‘History will be unkind to those who knew about Bitcoin early and did nothing’ – Anthony Pompliano
It is safe to say that technology has taken over almost everything. In this digital era things, even money is going digital. We will keep the concept of Cryptocurrency simple and comprehensible for a layman person like me.
Cryptocurrency – it is digital cash for the digital era. Somehow similar to regular money with little difference that is digital. What does digital imply here? Digital cash means that you won’t be needing to carry coins and bills around.
It is different from regular money in many aspects.
Regular money is issued by governments while cryptocurrencies are based on a network of computers with open source code.
Regular money is a result of confidence in the government that issues it. Whereas, Cryptocurrencies are purely based on supply and demand.
Regular money is secured by involving a third party like banks which are selected by the governments, where cryptocurrencies are secured by a wide network of computers that validate every transaction.
Regular money enables you to buy stuff, the only glitch is that has to be used in the country that issues it. On the other hand, cryptocurrencies can let you buy things from the merchants who accept them.
Is cryptocurrency the future of new generation?
It is quite early to comment on it, however, those who have invested in it and know how to have skin in the game have a very bright future. In this technological era that moving towards a digital age, it is important to have a little know-how of cryptocurrency.
We are here to give you an insight with a quick glance into the top 10 types of cryptocurrencies!
1. Bitcoin – the king of digital cash:
No matter how many cryptocurrencies are introduced, Bitcoin will always be the King of this digital cash game. If you are interested in a long-term digital investment then get your hands on Bitcoin. It has been the best cryptocurrency of 2019.
The prices are reasonable and a few Bitcoins are left to be invested in.
It the most secure cryptocurrency to date.
The technical competency of Bitcoin is growing with each day passing making it harder for other cryptocurrencies to catch up with it.
Ethereum is an open-source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions
3. Litecoin (LTC)
Created by Charlie Lee, Litecoin is the second most cryptocurrency in demand. The purpose to bring it into the market was to support and complement Bitcoin as silver to Bitcoin’s gold. Litecoin has been successful in achieving it so far.
Litecoin has a sole payment.
It has a decent volume.
On average 25K transactions are processed each day.
It is a China-based cryptocurrency. Also, known as Ethereum: A smart contract platform for developers. If you are a developer and looking forward to launching decentralized apps on blockchain, you need to invest in Ethereum.
It is second digital cash in which is safe to be invested in.
It is stable than most of the cryptocurrencies.
This cryptocurrency has been gaining some attention and popularity in recent times. It works as a wallet that allows its users to borrow money by keeping their coins as indemnity.
It enables users to get interested by instantly loaning crypto.
It offers credit cards to let its users have their unique business model.
It initiated the NEXO Token which is one of its kind and first security tokens in the industry.
6. Tezos (XTZ):
It is a blockchain and got a shaky start in the market in its beginning. It is known as a competitor of NEO or Ethereum. After launching its main net Tezos is predicted to be the next prevailing platform for decentralized apps and smart contracts.
Tezos wallets are used to secure your XTZ.
7. Binance Coin (BNB):
Launched in 2017, it becomes the first cryptocurrency of Binance exchange. It facilitates trading fee waivers. The future of Binance Coin is very lucrative because it is expanding its network and reach by launching Binance Chain and Binance DEX.
These pipelined projects will allow Binance Coin to find more utility and liquidity.
It indirectly benefits its users. It does this by letting its users utilize 20% of their profits to buy back BNB.
8. Monero (XMR):
It is a privacy-focused project that hides the identity of its participants and users. It is a fancy cryptocurrency which is widely used in the dark web for privacy reason.
The liquidity of this coin is always high, keeping it on the top of Coinmarketcap.
It is reported to be a bit stable and less risky crypto coin of 2018-19.
9. Zcash (ZEC):
Another digital currency that provides privacy to its users. It is an open-sourcecryptocurrency emerged in the market in 2016. It differentiates itself from Bitcoin by putting an ‘S’ in its analogy that is HTTPS, while Bitcoin uses HTTP.
It offers privacy along with the transparency of transactions.
It is more secure and transparent. All the transactions are issued on a blockchain. However, users’ details are kept private.
It allows its users to choose ‘Shielded Transactions’ by using cryptographic techniques.
10. Cardano (ADA):
The co-founder of Ethereum launched Cardano in 2017. The users of this digital money can enjoy the benefits of Ethereum and ADA as well.
ADA eyes to resolve the most faced problems regarding interoperability and scalability.
It is further hoping to overcome international payment issues.
ADA has a $1.16 billion market cap.
11. DASH (Dash):
Those of you who want to keep your identity completely hidden in the digital currency world, DASH is the best option for them. It is known as Darkcoin in the industry. It is gaining followers rapidly in the digital market.
It is digital cash with $640.76 million market cap.
It is easy for people to get into a business but the digital world can be tricky and risky. Don’t make a quick decision without attaining a complete knowledge about it!