Cryptocurrencies are all the rage today, and you might be interested to buy some of them. However, you should understand which are the best types of cryptocurrency presently available in the market first, before you dive in, right?
It’s difficult to choose which investment to put your hard-earned money into when there are so many different kinds available.
Then let’s talk about that.
As mentioned above, we’ve researched all aspects of cryptocurrency trading and have come up with our top 10 cryptocurrencies for 2018.
You will learn how to use these techniques after reading this article.
- Choose from the best type of cryptocurrency for your needs
- Find out which features are most important for each one.
- Understand what exactly are cryptocurrencies
- Understand the advantages of purchasing goods using cryptocurrency
- Learn how to choose a cryptocurrency
Now that we’ve established that, let’s get right down to business!
Top 10 Best Types Of Cryptocurrency
Please read their brief descriptions along with the top features of each one of them. Try to match them with your requirements to find the best type of cryptocurrency for your needs.
Bitcoin (BTC)
Bitcoin was first created in 2008 by Satoshi Nakamoto. It has become one of the most popular cryptocurrencies in the world.
There have been more than 18,8 million Bitcoins in existence so far, with no limit on the number of Bitcoins that can be mined.
Bitcoin was designed to be free from any kind of control by governments or banks.
It uses distributed ledger technology (DLT), which keeps a permanent, secure, and transparent record of transactions.
Top Features And Benefits Of Bitcoin Cryptocurrency:
- Bitcoins allow people to be anonymous online. A digital certificate or number is used to identify an individual.
- A bitcoin exchange allows people to buy bitcoins using their local currencies (e.g., dollars) and then sell them back into bitcoins at different prices.
- Bitcoin is the first successful implementation of blockchain technology.
- With bitcoin transactions, they’re not stored anywhere else (like credit card numbers), so there’s no way for them to be deleted.
Major Customers Of Bitcoin:
The biggest organizations which are bitcoin customers are Tesla, and MicroStrategy. inc, Galaxy Digital Holdings, Square, and Manhattan Digital Holdings.
Competitors Of Bitcoin Cryptocurrency:
The closest competitors to Bitcoin are Ethereum and Cardano
Price of Bitcoin Cryptocurrency:
The price of one bitcoin is exponentially larger than any other type of cryptocurrency.
Suggested Read: How to Start A Cryptocurrency Exchange Business
2. Ethereum (ETH)
Ethereum is a framework for building decentralized applications (dApps).
The company was founded back in 2015 and has skyrocketed to the number one spot in the cryptocurrency market.
Peer-to-peer money transfer is an online service that enables people to send each other cash without going through banks or financial institutions.
Ethereum supports decentralized applications. Vitalik Buterins created it in 2016.
Ethereum has a current total value of $500 billion and controls approximately 12 percent of the crypto-currency marketplace. At present, it is one of the most popular forms of cryptocurrency.
Top Features And Benefits Of Ethereum Cryptocurrency:
- Ethereum includes a protocol known as the ERC-20 token.
- The number of others cannot be fixed, but they will be fixed once burning is implemented.
- Cryptocurrencies are created by miners who solve complex mathematical equations using their computers. These miners receive rewards for solving the problem.
- Ethereum focuses on cryptocurrencies, including non-fungible token (NFT) coins.
This means a fungible property can be replaced by another comparable type and the valuation will remain the same.
Major Customers Of Ethereum:
Mastercard, UBS, and JP Morgan accept Ethereum as a form of payment.
Competitors Of Ethereum Cryptocurrency:
Major competitors of Ethereum include bitcoin and Cardano.
Price Of Ethereum Cryptocurrency:
Ethereum is less expensive than most cryptocurrencies but more costly than ether.
3. Cardano(ADA)
Cardano is a third-generation blockchain platform. It was founded in 2017.
It was released after the release of the biggest 1 st and 2 nd generation of cryptocurrency technology called Bitcoin and Ethereum, respectively
It uses Proof Of Staking (POS) for its cryptocurrency.
It doesn’t require sophisticated POW calculations and large amounts of power for powering the network, such as Bitcoin.
This cryptocurrency is named after Ada Lovelace who was an English mathematician of the 19th century.
Top Features And Benefits of Cardano Cryptocurrency:
- These three aspects are the main uses of Cardano.
- Data gathered from multiple resources may be consolidated into one place for analysis. This may help prevent corruption and fake products.
