Ravi Speaks:
UNDERSTANDING CRYPTO-CURRENCY AND ITS VARIOUS FORMS IN USE-PART-2.
A cryptocurrency or crypto is a collection of binary data intended to serve as a medium of exchange, with individual coin ownership records stored in a ledger, which is a computerized database that uses strong cryptography to protect records of transactions and control creation. of additional coins and to verify the transfer of ownership of the coin. Cryptocurrency does not exist in physical form (like paper money) and is generally not issued by a central authority. Cryptocurrencies typically use decentralized control rather than central bank digital currency (CBDC). Generally, when a cryptocurrency is minted, created, or issued by a single issuer prior to issuance, it is considered centralized. When implemented with decentralized control, each cryptocurrency works through a distributed ledger technology, usually a blockchain, which serves as a public database for financial transactions. Bitcoin, first published as open-source software in 2009, is the first decentralized cryptocurrency. Many other cryptocurrencies have been created since Bitcoin was launched.
Following are the top trending crypto-currencies transacting in the global open decentralized market.
1. Bitcoin (BTC)
• Market Cap: Over $ 821 Billion:–
Bitcoin (BTC) was founded in 2009 by someone under the pseudonym Satoshi Nakamoto and is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain or ledger that records transactions that are spread across a network of thousands of computers. Since additions to distributed ledgers must be verified by solving a crypto puzzle, a so-called proof of work, Bitcoin is safe and protected against scammers. The price of Bitcoin has skyrocketed as it has become a household name. Five years ago, you could buy a bitcoin for around $ 500. As of September 30, 2021, the price of a single bitcoin exceeded $ 43,000. That’s a growth of around 8,600%. Related: How to buy Bitcoin.
2. Ethereum (ETH)
• Market capitalization: more than $ 353 billion:-
Ethereum is a cryptocurrency and blockchain platform and due to its potential applications, such as smart contracts, that are automatically executed when conditions are met and not fungible tokens ( NFT) a favorite of software developers). Ethereum has also seen tremendous growth. In just five years, the price rose from around $ 11 to almost $ 3,000, progressively more than 27,000%. Related: How to Buy Ethereum
3. Tether (USDT)
• Market Cap: Over $ 68 Billion:-
Unlike other forms of cryptocurrency, Tether is a stablecoin, which means it is made up of fiat currencies such as the US dollar and the euro and will hypothetically retain a value equal to one of these denominations. In theory, this means that Tether’s value should be more consistent than other cryptocurrencies, and it is preferred by investors who are wary of the extreme volatility of other currencies.
4. Cardano (ADA)
• Market Cap – Over $ 67 billion:-
A little later on the crypto scene, Cardano is known for its early adoption of proof-of-stake validation. This method speeds up transaction time and reduces energy consumption and environmental impact by eliminating the competitive problem-solving aspect of transaction verification that resides on platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications powered by ADA, its native currency. The Cardano ADA token has seen relatively modest growth compared to other large cryptocurrencies. In 2017, ADA was priced at $ 0.02. On September 30, 2021, the price was $ 2.10. This is an increase of more than 10,500%.
5. Binance Coin (BNB)
• Market capitalization: more than $ 64 billion:-
Binance Coin is a form of cryptocurrency with which you can exchange and pay fees on Binance, one of the largest cryptocurrency exchanges in the world . Since its launch in 2017, Binance Coin has grown beyond simply facilitating trading on the Binance exchange. Now it can be used to trade, process payments, or even book travel. It can also be traded or exchanged for other forms of cryptocurrency such as Ethereum or Bitcoin. Its price in 2017 was only $ 0.10; By September 30, 2021, it had risen to more than $ 382, ​​a gain of more than 382,000%. Related: How to buy cryptocurrencies
6. XRP (XRP)
• Market cap: over $ 44 billion:-
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on this network to Facilitate the exchange of various types of currencies, including fiat currencies and other major cryptocurrencies. At the beginning of 2017, the price of XRP was $ 0.006. On September 30, 2021, the price reached $ 0.94, an increase of more than 15.700%.
7. Solana (SOL)
• Market Cap – Over $ 41 Billion:-
Designed to Power Decentralized Finance Applications (DeFi), Decentralized Applications (DApps), and Smart Contracts, Solana Runs on Unique Hybrid Proof of Stake and history testing mechanisms that help process transactions quickly and safely. SOL, Solana’s native token, powers the platform. SOL launched in 2020 and started at $ 0.77. By August 2021, the price was almost $ 140, an increase of around 18,000%.
8. USD Coin (USDC)
• Market capitalization: more than US $ 31 billion:-
USD Coin (USDC), like Tether, is a stable coin, i. H. is backed by US dollars and is targeting a ratio of 1 USD to 1 USDC. USDC works with Ethereum and you can use USD coins to complete global transactions.
9. Polkadot (DOT)
• Market Cap: Over $ 28 Billion:-
Cryptocurrencies can use any number of blockchains; Polkadot (and its namesake crypto) aims to integrate them by creating a cryptocurrency network that connects the various blockchains so that they can work together. This integration can transform the way cryptocurrencies are managed and has driven impressive growth since the launch of Polkadot in 2020. Between September 2020 and September 30, 2021, the price rose 872% from $ 2.93 to $ 25.61.
10. Dogecoin (DOGE)
• Market Cap – Over $ 26 Billion:-
Dogecoin is a hot topic thanks to celebrities and billionaires like Elon Musk. Dogecoin, which started as a joke in 2013, quickly became a prominent cryptocurrency option thanks to a dedicated community and creative memes. Unlike many other cryptocurrencies like Bitcoin, there is no limit to the number of Dogecoins that can be created, making the currency susceptible to devaluation as supply increases. The price of Dogecoin in 2017 was $ 0.0002. By Sept. 30, 2021, its price was at $0.20—a 101,800% increase.
In the end, Cryptocurrency is risky, but that doesn’t mean it’s a bad investment. Before you buy, make sure you can afford to invest and are relatively comfortable with volatility and risk. Crypto isn’t right for everyone, but it could potentially be the right investment for you.
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