Cryptocurrency is any currency which can be referred to as digital money and is taken online in the form of coins and/or tokens. However, just as so many cryptocurrencies have debuted in the physical world like credit cards, a large proportion of them continues to remain intangible. The term “crypto”, which is widely used in cryptocurrency, refers to the archaic procedure through which the tough cryptography allows for the token to be processed, stored and transacted online.
There are numerous cryptocurrencies being used globally. In this article we will guide you through top 5 cryptocurrencies you must know:
This currency debuted after bitcoin and was launched in 2011. It is commonly referred to as silver to bitcoin’s gold. It was introduced by Charlie Lee, former Google engineer. It is not controlled by any central authority and only uses the script as a proof of work. It offers faster transaction generation and is very similar to bitcoin in its properties. An interesting point to note here is that the number of merchants who accept lite coin online is growing as compared to the makers of the currency.
Also described as one of the most famous cryptocurrencies in the world, bitcoin has been able to carve a good reputation for itself ever since it was introduced. This type of money is completely virtual, and even small retailers accept payment in bitcoin on their websites. It’s an online version of cash and is used to buy products and services online. However, many companies observe a complete ban on bitcoin because there is no central authority which controls it. After bitcoin revolution, many people started to invest in this currency, but due to its fluctuating value, many people have stopped investing heavily.
This cryptocurrency is a safer option when it comes to enabling smart contracts and distributed applications to be erected without any downtime. It was introduced in 2015 and is a decentralized platform. Ether, which is a cryptographic token is responsible for running applications. People who are willing to develop software on the Ethereum platform use it as a moving vehicle which allows all these things to happen. In 2014, Ethereum launched a pre-sale of ether which turned out to be great success.
It offers low-cost international payments and is a global settlement network which is fast and very precise. Banks can make the best possible use of it for it allows transactions to be conducted at low cost. It was introduced in 2012, and the uniqueness of this currency is it doesn’t require mining. This is its only quality which differentiates it from other cryptocurrencies online. Since mining is not present here, ripple uses less computing power and saves a lot of time.
Originally known as dark coin, it is a more discreet version of the bitcoin itself. The intriguing point to note about dash is its ability to conduct transactions in a way that nothing can be traced back. Dash was launched in 2014 and has gathered a significant fan following since then. Evan Duffield was the responsible brain behind making this currency, and this digital money can be mined with GPU and CPU. It was only after 2014 that this currency was redefined from dark coin to dash.
These are just some of the digital currencies which are famous globally. The rest of them are also in use and continue to enjoy huge popularity worldwide.