- Cardano wants to become an open-source blockchain platform for dApps and smart contracts. It has a formal verification system that makes transactions traceable.
Major Customers of Cardano Cryptocurrency:
Major customers of Cardano are Intesa Sanpaolo, UBS Group AG, and Royal Bank of Scotland Group.
Competitors of Cardano Cryptocurrency:
They compete directly with other decentralized applications (DApps) platforms.
Price of Cardano Cryptocurrency:
It is the third most valuable cryptocurrency behind Bitcoin and Ethereum.
4. Tether (USDT)
Tether was the first stablecoin, and it remains one of the most widely accepted stablecoins today.
To stabilize its value, an economy often tries to attach market value to some kind of external benchmark.
Tether, which was founded in 2014, describes itself as a blockchain platform for facilitating the digital usage of fiat currencies.
This cryptocurrency allows its users to access the network using similar technology.
Top Features And Benefits Of Tether Cryptocurrency:
- Large digital currency markets such as the U.S. dollar and euro suffer from frequent fluctuations in value, but tether (TET) cryptocurrencies attempt to stabilize prices by attracting cautious investors.
- The value of the tether is directly linked to the US dollar rate. This method enables individuals to convert their tether into US dollars more easily.
- It helps limit the risk associated with volatile cryptocurrencies by operating in traditional currencies.
Some major customers of tether cryptocurrency include:
Most reputed organizations which accept Tether are AT&T and Bank of America.
Competitors of Tether Cryptocurrency:
Tether is the sixth-largest cryptocurrency by market capitalization. Hence there is fierce competition with Cardano and Uniswap.
Price of Tether Cryptocurrency:
The price of one unit of Tether cryptocurrency is exactly 1$.
5. Dogecoin (DOGE)
Dogecoin is a decentralized peer-to-peer digital currency.
It was founded by Billy Markus and Jackson Palermo in 2013. They were both computer programmers.
Dogecoin, like every other cryptocurrency, has seen extremely turbulent times since its birth.
However, in contrast with most cryptocurrencies, Dogecoin became famous for its association with high-profile personalities.
Dodger and Tesla Chairman Elon Musk have contributed an astounding 20,000% increase in the company’s share price since 2020, particularly.
Top Features And Benefits Of Dogecoin Cryptocurrency:
- You can convert Dogecoins into cash using an online currency converter. Since this is so popular, converting Dogecoins to dollars and euros is relatively straightforward.
- There are lots of cryptocurrencies available for trading, but Dogecoin is one of the most popular ones. It has a large number of traders who trade it.
- It might take a long while before a project using blockchain technology goes live.
Major Customers Of Dogecoin Cryptocurrency:
The top brands accepting dogecoin include BBVA, Westpac Bank, and Rabobank Group.
Competitors Of Dogecoin Cryptocurrency:
Among its closest rivals are Tether and Cardon.
Price Of Dogecoin Cryptocurrency:
One Dogecoin is worth about as much as a single Cardano coin.
6. Uniswap (UNI)
Initially known as “Uniswap,” which was one of the first cryptocurrency projects to join Bitcoin, it was often referred to as “Bitcoin Gold Silver.”
Charlie Lee, a graduate of MIT, created Litecoin.
Uniswap uses an open-source payment system called Counterparty.
It employs “cryptography” as confirmation and it can be mined using consumer-grade CPUs.
Here are some top features and benefits of uni swap cryptocurrency.
- Uniswap is similar to Bitcoin in many respects but it has a quicker rate and so provides a faster time for confirming transactions.
- An agreement is a program written on the Uniswapp blockchain that performs certain actions automatically when defined conditions are met.
- Miners are basically digital computers that store information and other data from transactions.
You can see who some major customers of Uniswap
Some of the most renowned customers of Uniswaps are the Bank of China (BOC), DZ Bank, and Walmart.
Competitors Of Uniswap Cryptocurrency:
The top competitors of Uniswap are Tether and Dogecoin.
Price Of Uniswap Cryptocurrency:
The price of one Uniswap currency is a bit cheaper than Cardano.
7. Binance Coin (BNB)
Binance Coin is an easy yet revolutionary way to pay for transactions. It can be used for settling trades, compensating for transaction fees, and more.
You can also use cryptocurrency to purchase goods and services for less than their normal price. This makes it an attractive option.
