These past few months, I have encountered a lot of cryptocurrencies.Almost every single day, there is a new crypto coin or token being made and produced. So in this article I will be listing my favorite cryptocurrencies to invest in.
What is a cryptocurrency?
Cryptocurrency is a sort of digital currency that exists solely on the internet. Unless you utilize a service that allows you to exchange cryptocurrencies for a physical token, there is no actual coin or bill. Without the use of an intermediary such as a bank, you normally exchange cryptocurrencies with someone online, using your phone or computer. Although Bitcoin and Ether are well-known cryptocurrencies, there are numerous more, and new ones are created on a regular basis.
How to use cryptocurrency?
People utilize cryptocurrency for a variety of reasons, including rapid payments, avoiding transaction fees charged by traditional institutions, and anonymity. Others invest in cryptocurrencies in the hopes of seeing its value rise.
How to obtain cryptocurrency?
Cryptocurrency can be purchased using an online trading platform. Some people make money with cryptocurrencies through a laborious process known as "mine," which necessitates the use of advanced computer equipment to solve extremely difficult math puzzles.
Where to store and save your cryptocurrency?
A digital wallet, which can be online, on your computer, or on an external hard drive, is where cryptocurrency is kept. If something unexpected happens, such as your online exchange platform going out of business, sending bitcoin to the wrong person, forgetting your digital wallet password, or having your digital wallet stolen or compromised, you'll likely find that no one can help you recover your cash. And, because bitcoin is often transferred without the use of an intermediary such as a bank, there is often no one to turn to if you have an issue.
Above are just a few of the questions asked when you are starting to learn and earn with cryptocurrency.
Anyways, I will now be sharing my favorite cryptocurrencies. So without further ado, let's get started.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a fork of the widely used Bitcoin cryptocurrency. A hard fork in blockchain technology gave rise to Bitcoin Cash. One of the most noticeable differences between Bitcoin and Bitcoin Cash is the coin's size. Because Bitcoin's 1MB transaction limit caused transaction delays in the past, Bitcoin Cash increased the maximum block size to allow for more transactions and help the cryptocurrency expand as it evolved and competed with more traditional cryptocurrency platforms.
Following Bitcoin and Etherium, Bitcoin Cash soon rose to become the third most popular cryptocurrency. Although Bitcoin Cash has a higher transaction rate than Bitcoin or Etherium, it is not accepted in as many places, and developer conflicts have led to Bitcoin Cash being touted as more of an investment tool than a transactional currency.
Ripple (XRP)
Ripple Labs' products use XRP as their native coin. Its solutions are used for payment settlement, asset exchange, and remittance systems that are similar to SWIFT, an international money and security transfer service provided by a network of banks and financial intermediaries. In comparison to Bitcoin, XRP is pre-mined and uses a simpler mining mechanism.
The company started out as a social media-enabled peer-to-peer trust network. Users in a network could make loans and start credit lines without going through banks. However, the network was unable to gain traction.
Ripple changed its name to OpenCoin in 2012, three years after Bitcoin ushered in the cryptocurrency age. It was a network for money transfers where significant enterprises and financial services firms functioned as counterparties to transactions.
Dogecoin (DOGE)
Dogecoin is a cryptocurrency similar to Bitcoin and Ethereum, but it's not the same as either of these prominent coins. Dogecoin was named after a once-popular meme and was designed at least in part as a lighthearted joke for crypto aficionados. Despite its strange genesis story, Dogecoin has exploded in popularity in 2021, becoming the fifth largest cryptocurrency by market capitalization as of this writing.
In late 2013, software programmers Billy Marcus and Jackson Palmer invented Dogecoin. Palmer created the cryptocurrency's logo by mispelling the word "doge" to describe a Shiba Inu dog, which was a popular meme at the time.
Binance Coin (BNB)
Binance Coin is a cryptocurrency that was created by the Binance exchange and is traded under the symbol BNB. Binance Exchange is the world's largest cryptocurrency exchange as of June 2021, with over 1.4 million transactions per second.
Binance currency was originally based on the Ethereum blockchain and followed the ERC 20 standard, but it has subsequently become the Binance chain's native token. It was launched in July 2017 as part of an initial coin offering (ICO) with a cap of 200 million BNB tokens. Through the ICO process, it provided 10%, or 20 million BNB tokens, to angel investors, 40%, or 80 million, to the founding team, and the remaining 50%, or 100 million, to the various participants.
Almost half of the cash raised during the ICO were earmarked for Binance branding and marketing, with the remaining one-third going toward the development of the Binance platform and essential updates.
Cordano (ADA)
Cardano is a third-generation autonomous proof-of-stake (PoS) blockchain platform that aims to outperform proof-of-work (PoW) networks. The infrastructure load of rising expenses, energy utilization, and lengthy transaction times limits scalability, interoperability, and sustainability for PoW networks like Ethereum.
The relevance of these issues to blockchain networks were recognized by Charles Hoskinson, co-founder of the proof-of-work (PoW) blockchain Ethereum, who began creating Cardano and its principal cryptocurrency, ada, in 2015 and launched the platform and the ada token in 2017.
So these are my favorite cryptocurrencies as of the moment. I am still trying to explore some more coins and tokens to add to my list.
Image sources:
Lead Image - Trustetc
Crypto logo - CNBCIndonesia
DOGE - BitDegree
BCH - PNGItem
RIPPLE - Logos
CORDANO - Image by Muhammad Salman from Pixabay
BNB - Medium
Informative Thank you very much for sharing