The popular digital cryptocurrency named Bitcoin i.e. decentralized, anonymous and easy to use has been on a rollercoaster. Due to the huge production, improvement, and utilization of cryptocurrencies over the past few years, several types of cryptocurrencies have multiplied in terms of volume and values. As all of you know, there are many such digital currencies, let’s take a look at the top 10 cryptocurrencies with respect to value.
Although it’s not the first cryptocurrency certainly the most valuable and widely accepted by the governments, banks and all financial institutions. Since its inception in the year 2009, bitcoin has been the embodiment of all cryptocurrencies. However, the creator of this prominent currency is still unknown.
Ether is a cryptocurrency that has been designed to simplify contracts on the Ethereum computing platform. Over the years, this particular currency has undergone fluctuations but has remained valuable to some extent. Just like Bitcoin, Ethereum also uses the same blockchain system, however, it does not restrict itself to peer transactions.
The third most popular cryptocurrency as per the market cap, Ripple works on the Ripple network (a network for exchanging currency and payment system). Ripple can be exchanged easily and used as Bitcoin. Launched in the year 2012, Ripple is presently attached to many banks where it is used for exchanging physical currency and vice-versa.
Bitcoin cash is the result of an offshoot of bitcoin due to a stability crisis. However, it is not as popular as its brother ‘Bitcoin’. Introduced in the year 2017, the question lies in how useful the currency will be in the coming years ahead.
The currency used on the Cardano platform is termed as Ada. From the aspects of security and stability, it is expected to be more advanced compared to others. It hopes to avoid the issues of stability and forks faced by other currencies earlier. Cardano uses peer review so as to develop the systems for currency maintenance.
The significance of NEM lies in possessing several layers of security for every transaction. It claims to work through another method of production depending upon “proof of importance” over “proof of work”. Introduced in the year 2015, NEM is featured for its high transaction speed which is facilitated by a popular operating center located in Malaysia.
From technical viewpoints, Litecoin is a type of cryptocurrency which is almost similar to Bitcoin. It has been launched in the year 2011. The differences lie in production, higher transaction speed and utilizing less memory when getting processed.
A derivative of the Ripple Protocol, Stellar works on an open-source protocol for money exchange. Independent of a single server, it has the potential to offer a wide array of applicability and applications throughout systems.
IOTA has been specifically designed for the Internet of Things. It is a curious digital currency that functions through free transactions between machines. The ledger operators have tie-ups with various tech companies to enable such free transactions using IOTA.
A newbie on the ground, TRX is the currency that is meant for the Tron network and is used in the entertainment industry. Since it is very recently developed, TRX is still its preliminary phase for proper implementation. However, it provides greater scopes of flexibility for getting used now.
However, questions still prevail in the maintenance of the values of cryptocurrency. What if the exchangers, retailers and other such finance players decide to get settle down on their favorite cryptocurrencies and refuse to accept any other? While probability shows that obscure currencies will continue to rule the niche market but certainly a few of them are likely to control the applicability.
Digital currencies are considered the wave of the future. But their values keep on fluctuating, they have specific applications and are still considered unreliable by many. Will Bitcoin replace cash in the future? Well, that’s the question we are still not sure of.