It was first released as an ERC-20 currency on the Ethereum network.
After that, it was given its own form. A solid evidence-based method is used by the software.
Here are some top features and benefits of Binance coin cryptocurrency.
- Cryptocurrencies are expensive to transfer, so they’re not very useful if you need to send a small payment. However, Binance Coin (BNB) offers an excellent way to pay for microtransactions because its transaction fees are quite low.
- It takes less power to mine a block than Bitcoin, Ethereum, or Tether.
- They have a large processing capacity and a payment settlement frequency of four seconds.
Major Customers Of Binance Coin Cryptocurrency:
The most prominent names which are clients of Binance Coin are eToro, Bitpanda, and Robinhood
What are the competitors of Binance coin cryptocurrency?
Major competitors of BNB include Uniswap and DOGE.
Price Of Binance Coins – What is the price of B
If you buy one UNI for USDT, you get two BEP2 tokens.
8. Polkadot (DOT)
Polkadot is another successful cryptocurrency based on the bitcoin principle.
It was developed by scientists at MIT, Johns Hopkins University, and other prestigious institutions.
One of Polkadot’s most notable features is its ability to be anonymous.
Users may send, receive, and exchange Polkadot anonymously, without revealing the sender, receiver, or transaction amount.
Here are some top features and benefits of Polkadot cryptocurrency.
- With Polkadot transactions, you can transact at a high speed when compared to Bitcoin or Cardano.
- It’s used by many government agencies and financial institutions around the world. And, transactions in multiple languages are supported.
- It may be used in the financial sector and is the best alternative to real cash.
Polkadot cryptocurrency has been accepted by major companies including IBM
Their major clients include BNP Paribas SA, SMBC Group Co., Ltd., and Wells Fargo Bank, N.A..
Competitors Of Polkadot Cryptocurrency:
Polkadot is competing against Uniswap and its native token UNI, and Binance Chain�
Price Of Polkadot Cryptocurrency:
The price of one Polkadot is a bit less than the value of one Binance Coin.
9. XRP
XRP is a digital currency created by scientists, mathematicians, and crypto specialists after much investigation and analysis.
It stands out from its proof-of-staking competitors and other major cryptocurrencies because of extensive testing and rigorous academic review.
Ripple aspires to become one of the most important cryptocurrencies by creating new financial products that are completely decentralized.
Here’s why you should invest in Ripple (XRP) cryptocurrencies.
- Ripple features decentralized exchange on its own blockchain called the XRP Ledger which allows for the creation of custom tokens.
- The escrow feature enables a person to create an exchange contract for XRP when it is not available until a certain date or condition has been met.
- By incurring increasing transactional charges for each operation, it protects against distributed denial of service (DDOS) assaults.
Ripple (XRP) cryptocurrency has been used by major banks
The top companies that use Ripple are Crédit Agricole, Mizuho Financial, and Deutsche Bank.
Competitors Of XRP Cryptocurrency:
XRP faces competition from Binance Coin and Polkadot.
Price Of XRP Cryptocurrency:
Currently, the price of one XRP is around 10-20% of one Carando.
10. Solana (SOL)
Solana is a safe, anonymous, and untraceable cryptocurrency.
This open-source cryptocurrency was first released in April 2019, and it quickly gained popularity among cryptography fans.
This project has been fully funded by its contributors and is being developed by the community.
Solana was built with a strong emphasis on decentralization and scalability, and it provides complete anonymity using a method known as “ring signatures.”
Here are some top features and benefits of Solana cryptocurrency:
- A decentralized blockchain-based social network that focuses on smart contracts that allow people to exchange values.
- These preprogrammed codes run automatically without any human involvement.
- It doesn’t just include fiat currencies, but cryptocurrencies too.
Major Customers Of Solana Cryptocurrency:
Major institutions which accept Solana are ABN AMRO, Shinhan Bank, and The Bank of New York Mellon.
Competitors Of Solana Cryptocurrency:
On the list, there’s only one rival for Solana — XRP.
Price Of Solana Cryptocurrency:
The price of one Solana is about the same as XRP.
Frequently Asked Questions on Cryptocurrencies
What Are Cryptocurrencies Exactly
Online cash allows people to transact anonymously.
To send and receive secure communications, encryption is used.
Cryptography makes sure that information is secure from people who want to cause harm, spy, or just hack into your system.
