Cryptocurrency Write For Us – The growth of blockchain technology in recent years and companies’ search for financial recovery has made cryptocurrencies appear as a natural alternative to a centralized economic system and a suitable refuge value for the coming years. Do you want to know the leading cryptocurrencies and how to invest? Enjoy this post!
For you to see with your personal eyes; In the following image, you can see the growing interest in the term “”cryptocurrencies”” in Google searches in the last 5 years:
However, with so much noise on social networks and other media, we can certainly feel confused and not understand precisely what these cryptocurrencies or crypto-assets are based on and how they work.
In this guide, we will talk about what cryptocurrencies are, what principles they are based on, and what are the leading cryptocurrencies by market capitalization. Join us!
What are cryptocurrencies or cryptocurrencies?
Cryptocurrencies or cryptocurrencies are digital or virtual currencies designed to function as a medium of Exchange.
These currencies have the same function as the money we use daily since they are used to pay for products or services. Now, how is digital technology money? It can be hackable, and that is why cryptography comes into play.
Cryptography is the science responsible for encrypting a message so that it can only be read by the appropriate recipient. In this way, when we send a cryptocurrency to a person, we ensure that the currency cannot be intercepted and stolen through cryptography.
In this image, we see how cryptography prevents you from interpreting the message sent (or stealing the currency, in our case) if you are not the receiver or sender.
This technology is used to ensure that cryptocurrency transactions are secure and control the creation of new units of a particular cryptocurrency.
In short, cryptocurrencies are limited entries in a database that anyone cannot change unless specific conditions are met.
Characteristics of cryptocurrencies
Its main characteristics, as we have said, are:
- A cryptocurrency or cryptocurrency is a digital asset based on a network distributed in many computers. This makes it decentralized (it does not depend on an enormous central computer).
- It is not a physical currency (although it can be stored on hard drives or external memories).
- Its creation is based on unique cryptography.
- They do not depend on anybody or the government responsible for generating this currency.
Functions of Cryptocurrencies
Cryptocurrencies allow secure online payments named in terms of virtual “tokens, “represented by the system’s internal accounting entries.
“”Crypto”” refers to the various encryption algorithms and cryptographic techniques that protect these inputs, such as elliptic curve encryption, public/private key pairs, and hash functions.
How many cryptocurrencies or cryptocurrencies exist?
Today, there are more than 10,000 virtual currencies worldwide and counting. In addition, a new one appears occasionally, created through a process called ICO.
What differentiates all these currencies is their technology, encryption, and philosophy. Most cryptocurrencies use Blockchain technology, but it is not the only one.
With the creation of new cryptocurrencies, new platforms have appeared to send, receive, and buy different cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. However, we must not confuse these networks with wallets or cryptocurrency buying and selling platforms. Some platforms such as Coinbase and Binance are both buying-selling platforms and digital wallets that allow you to operate with cryptocurrencies or cryptocurrencies simply and safely.
The latest news of the Blockchain boom predicts more and more consolidation of virtual currencies and the arrival of more and more investors (even governments have already started buying these assets). We tell you what the cryptocurrencies of the moment and those that seem to have more future are. For this, we will choose the 10 most significant coins by market capitalization:
The ranking of the 10 most famous cryptocurrencies:
1# Bitcoin (BTC)
Indeed, Bitcoin is the cryptocurrency or cryptocurrency you have heard the most about. The reason for the fame of this digital currency is that it is the pioneer. In 2008, it was created by several people under Satoshi Nakamoto. Of course, at its launch, it did not have the value it has now, and most could not even think it would reach this data.
This currency has undoubtedly positioned itself as a leader in the digital market. However, it has experienced great ups and downs, and knowing when it will go up or down is difficult. Although many managers consider Bitcoin the new digital gold, it continues to have significant price variations and very high volatility.
The operation of the Bitcoin network is relatively simple (hence much of its virtue) but amazingly secure. We leave you here a scheme of how Bitcoin mining works and which parties are involved in a transaction:
2# Ethereum (ETH)
Ethereum is not a currency; it is a decentralized computing platform. We could represent it as a giant computer distributed among multiple computers and working simultaneously. This computing network allows applications to run on this distributed network, and operations are fueled by the network’s currency, ether (ETH).
Ethereum is considered a 2nd generation blockchain, meaning it was built based on the Bitcoin operating system but with significant differences. Both networks used them as digital money, but the Ethereum network is programmable, meaning it has many more functionalities.
