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- Cryptocurrency is an internet-based medium of exchange.
- It uses cryptographic functions for financial transactions.
- A cryptocurrency is a digital asset designed to be used as a medium of exchange.
HOW DOES IT WORKS?
- Firstly, the respective transaction is put on the request.
- Further, block is forwarded to each node present in the network.
- The miners verify the transaction.
- Further, the data is placed in form of data block in blockchain.
- Next, the block is merged into current / running blockchain.
- And finally, transaction gets concluded.
HERE WE GO NOW FOR KNOWING ABOUT TOP 5 CRYPTOCURRENCIES TO INVEST IN:
- Ethereum is a relatively new company that has risen in the ranking.
- Because of its superior technology and ability to create “smart contracts”.
- Ethereum is the cryptocurrency of the Ethereum blockchain.
- It is a technologically advanced version of Bitcoin.
- It does not hold the identity of “digital gold.”
- It relies on a series of contracts.
- For example, online buyers and sellers can establish transactions that can only take place when the postal service independently verifies delivery of the goods.
- Establishment Year: 2015
- Returns in 2020: 470%
- Market Cap: $100 billion
- Bitcoin is regarded as the most frequently used cryptocurrency.
- It is also considered as to be the volatile asset.
- Bitcoin is considered as to be the first successful cryptocurrency to lead the trend.
- Bitcoin has also become the de facto cryptocurrency for mainstream investors.
- Institutional investors can use the Chicago Mercantile Exchange (CME) to trade millions of dollars in futures.
- Establishment Year: 2009
- Returns in 2020: 309%
- Market Cap: $600 billion
- XRP is centralized cryptocurrency.
- It costs high in inter bank transfers.
- XRP is considered to be the consistent currency in 2021.
- XRP was created by Ripple Labs and is a centralized currency.
- On the one hand, it gives the token the advantages of Visa (NYSE: V and other centralized payment processors).
- These include the ability to negotiate with large banks, quickly execute transactions and control policies.
- Establishment Year: 2012
- Returns in 2020: 16%
- Market Cap: $13 billion
4. STELLAR (XLM):
- Stellar is the cryptocurrency, offering low cost and cross border transactions.
- When BITCOIN was lagging behind, STELLAR XLM was the one who grabbed that position by aggregating to 200% January.
- Establishment Year: 2014
- Returns in 2020: 189%
- Market Cap: $5 billion
- It is the largest 3rd generation cryptocurrency.
- ADA running on the Cardano network is one of the most technologically exciting cryptocurrencies to date.
- Its proof-of-stake system means it can operate more efficiently than a standard proof-of-work system.
- Its use of smart contracts means that it can track transactions.
- Such as Bitcoin while processing payments such as Ethereum.
- In short, it is a third-generation token, an improvement over its predecessor.
- Establishment Year: 2017
- Returns in 2020: 441%
- Market Cap: $8 billion
Image courtesy: Kryptomoney
WE HOPE THAT YOU ALL MUST HAVE GAINED A POSITIVE PIECE OF INFORMATION.
KINDLY SHARE THIS BLOG FURTHER & DON’T FORGET TO COMMENT BELOW YOUR FAVOURITE CRYPTOCURRENCY.