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Bitcoin was the first cryptocurrency that was invented in the year 2009 by Satoshi Nakamoto. Actually, it is a digital currency based on a distributed ledger technology called a blockchain.
Blockchain technology made our task easier while making the payments and eliminating the need for intermediaries such as big organizations and banks. They don’t have any authority in these digital currencies. It makes our payments fast, safe, and secure because there is no involvement of any third parties.
Keep in mind that only a sender and a receiver are involved in the process. The growing acceptance of cryptocurrencies is increasing day by day because it is regarded as the best medium of exchange and an investment opportunity.
Today, even celebrities are finding interest to invest in cryptocurrencies because of its popularity and a chance to earn huge passive income. Cryptocurrencies are regarded as the best source of passive income.
There are many cryptocurrencies in the world. Therefore, now not making you wait for any further, here are the top five cryptocurrencies in the world today,
The full form of EOS does not exist and the creators have decided not to formally specify it themselves. EOS is a decentralized system and blockchain-based that enables the implementation of commercial sale decentralized applications on its platforms.
In the year 2017, the EOS token was launched through an ICO. On the other hand, it has a well-experienced team with an excellent track record. Moreover, EOS supports several languages and C++ is included in it.
To verify the transactions, this cryptocurrency uses advanced mechanisms. It is because EOS is much more scalable than Ethereum. It is capable of receiving up to 1 lakh transactions per second.
Bitcoin is the most popular cryptocurrency in the world. It aims to create an alternative for fiat currencies such as JPY, GBP, USD, etc. The 2 words that describe bitcoin are digital and decentralized. You can also visit universityherald.com for more information.
The transactions related to bitcoin is very safe and secure. As already discussed above that there are no third parties involved in it. There are many big organizations that have started accepting payments in bitcoins.
The advantage of using bitcoin is that it is very easy for beginners to purchase. Actually, it is the largest community of investors and developers upholding it for additional growth.
Ripple is another unique cryptocurrency that was founded in the year 2012. Ripple is intended to give users the chance to quickly and effectively exchange XRP for commodities and currencies such as oil or gold.
Using this digital currency, you can sell XRP without the need of any third parties. But you need to keep in mind that Ripple does not involve any smart contracts to complete transactions and is not completely decentralized.
On the other hand, Ripple provides the best solutions targeted at one specific industry and it is valuable too.
Tether is a contentious cryptocurrency issued by Tether Limited with tokens. When markets are running through volatile phases, it allows traders to park their investments safely.
Tether is one of the first stablecoin in the market and its main target was to decrease the volatility of the existing cryptocurrencies in use. This cryptocurrency was issued by the Tether Limited.
On the other hand, each token was backed by one US dollar. Moreover, it is much stable than Litecoin and Bitcoin.
Ethereum:
After Bitcoin, Ethereum is the second most valuable cryptocurrency and it was created in the year 2015 by Vitalik Buterin. This cryptocurrency is much more valuable than just a digital currency.
It is a native cryptocurrency used for every transaction on Ethereum’s blockchain. It is a blockchain-based platform for developing smart contracts and decentralized apps.
But there are issues that this cryptocurrency is facing at present such as the problem of scalability. But they are working actively to find a perfect solution to it. However, Ethereum is facing stiff completion with other cryptocurrencies such as Cardano and NEO because of their enhanced technology.
Therefore, these were the top five cryptocurrencies that you must know in 2020. Keep in mind the features of each cryptocurrency so that you can invest in the future.
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