Introduction to the native cryptocurrencies in Coinmotion.
Coinmotion offers a wide selection of various virtual currencies. In this article, we'll briefly go over Coinmotion's native cryptocurrencies. You can navigate through this article using subheadings to access more comprehensive virtual currency-specific introductions published on our website.
Bitcoin (BTC)
Bitcoin is the first and most well-known cryptocurrency, created by the anonymous Satoshi Nakamoto in 2009. It was a milestone in the digital currency world by introducing blockchain technology and decentralized ledger.
Bitcoin primarily functions as a digital currency and store of value. Many consider it as digital gold, and it is a popular long-term investment option.
The maximum supply of Bitcoin is limited to 21 million coins. This limitation makes Bitcoin a deflationary currency, meaning that its value may increase over time as the supply decreases.
The operation and security of the Bitcoin system are ensured by a large amount of decentralized computing power around the world. Securing the network is called mining, and there are now many companies even in Finland focusing solely on mining Bitcoin.
However, the proof of work (PoW) consensus mechanism used in Bitcoin's mining process requires increasingly more computing power. This has made Bitcoin's energy consumption a controversial topic, but also makes the Bitcoin network a highly secure blockchain.
Ethereum (ETH)
Ethereum was launched in 2015 under the leadership of Vitalik Buterin. The Ethereum network enables the operation of smart contracts and decentralized applications (dApps).
The Ethereum platform provides opportunities for different industries to develop and use decentralized applications. Countless decentralized applications have been built on top of Ethereum, along with new cryptocurrencies related to their operation.
Previously, Ethereum maintenance was based on abundant computing power and mining, similar to Bitcoin, but maintenance was shifted towards a more environmentally friendly direction in 2022. Currently, the operation of Ethereum is secured through decentralized staked assets, and the system's energy consumption for maintenance is only a fraction of what it used to be.
Although Ethereum transaction costs and times may vary depending on network congestion, its potential and application in various fields make it a significant player in the cryptocurrency space.
Litecoin (LTC)
Litecoin was created in 2011 by Charlie Lee. It is technically very similar to Bitcoin but has shorter transaction times.
Litecoin is designed for faster and cheaper transactions than Bitcoin and is better suitable for everyday purchases and transactions.
Litecoin's block generation time is approximately 2.5 minutes, which is four times faster than Bitcoin. Its maximum supply is 84 million coins.
Ripple (XRP)
Ripple was launched in 2012 to facilitate real-time global payments.
XRP is used in payment systems to speed up and improve international money transfers. Ripple collaborates with many banks and financial institutions.
Transaction times on the Ripple network are incredibly fast, and transaction fees are minimal, making it an attractive alternative to traditional money transfers.
Cardano (ADA)
Cardano was founded in 2017 by Charles Hoskinson. It aims to provide a secure and scalable platform for performing smart contracts.
Cardano focuses on developing decentralized applications and offers scientifically backed approaches to blockchain development.
Cardano uses a Proof of Stake (PoS) consensus mechanism, and its development is guided by academic research and peer review.
Polygon (MATIC)
Polygon was launched in 2017 under the name Matic Network. It was developed to improve Ethereum blockchain scalability and usability.
Polygon provides solutions to Ethereum's scalability issues, enabling faster and cheaper transactions.
Polygon supports multi-chain architecture and offers a platform for interoperability between multiple blockchains, enhancing the scalability and performance of decentralized applications.
USD Coin (USDC)
USDC was launched in 2018 as a collaboration between Circle and Coinbase. The goal is to offer a transparent and regulated stablecoin.
USDC is also pegged to the US dollar and is used as a stable means of payment and a trading pair in cryptocurrency exchanges.
USDC is fully regulated and transparent, with reserves audited regularly by third parties.
Uniswap (UNI)
Uniswap was launched in 2018 and is one of the most popular decentralized exchanges (DEX).
The UNI token is used within the Uniswap exchange for trading and liquidity management.
Uniswap operates on the automated market maker (AMM) principle, allowing users to trade tokens directly without intermediaries.
Stellar Lumens (XLM)
Stellar was established in 2014 by Jed McCaleb, who was also a co-founder of the Ripple project. Stellar is designed to facilitate fast and cheap cross-border payments.
The XLM token is used within the Stellar network for transaction fees and liquidity management. Stellar collaborates with various financial institutions to improve money transfer efficiency, especially in developing markets.
Stellar enables fast and cheap money transfers, with its consensus protocol allowing transaction confirmation in seconds.
Aave (AAVE)
Aave was launched in 2017 by Stani Kulechov, originally under the name ETHLend. The project was rebranded to Aave in 2020.
Aave is a decentralized finance protocol that allows for the borrowing and lending of assets without a central intermediary. The AAVE token is used for governance and risk management within the protocol.
Aave supports flash loans, which enable the borrowing and repayment of loans within the same transaction without collateral.
Chainlink (LINK)
Chainlink was launched in 2017, led by Sergey Nazarov. The project aims to connect smart contracts to external data sources (oracles) so they can handle more complex tasks.
The LINK token is used as a payment method within the Chainlink network, especially for rewarding data sources and operators for oracle services.
Chainlink enables reliable and secure data transfer from external sources to smart contracts, enhancing their functionality and expanding their use cases.
Altcoins listed with an asterisk (*)
Our partnership with Bitpanda significantly broadens the range of cryptocurrencies that can be bought, sold, and stored through our service. These cryptocurrencies are marked with an asterisk (*) on our platform. More about the Bitpanda partnership here.