Istock/Stuart Partridge
- $41,876,184,686 in market capitalization
- 30 June 2021 Amount: $1.31
- Supply in circulation: 31,946,328,269
Charles Hoskinson, a co-founder of Ethereum who also has a prominent YouTube channel, invented Cardano (ADA). Cardano is currently unable to conduct decentralized finance (DeFi) operations that let users to lend, trade, and borrow money. However, in March, it received an update, and smart-contracts are slated to arrive later in 2021.
While Cardano lacks certain functionalities, it is regarded a work in progress by several industry players and has the potential to be a cheaper alternative to Ethereum for DeFi and NFT applications. It, like so-called meme stocks, has amassed a devoted following on social media networks such as Reddit.
The fact that ADA uses a proof-of-stake blockchain is a major aspect. This eliminates the need for the difficult proof-of-work computations and substantial power consumption needed for mining currency like Bitcoin. All ADA coins, on the other hand, are pre-mined. This might make Cardano attractive to investors who have been sceptical of cryptocurrencies like Bitcoin’s environmental costs.
Istock/Dennis Diatel Photography
- $43,791,396,392 in market capitalization
- Price: $284.65 as of June 30, 2021
- Supply in circulation: 153,432,897
Binance is the biggest cryptocurrency exchange in the world, and it is well-known for its cheap trading costs. Binance Coin (BNB) is a cryptocurrency that was (BNB) is the exchange’s “native” cryptocurrency, meaning it was created solely for usage in the Binance ecosystem. Binance Coin (BNB) is a cryptocurrency that was debuted in 2017 with an initial coin offering (ICO).
Binance is attempting to encourage investors to utilize Binance Coin (BNB) is a cryptocurrency that was by offering a 25% reduction on trading costs if they use BNB to pay for deals. That implies that if your trading charge is $1, you’ll only pay 75 cents if you pay with BNB.
Another important point to remember about BNB is that every quarter, Binance utilizes 20% of its earnings to purchase back and “burn” Binance Coin (BNB) is a cryptocurrency that wass, which entails permanently destroying them. This strategy, which was first outlined in a whitepaper, is meant to keep the supply of BNB low and will continue until 100 million coins–50 percent of the total–have been destroyed.
Binance Coin (BNB) is a cryptocurrency that was
- $62,463,121,114 in market capitalization
- 30 June 2021 Amount: $1
- Supply in circulation: 62,455,415,418
Tether (USDT) was the first cryptocurrency to be touted as a “stablecoin”–virtual currency with a set value. In the case of Tether, the coin’s value is tied to a fiat currency, the US dollar. As a result, its ticker is USDT.
The New York attorney general’s office resolved a two-year inquiry against tether and its sibling cryptocurrency exchange Bitfinex in February 2021. For overstating their reserves and concealing $850 million in losses, the corporations agreed to pay a $18.5 million fine. Tether stated that all of its tokens were backed one-to-one by cash reserves in the United States.
Deposit Photos / hello.artmagination.com
- $246,294,041,853 in market capitalization
- 30 June 2021 The cost is $2,117.16.
- Supply in circulation: 116,503,783
Vitalik Buterin, a Russian-Canadian teenager, created Ethereum (ETH) in 2013. He wanted to establish a cryptocurrency that could use smart contracts, which are agreements that self-execute based on predefined parameters.
Ethereum, like Bitcoin, aspires to link a decentralized network of computers and record transactions on the blockchain, which is open to the public. Ethereum, like Bitcoin, uses proof of work mining, which means miners must execute difficult computations in order to authenticate transactions and earn new currencies.
The Ethereum blockchain was utilized in several of the 2017 initial coin offers (ICOs), which helped to propel the market. Non-fungible tokens (NFTs)–digital representations of art or collectibles connected to a blockchain and manufactured one-of-a-kind–have also exploded in popularity thanks to Ethereum.
istockphoto / rclassenlayouts
- $641,505,573,940 in market capitalization
- 30 June 2021 $34,260.40 is the price.
- Supply in circulation: 18,745,206
Bitcoin (BTC) was created as a digital form of money that is unconstrained by the power of any government or central bank. Satoshi Nakamoto, on the other hand, limited the number of Bitcoins available to 21 million.
Bitcoin transactions are made possible through a network of computers. The transactions are permanently recorded on the blockchain, which is an open ledger that is visible to everyone on the network.
Bitcoin owners have two keys: a public one that verifies they own Bitcoin and a private one that functions as a password and guarantees that only the bearer has access to their money.
DepositPhotos.com
Since the introduction of Bitcoin in 2009, the cryptocurrency industry has grown and diversified to include Altcoins, Privacy Coins, Stablecoins, and DeFi Coins. In the cryptocurrency realm, one approach for investors to assess various currencies and tokens is to look at their market capitalization, which may provide an indication of their size and popularity.
For further information, go to:
- In 2021, consider crypto debit cards: what to look for and how to pick
- Crypto arbitrage: How it works & trading strategies
This article originally appeared on SoFi.comand was syndicated by MediaFeed.org.
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The “beginning of cryptocurrency” is the first step to understanding Bitcoin. It’s a good place to start for people who are new to cryptocurrencies, as well as those who want to learn more about how it works.
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