ETH is the application currency of the Ethereum network, similar to Bitcoin. These are some of the characteristics of ETH that make it different from FIAT money or government money (such as euros or dollars):
Cryptocurrency Write For Us
- They are your strict property; custodial entities (such as commercial banks) do not manage them.
- It is protected by the science of cryptography and by your private keys.
- They are a P2P (Person to Person) payment system, meaning you can send your money to anyone else without intermediaries such as assets or governments.
Ethereum currently presents a scalability problem that means that the transactions executed in its network are increasing in cost. To fix this problem, Ethereum is working on Ethereum 2.0, a set of interconnected updates to make it a more secure and scalable network.
However, Ethereum already has competitors, the well-known 3rd generation Blockchains or “Ethereum killers” such as Cardano (ADA) or Solana (SOL), that we will now discuss in the post.
3# Cardano (ADA)
Cardano is the representation of what is known as the 3rd generation of the Blockchain that tries to solve the scalability problem of 2nd generation blockchains such as Ethereum. Over the past few months, Cardano has become one of the fastest-growing assets in the entire cryptocurrency industry, multiplying in value by more than 50 times in 2021.
Cardano distinguishes itself by using mathematical principles in its consensus mechanism and a unique multi-layer architecture, which makes it stand out from other competing blockchains.
The Cardano founder team consists of Jeremy Wood and Charles Hoskinson. The latter was part of the founding team of Ethereum but separated from the group due to differences from the rest of the group. Cardano successfully launched in September 2017, and its native token is ADA.
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Cardano differs from the rest of the Blockchains (with their respective tokens) in that it had a much more premeditated and scientifically rigorous origin. In addition, it differs in that it seeks to solve problems other blockchains have regarding security, scalability, and decentralization.
Participation or «Proof of Stake». Cardano’s consensus algorithm (i.e., how network operations are verified to be trustworthy) differs from traditional Proof of Work protocols and is a variant of Proof of Work. This algorithm is called Ouroboros.
4 # Tether (USDT)
Tether a stablecoin or stablecoin; that, all cryptocurrencies of this type in circulation backed by an equivalent amount of traditional fiat currencies, such as the dollar, the euro, or the Japanese yen.
Tether is explicitly designed to build the necessary bridge between government currencies and cryptocurrencies and offer users stability, transparency, and minimal transaction fees.
In the case of Tether, it is linked to the US dollar and maintains a 1:1 relationship in terms of value. That is, 1 Tether is equal to 1 Dollar.
ADVANTAGES OF TETHER
- The price is stable.
- Sending money from one Tether wallet to another has no transaction fees.
- It is a significant capital refuge for those traders or investors who decide to divest from an unstable cryptocurrency but do not want to exchange their assets for government money and pay the corresponding fee. In this way, they convert their crypto holdings into Tether, and thus, they can later convert their Tether into another crypto asset in which they want to invest.
- It is widely accepted by different buying and selling platforms.
However, they are not all advantages, and there are significant concerns regarding the management and treasury of Tether Ltd.. The company does not guarantee any right to redeem or exchange Tethers for real money; those Tethers cannot exchanged for US dollars.
5# Binance Coin (BNB)
Binance Coin is the official cryptocurrency of the Binance crypto exchange, whose name is an acronym made up of the words “”binary”” and “” finance.””
This Binance coin was born to support transactions within the Binance platform itself. In this line, the developers of the Exchange try to increase the importance of their token through projects related to the Blockchain that can financed by the users themselves with Binance coins.
BNB, an ERC20 Token, was launched in July 2017 as an ICO to finance the birth and growth of Binance. Once this ICO stabilized, these tokens were transferred to Binance’s Blockchain, known as Binance Chain.
Because the issuance of BNB is not limited, there is a mechanism to avoid inflation known as BNB burning, which gradually reduces the supply until only 100 million units of this token are left.
ADVANTAGES OF BNB TOKEN
This coin is a utility token, meaning they have a specific utility on the Binance platform. Some of the features it allows are:
- Payment of the fees for the transactions you make within the Exchange in BNB (paying the fees in BNB is cheaper than spending it in FIAT, such as dollars or euros).
- Reach different user levels. The more BNB you accumulate in your Binance account, the better conditions will offer you.
- Governance: Possession of BNB allows users to have rights over the platform’s power, thus being able to be part of the decisions of the platform’s future (it is similar to the actions of a company).
6# Ripple (XRP)
For many experts, Ripple (XRP) is the successor to Bitcoin since this digital currency was created by former Bitcoin developers to improve performance.
Ripple’s primary goal is to connect banks, payment providers, and digital asset exchanges, enabling faster and more cost-effective global payments.
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