San Francisco (CNN) - Bitcoin may be the most popular form of digital currency but it’s far from the only one.
In fact, about 1,500 other cryptocurrencies have emerged since the creation of bitcoin in 2009. And they fall into buckets like stable coins and tokens. Coupled with the lack of clear regulations or oversight and how new the space is, it’s enough to leave any crypto newcomer completely confused. Crypto is valued by investors because it’s not regulated by any central figure. It’s also exchanged pseudonymously, which allows for greater privacy. While it was originally used for illicit transactions, it’s gained wider adoption. Even companies like Overstock and Starbucks have started experimenting with how to let customers use it to shop. Investing in crypto is still risky and volatile – let’s recall bitcoin’s infamous rise in value to $20,000 late last year and its current price of under $5,000. Because of this, knowing the core differences is worth your time.
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