Digital currency commonly known as cryptocurrency is a creation of the internet. It is as a result of somebody’s creativity and has one main advantage of not being constrained by geography, just like the Internet! At the moment, there are many cryptocurrencies out there, about 3000 all around the world.
Some cryptocurrencies such as the bitcoin are very well known all around the world while others are not that famous. However, one thing is for sure; all these currencies are relevant in the world of cryptocurrency. However, it is important to note that not all cryptocurrencies are made the same. Some have amazing technology incorporated into them while others were just created as a joke. Some are very valuable while some are equally useless. Also, it is important to realize that cryptocurrency, just like any other form of asset, is a risky investment whose value can rise or fall.
We at Beautiful People Magazine have carefully analyzed the major players in the world of cryptocurrency and here is a list of the cryptocurrencies you should know.
This is the first known cryptocurrency whose genesis can be traced back to 2009, created by Satoshi Nakamoto who is anonymous. Bitcoin has the largest market capitalization of about $10 billion at the moment. This outweighs all the other cryptocurrencies put together. The bitcoin also enjoys the widest acceptance and ease of access around the world.
Ether was created in 2015 by Vitalik Buterin and has a market cap of $1.1 billion. This is a cryptocurrency used on Ethereum, a decentralized platform that allows an online peer to peer contractual agreements referred to as “smart contracts.” However, in 2016, Ethereum was split into Ethereum classic (ETC) and Ethereum (ETH) due to a dispute caused by a set of Smart contracts developed on the platform by the DAO.
Litecoin was first introduced to the market by Charles Lees, a former employee at Google as a substitute to the bitcoin. Litecoin is very similar to the bitcoin. It can be used as a medium of exchange for even goods and services just like bitcoins. Litecoin has a market capitalization of $180 million presently; this is considerably lower than its high of $1.2 billion in 2013.
This is a cryptocurrency which boasts of a ring signature technology used to enhance the privacy of its users. Monero is untraceable, private and secure and has been commonly used by people who prefer being anonymous online. Monero has a market capitalization of $138 million.
Ripple is a cryptocurrency that allows for real-time settlement, payment, and currency exchange. Hence, has even been incorporated into some payment networks and banks for convenience. It was introduced into the market in 2012 and has a market capitalization of $243 million.
Although initially developed as a “joke currency” back in 2013 by Billy Markus, it has recently gained a real following. Dogecoin was fashioned after the dog in “dog” memes are commonly used to tip forum users. It has even been used as a donation for fundraising efforts such as the Doge4Water campaign that garnered thousands of dollars. Dogecoin currently has a market cap of $25 million.
Digital cash shortened as “Dash” is a cryptocurrency that also strongly emphasizes on the privacy of its users and quick transactions. Dash has released the Dash Evolution in a bid to market the cryptocurrency and make it easier to use. Currently, dash has a market value of $77 million.
This cryptocurrency is also known as the safe coin and is a property of SAFE which stands for Secure Access for Everyone network. This is a security-focused data program. They operate by requesting one to offer some space in their computers in exchange for safe coins. The market cap for the safe coin is about $39 million. Many devolved applications are now subscribed to the Safe network to ensure secure storage of data and information.
The Atlanta-based Storj Labs publicized the Storjcoin X in July 2014. Storj is a devolved, coded, open-sourced and fast cloud storage data software that operates on the Storjcoin tokens to retrieve and make use of the Storj network. Its market cap is said to increase rapidly with many of its coin being in circulation daily worth millions of dollars.
Having listed some of the leading cryptocurrencies, it doesn’t mean they will forever maintain the rank. Currently, many newer currencies are being introduced in the market with even better advantages than the ones already existing hence there exists a heated competition. However, only time will decide which ones that will maintain being on the top list as others disappear from the market after a while.
Now that the existence of these currencies is uncertain, are they worth investment?
What next for the world of cryptocurrency?