Most Popular Types of Cryptocurrencies

Bitcoin (CRYPTO: BTC) has become a revolutionary digital currency since its launch in 2009. It has sparked a tidal wave of additional cryptocurrencies and digital assets that employ blockchain technology since it allows peer-to-peer payments without using a third party such as a bank. Blockchain is a digital public ledger in which each transaction is assigned a unique “Hash” (or identity) and recorded to the ledger’s end.

The success of Bitcoin has elevated blockchain to the forefront, putting its promise to decentralize and strengthen the digital economy on a collision course with the status quo. Thousands of cryptocurrencies exist, most of which have minimal value and unknown potential. Many financial advisors advise investors to stick to Bitcoin and Ethereum and avoid smaller cryptos. Here are a few of the most popular cryptocurrencies currently being bought and sold.

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  1. Bitcoin
  2. Ethereum
  3. XRP
  4. Tether
  5. Cardano
  6. Polkadot

Bitcoin (CRYPTO: BTC)

Bitcoin is the first decentralized cryptocurrency that uses blockchain technology to allow payments and digital transactions. Bitcoin’s blockchain operates as a public database of all transactions throughout the history of Bitcoin, rather than relying on a central bank to control the quantity of money in an economy or third parties to verify transactions. Despite its tremendous volatility over the course of its history, Bitcoin (BTC) remains the most popular and highly valuable cryptocurrency. Although Bitcoin was designed to be used as a digital payment system, experts believe it is still too volatile to be utilized for that purpose.

Ethereum (CRYPTO: ETH)

Ether (ETH) is the Ethereum network’s token, an open-source blockchain on which developers can create apps and other cryptocurrencies. It’s also the second-largest cryptocurrency in terms of market capitalization, after only Bitcoin. Since its release in 2013, Ether’s value has climbed dramatically, reaching about $3,000 per token as of late May, but it is still behind Bitcoin’s worth of nearly $40,000 per coin.

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The Ripple digital payment network’s cryptocurrency is called XRP. XRP, which was created for digital payments, claims to be a faster and more efficient way to enable global payments. Third-party work on alternative uses for XRP is also possible with Ripple and XRP.

Tether (USDT)

Tether is a stablecoin, a cryptocurrency that is linked to a fiat currency, in this instance the US dollar. Tether’s goal is to combine the advantages of a cryptocurrency (such as the lack of need for financial intermediaries) with the stability of a government-issued currency (versus the wild price fluctuations inherent with many cryptos). Tether is the most valuable stablecoin in terms of market capitalization.

Cardano (ADA)

Cardano (ADA) is based on the Ouroboros Blockchain Protocol, which has been peer-reviewed. It bills itself as a more secure and scalable way to keep decentralization alive.

Polkadot (DOT)

Polkadot claims that one of its goals is to enable multiple blockchains to communicate data and transactions with one another. Its website emphasizes data and identity protection, as well as user autonomy.

We were only able to list six cryptocurrencies above, but there are many other important ones out there, and they are up for these positions over time in terms of user bases, market value, and influence.

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About the Author: Osmond Blake

"Web geek. Wannabe thinker. Reader. Freelance travel evangelist. Pop culture aficionado. Certified music scholar."

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