As long as the data is securely transmitted between the two parties, there is no way for anyone else to read it.
There are many different types of digital currencies, but Bitcoin is the most common one.
Benefits Of Buying Cryptocurrencies
Buying cryptocurrencies is no different than investing in any other high-risk venture.
And with the high risk, you can achieve higher results.
There are several reasons why people buy cryptocurrency.
Transaction Fees
Cryptocurrency transactions take just a few minutes to complete.
Because transferring money from one country to another is usually quite expensive, people often prefer to use online banking services instead.
When done through cryptocurrencies, the cost is either very low or none.
Transferring assets between exchanges
Since asset transfer takes less time and cost than sending cash via traditional banking methods, you, as the crypto holder, have full control of your account.
More Transparency With Minimal Risks
Cryptocurrencies allow you to make deals without giving out any personal financial info.
Hackers cannot access them in any way. You can’t be tracked.
Benefits Of Using Cryptocurrencies
Cryptographic privacy, security, and anonymity (the three main benefits of cryptocurrencies)
Here we will be explaining some more:
- The main advantage of using cryptocurrency is that it lets people send each other money without having to go through banks and other financial institutions.
- Fund payments are made on a restricted payment basis, which allows customers to circumvent heavy fees for online purchases paid by other banks.
- Accountability is yet another key benefit of the blockchain payment architecture.
You can anticipate a currency to develop that preserves stability, allows commerce, and is moving beyond hard metals and outside the power of central banks and governments.
How To Choose A Cryptocurrency
There are so many cryptocurrencies out there, and it’s difficult to choose just one.
The problem is made worse by competitors who advertise their currency as “the future” Bitcoin.
Here are some guidelines for choosing between different cryptocurrencies.
Select Your Risk Level
Among the thousands of cryptocurrencies out there, Bitcoin seems to be the most volatile and stable one.
Because Bitcoins is the strongest cryptocurrency in the industry and is now priced near its all-time high, it is considered a safe investment.
The most popular and stable cryptocurrency is Bitcoin (BTC). However, there are several other altcoin projects that are gaining popularity.
Conduct Your Research
Before trading any cryptocurrency, look at its historical chart.
Two essential things to examine are distribution and total value. While cost is important, it is not the most important aspect to consider.
Examine a cryptocurrency’s whole history for reliability.
Remember that cryptocurrencies are still new and can mislead due to their lack of track history.
Look for ICO Offerings
ICOs are the preferred method for startups to raise funds and launch new cryptocurrencies.
Investing in a company that can provide the product and services you need while also delivering a return on your investment.
Therefore, ICOs are an excellent option for investing in cryptocurrencies.
Investigate Unknown Cryptocurrency Exchanges
You can buy the cryptos on cryptocurrency exchanges if you missed out on participating in an ICO.
There are limitations on most marketplaces for buying large quantities of items.
So you might be able to learn something from less well-known platforms.
Keep Your Eyes And Ears Open And Your Guard Up
Purchasing cryptocurrencies and altcoins can be challenging.
Selecting the finest purchases for you will be easier if you only consider facts and avoid making rash decisions.
As soon as you decide which cryptocurrency to buy into, keep an alert lookout for news regarding its price fluctuations.
Keep an eye out for any news about your investment and continue to investigate as you did before investing.
Our Picks For The Best Types of Cryptocurrency
Depending on your financial goals and personal preferences, which cryptocurrency you should purchase depends on whether you’re willing to take greater risks or not.
Here are some of our best choices for you to consider.
- Bitcoin and Ethereum are two of the most popular cryptocurrencies for investing and holding.
- Ethereum *& Cardano – Fastest growing cryptocurrency to invest and sell
- Bitcoin, Cardano, and Uniswap — Best cryptocurrency to mine
- Bitcoin -& Tether- Safe and stable cryptocurrency to invest on
- Dogecoin& Uniswap – Highest Growth Potential Cryptocurrencies
Conclusion
It removes trade limitations and middlemen, reduces transaction costs, and enhances business and the economy. The future of bitcoin is optimistic.
As time goes by, it may become possible for bitcoins and other cryptocurrencies to replace existing payment methods.
However, to achieve this, they must have a particular cumulative advantage, for example, organized regulation.
We hope that by providing you with sufficient resources, you can now decide for yourself whether or not you want to take advantage of our offer.
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