Cryptocurrencies have created their value in the financial world despite so many condemnations. There are Fiat currency, Gold, and cryptocurrency which are around us, and we all have heard at least. We can also observe that Bitcoin has been traded through world-leading exchange CME. Cryptocurrencies are traded as futures and options as well, which makes it more reliable to investors. Cryptocurrencies are traded, exchanged, and used to buy products and services for a decade. There are thousands of cryptocurrencies. However, few are very much credible among all, so we discuss here the top 5 cryptocurrencies.
Bitcoin is the cryptocurrency invented by Satoshi Nakamoto in 2008. This is decentralized and based upon blockchain technology. Each of the transactions is verified by network nodes through cryptography and recorded in a public distributed ledger. Bitcoin is considered one of the prestigious cryptocurrencies and used widely to buy products and services. This is basically "peer to peer" electronic system and Ticker symbols used to represent bitcoin are BTC and XBT. Mining is a process of recording which is done by the use of powerful computers. In contrast, Miners preserve the blockchain steady, comprehensive, and unchangeable by repeatedly grouping newly broadcast transactions into a “Block”, which is then broadcast to the open network and verified by recipient nodes. Bitcoin can be stored in a wallet. Currently, 1 Bitcoin is equivalent to 12,013 USD.
2. BITCOIN CASH
Bitcoin Cash is originally a branch of Bitcoin, and this is one of the top Altcoin which was created in 2017. But it was split into 2 parts as Bitcoin Cash and Bitcoin SV. That’s why Bitcoin cash is called as Bcash also. Bitcoin Cash works on the proof-of-work algorithm to timestamp every new block. BCH is the ticker symbol for this cryptocurrency. Bitcoin cash is also used widely and listed in many exchanges. 1 BCH is equivalent to 307.58 USD.
Mr.Vitalik Buterin had invented the Ethereum. This is the second most famous cryptocurrency, and its market capitalization is largest in Altcoin. Ethereum is also a decentralized open-source blockchain featuring smart contracts functionality. Ether is the cryptocurrency produced by Ethereum miners as a reward for calculations accomplished to secure the blockchain. Ethereum is presently developing and scheduling to implement a series of advancements called Ethereum 2.0, and this will enhances transaction capability, which is based upon Sharding technology. Its block creation time is just 13 seconds whereas Bitcoin takes 10 minutes. This property makes Ethereum very attractive. ETH is the ticker symbol for this cryptocurrency.1 Ethereum is equivalent to 397.92 USD.
Dash coin is also known as Xcoin and Darkcoin. Dash is also an open-source cryptocurrency which used worldwide for the exchange of products or services. This is originated or forked from the Bitcoin protocol. Dash is the same as other Altcoin because this is also a decentralized autonomous organization (DAO) run by a subcategory of its consumers which are called "masternodes". The currency allows transactions that can be undetectable. The Ticker symbol for the cryptocurrency is DASH, and 1 Dash is equivalent to 101.02 USD.
This is one of the famous cryptocurrency Altcoin and listed in many exchanges as well. Litecoin was released via an open-source client on GitHub on October 7, 2011, by Charlie Lee. This coin also uses the proof-of-work algorithm. Litecoin takes 2.5 minutes to process one block, which makes it quicker than Bitcoin. LTC is the ticker symbol for this cryptocurrency, and this has been enlisted to many crypto exchanges also. This Litecoin is equivalent to 58.33 USD.
The above discussion is based upon research, and the value of each cryptocurrency may vary as per the date of your reading. Since many cryptocurrencies are adding up their market capitalization as well as users. Unicoin is also growing up very faster within a short period as crypto-world is evolving, and every time we can hear news of new cryptocurrency pop up. One thing is common that few cryptocurrencies have maintained their customer base and reliability. Therefore, such cryptocurrencies keep on adding values to the users. Before choosing any cryptocurrency, one should analyze the legitimacy and exchange approval for concerning cryptocurrency.