Cryptocurrency usage has exploded since the emergence of Bitcoin. Although the exact number of currency that’s active fluctuate and individual currencies’ values are quite volatile, the overall market value of all active cryptocurrencies is generally going upward. At any given time, hundreds of different cryptocurrencies are being traded actively all across the globe. The cryptocurrencies illustrated here are the ones that are marked by stable adoption, have a robust user base and relatively high market capitalization (greater than $10 million, in most cases, though valuations are of course subject to change):
Bitcoin is the world’s most widely used cryptocurrency, and is generally credited for being the pioneer cryptocurrency that brought the concept into the mainstream. Its market cap and individual unit value is so huge that it has persistently dwarfed that of the next most popular cryptocurrency. Bitcoin has a finite supply limit of 21 million Bitcoin. In some countries, Bitcoin is being increasingly considered as a legitimate means of exchange. Many well-known companies now accept Bitcoin payments, though most tend to convert Bitcoin into U.S. dollars or other fiat currency before receiving their funds.
Bitcoin cash, an offshoot of the original Bitcoin, was formed in the summer of 2017. Presently, the amount of bitcoin cash in circulation is approximately the same as bitcoin. The most notable difference between the two is that bitcoin cash has an 8MB block size compared with 1MB for the original bitcoin. Bitcoin cash has faster processing speeds but it is more memory intensive.
Released in 2012, Ripple is noted for its ‘consensus ledger’ system that dramatically augments the transaction confirmation. Ripple can be easily converted into other cryptocurrencies as it is equipped with an in-house currency exchange that can convert Ripple units into U.S. dollars, Yen, Euros, and other major fiat currencies. It has been designed as a centralized transaction network for the banks, which use it for swifter and effective money transfer.
Launched in 2015, Ethereum follows bitcoin’s footprints and makes some noteworthy improvements to its basic system. Ethereum is essentially a ‘decentralized app’ provider that was originally developed with the aim to get rid of the need for third-party companies in the creation of apps. The apps developed on Ethereum – a distributed public platform-are available to the users globally where miners can earn “ether” to fuel the network.
Dogecoin, the cryptocurrency that is immediately recognizable from the image of Shiba Inu, is a variation on Litecoin. The blockchain creation time is much faster for Dogecoin and a vastly greater number of the coins are in circulation. Dogecoin was introduced as a parody cryptocurrency but it now has its own dedicated online community that keeps it active. At the start of 2018, Dogecoin saw its market capitalisation swell to $2bn.
Released in 2011, Litecoin clearly resembles Bitcoin in terms of the peer to peer mode of transaction although the encryption algorithm is slightly different. The key differences include a higher token limit of 84 million units and a faster transaction speed.
BAT (Basic Attention Token) operates on a similar principle to Ethereum but it deals with digital advertising. It allows advertisers to dismiss publishers – or, in other words, cut out the middlemen – by paying internet users directly for their views. To be simply put users get paid in BATs for browsing on the web.
Cryptocurrency is a revolutionary and exciting concept that has the power to fundamentally alter global finance for the better. Even though it’s based on sound, democratic principles, cryptocurrency still remains a technological and practical work in progress.
Women In Cryptocurrency: Top 8 Women In Cryptocurrency
Here, we have an infographic on Top 8 Women In Cryptocurrency, this infographic was developed by our friends at MrBtc.org. The infographic speaks about the achievements and contribution of following crypto women.