How Many Cryptocurrencies Are There?
Categories: Crypto News US
How Many Cryptocurrencies Are There?
Today there are thousands of different cryptocurrencies in the world, and while each is designed to provide some new feature or function, most are founded on principles similar to those of Bitcoin:
- Cryptocurrencies are not issued, regulated, or backed by a central authority like a bank or the government. They are decentralized, not centralized.
- Cryptocurrencies are created using a distributed ledger (blockchain) and peer-to-peer (P2P) review.
- Bitcoin and other coins are encrypted (secured) with specialized computer code called cryptography.
- As assets, cryptocurrencies are generally stored in digital wallets, commonly a blockchain wallet, which allows users to manage and trade their coins.
As of March 2022, there were more than 18,000 different types of cryptocurrencies, for a total market capitalization (market cap) for all cryptocurrencies of $2 trillion.
Also, in March 2022, approximately 8% of the United States population participated in cryptocurrency trading. And, as a continent, Asia had more than four time more crypto users than did any other continent.