CoinMarketCap currently lists 10,000 ‘active’ cryptocurrencies – although even with many of these, liquidity may be so low that they’re effectively untradeable. The reason there are so many types of cryptocurrencies is that blockchain technology is open-source, meaning anyone can use the original code to create something new. Why are there so many cryptocurrencies? Read next: What is the flippening? Developers have taken this opportunity to build a vast ecosystem of digital currencies, each designed to solve different problems or offer new features.

Ethereum (ETH): Launched in 2015 by Vitalik Buterin, Ethereum is more than just a currency. It’s faster and cheaper than Bitcoin, making it a popular choice for everyday transactions. Litecoin (LTC): Often called the “little brother” of Bitcoin, Litecoin was created in 2011 by Charlie Lee. Ripple (XRP): Created in 2012, Ripple is focused on international money transfers. It’s a platform where developers can build decentralized applications (DApps) and smart contracts, which are self-executing contracts that automatically fulfill their terms.

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But Bitcoin’s development hasn’t been straightforward. Soft forks: Minor changes that most people agree on. Disagreements within the Bitcoin community led to the creation of Bitcoin “forks.” These forks are essentially new versions of Bitcoin with some differences. Hard forks: These create a completely new version of Bitcoin, leading to the birth of new cryptocurrencies like Bitcoin Cash (BCH) and Bitcoin SV (BSV). Bitcoin Cash wanted faster and cheaper transactions, while Bitcoin SV aimed to stay closer to Bitcoin’s original design.

Each NFT is one-of-a-kind and can’t be exchanged on a one-to-one basis like regular cryptocurrencies. It’s estimated there are around 20,000 cryptocurrencies – although a large proportion of these are inactive or dead. CryptoPunks: The original NFT collection, featuring unique pixel art characters that have become highly valuable. Bored Ape Yacht Club: A collection of unique cartoon apes that come with membership perks in an exclusive online community. How many cryptocurrencies are there?