Top 5 Cryptocurrencies
Cryptocurrencies have been subject to heated debates ever since their introduction in the market. There has been a lot of dialogue as to the use of blockchain technology and how it would affect financial transactions in the future. Though this has been the case, the number of people investing in these virtual monies has increased. The following options currently have the lion’s share in this competitive market:
Bitcoin (BTC)
When Bitcoin first came into the market, many people were still hesitant as to whether they should invest in it. Years later, it stands as one of the best virtual currencies in the market. It operates on a decentralized platform, and it allows its users to send and receive money.
It features volatility which attracts investors to it as they can make huge profits from the constant price swings.
Litecoin (LTC)
This currency operates through peer to peer transactions, and it is quite similar to the BTC. Charlie Lee, a former Google employee, came up with this currency as a way to solve the challenges facing the BTC. For one, it is much speedier to carry out transactions on this platform. Two, operations cost quite little as compared to what they would when taking place on BTC. Three, mining takes place at a faster rate, and there is thus a large volume of data in play. Furthermore, investing in this currency is quite affordable, which makes it attractive to investors.
Ethereum
After Bitcoin came into the market, it was not long before other currencies emerged. Ethereum is a virtual currency which also operates using blockchain, and users can transact using Ether. This platform aims to create a world computer by changing the way the internet works. Through simplification of storage as well as replacement of vendors offering the same, it is quite a worthy investment.
It stands out to people starting in virtual currencies as it is not costly to get into this market. Acquisition of Ether is simple, and trading is not a hassle. What’s more, it is set to grow in value over the years.
Ripple (XRP)
This platform allows users to make exchanges through online spaces. It appeals to financial institutions as it enables them to process transactions at fast speeds while keeping the deals secure. This ease of operations has made this currency quite marketable, and it has steadily risen in value over the years. It is attractive to investors in the market and is in play in American Express, UBS, and other top institutions.
Bitcoin Cash
As is the case with the LTC, BCH is also a variation of the BTC. It came about in 2017 in a bid to make transactions much more accessible. This increase in efficiency was possible owing to the rise in data volumes taking place in the platform. This move was received with both support and backlash, as people could not agree as to whether this was a good move. However, the currency excelled in the market, rising in value at a fast rate.
With this market facing a lot of uncertainty, these monies have managed to remain at the top.