Cryptocurrency is a digital currency that allows people to transfer money for business and other purposes with cryptography applications. In fact, it provides ways to make secure payments without using any payment methods. There are several cryptocurrencies available on the markets today which aim at fulfilling the needs of individuals and business owners. At the same time, it is advisable to know which of them dominate the markets which can help investing money according to needs.
Bitcoin is the first cryptocurrency launched in 2009 which uses peer-to-peer (P2P) network for electronic transactions. It utilizes advanced blockchain technologies which replaces middle men in the transaction process. Another thing is that it uses the mining technique that plays an important role in adding transactions to a public ledger. Those who want to buy the currency should find a good wallet for storing the same with ease. Currently, the currency has a market value of $156.52 billion.
Ethereum is the topmost cryptocurrency that has a market value of $17.50 billion which is the second largest currency after Bitcoin. It offers smart contracts and decentralised applications to make payments with ease. In addition, Ethereum currency runs on its platform-specific cryptographic token called ether. The currency also utilizes a wide range of cases that allow people to make more financial transactions. It even launched a pre-sale for ether in 2014 performing important tasks with efficiency.
3. Ripple XRP
Ripple XRP cryptocurrency is mainly used by corporates rather than individuals. It allows users to make international payments in real-time at lower costs. The currency uses unique ledger that don’t require mining technique. It remains as one of the most enticing digital currencies which reduce the usage of computing power and network latency. Furthermore, Ripple XRP is the third largest currency in the world which has a market value of $9.80 billion and per-token value of $0.21.
Tether is the fourth largest cryptocurrency used in the world which has a market cap of $4.11 billion. It works on blockchain enabled platform that allows users to make payments with traditional currencies such as Indian rupee, Canadian dollar, and Euro. Apart from that, the currency gives ways to overcome price fluctuations due to market conditions and other factors.
Litecoin is the fifth largest currency used in the world that has a market cap of $3.57 billon which allows users to make payments faster than Bitcoin. It utilizes an open-source global payment network which doesn’t have any central authority.