Cryptocurrencies, as the name implies is combined using two words crypto and currencies. Currencies used in cryptocurrencies are the virtual form of currency. Crypto stands for the technique in cryptography. It uses an encryption technique for security reasons. There are various cryptographic techniques available in the market some of which may include hashing, usage of public-private keys etc. Let us now discuss the top five cryptocurrencies available to the world:
* Bitcoin (most popular cryptocurrency)
* Bitcoin Cash
Bitcoin Bitcoin, to date, remains to the most popular cryptocurrency available in the market. It was the first block chain cryptocurrency method to be adopted. Bitcoin was introduced into the market in the year 2009.
Advantages of using Bitcoin – Private and Unknown The transactions done through Bitcoin can’t be tracked. Unlike banks, where a number of formalities need to be completed before transferring the amount Bitcoin keeps it hassle free by knowing just the Bitcoin id or wallet. – No Dependency on Banks Bitcoin doesn’t involve any bank while transferring money so there is no obstruction in money transfer during holidays or strikes. – Risk-Free Bitcoin payments do not involve the sharing of any personal information of the sender or the receiver, so it becomes one of the most secure methods for transferring money thus making it the one the most popular methods.
Ethereum Ethereum is an open source technology and is available publically. It is a distributed computing platform and uses smart contract functionality. It was introduced in 2015. The cryptocurrency used by Ethereum platform is Ether.
There are a few advantages associated with Ethereum. They include: – Platform for composite applications
Ethereum offers an effective platform that can run very complex applications because of the availability of Turing Complete language available on the blockchain. Any intrusion from the third party is not allowed thus making it very popular among the blockchains cryptocurrencies. – Eminent with corporate clients Due to the hassle-free and the speed it offers, it has become very popular among corporate clients and is extending its network day by day. – Strategic Ethereum has a very clear vision to reach to the top and has been very tactical in implementing their policies.
XRP XRP or popularly known as Ripple is used both as cryptocurrency as well as for financial transactions. It was created by Ripple Labs Inc, a US-based company and was introduced into the market in 2012.
Advantages of XRP (Ripple) – Firmness and Decreased Instability XRP holds its strong connections with banks thereby giving a sense of security in the common public. – Speed Speed has always been a focus for XR noP. It can handle thousands of instructions per second thereby giving it a huge edge over Bitcoin.
Bitcoin Cash Bitcoin Cash or popularly known as Bcash is a cryptocurrency and a payment method. It was introduced into the market in 2017 after its split with Bitcoin.
Advantages of using Bitcoin Cash – Economical The transfer money for each transaction in very low thereby making it one of the most popular cryptocurrencies available in the market. – Speed It can handle thousands of transactions per second thereby making it more popular than the conventional Bitcoin.
EOS EOS coin follows blockchain architecture as other cryptocurrencies available in the market. It focuses on enabling horizontal and vertical scaling of the decentralized applications. It was introduced in 2018 thereby making it the latest one.
Advantages of EOS – Free Transactions Unlike its other competitors available in the market, it does not charge any fees for the transaction thereby making it very popular among the people. – Ease of developing decentralized applications It offers a great platform for programmers to develop dapps. Anyone can construct an application and run it on EOS platform. – Making it easy for developers Apps can be easily made and run on EOS platforms. The platform offers various functionalities and support to the developers such as web toolkits.