What are the most traded cryptocurrencies in the world?
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| What are the most traded cryptocurrencies in the world? |
Research on digital currencies on websites indicates that the following cryptocurrencies are the most popular currencies available today:
Bitcoin
Ethereum
Ripple XRP
Litecoin
NEO
IOTA
Let's quickly review each of its distinguishing characteristics because they are all somewhat different in terms of popularity, circulation, and much more.
1. Bitcoin ( BTC )
The cryptocurrency industry was launched in 2009 with the introduction of Bitcoin, which is the first cryptocurrency to appear in the world of digital currencies. It was started by a person or group of people with the pseudonym Satoshi Nakamoto by creating Bitcoin and the blockchain technology on which it is based.
As an alternative to the monetary system, bitcoins have been proposed. The true identity of Satoshi Nakamoto has not been revealed, and the parts of Bitcoin are named "Satoshi" after his name.
Newton explained in his Bitcoin paper that a mandatory monetary system dominated by central banks and a select few financial institutions resulted in the concentration of wealth and power and restricted access to social and economic mobility. Inflation has decimated the savings of the general public, in part because central banks are creating money.
Bitcoin fixed the total amount of units ever produced, eliminating the inflation problem caused by the creation of new money. Bitcoin does not require banking institutions to facilitate transactions and confirm ownership due to peer-to-peer blockchain technology.
As of now, Bitcoin is still the most widely used cryptocurrency in the world, and changes in its price have a huge impact on the rest of the market.
2- Ethereum (Ether)
It is the second most popular cryptocurrency after Bitcoin. But it is very different from Bitcoin. The name of the blockchain platform is actually Ethereum, and the name of the currency is Ether. The blockchain technology used by “smart contracts” is Ethereum.
They can also be considered as pre-defined "rules" by which a variety of Dapps or decentralized applications can be built. Games and Initial Coin Offerings (ICOs), the cryptocurrency industry’s version of crowdfunding or IPOs, are both examples of Ethereum Dapps.
The original blockchain continued to be the most widely used, despite the emergence of several smart contract platforms, each claiming to offer more advanced blockchain technology.
Unlike Ether, which is used to pay for the use of the Ethereum network and is exchanged as an asset, Ethereum is intended to serve as an alternative to traditional fiat currencies. It is referred to as a cryptocurrency "tool".
3. ripple ( XRP )
Yet another "utility" cryptocurrency is ripple XRP. Its blockchain infrastructure is designed to more effectively enable cross-border transfers of fiat money. Since it has always been closely associated with and backed by several institutions, Ripple XRP is sometimes referred to as the cryptocurrency of the "establishment."
There is a real likelihood that Ripple's platform may integrate with the established financial system given the progressive increase in the number of transfer services using it over time.
4. Litecoin ( LTC )
Another potential cash alternative and a known discount to Bitcoin is Litecoin. Litecoin developers believe that one day it will be used to pay for common products and services. As a more practical and technologically advanced alternative to Bitcoin, Litecoin has established itself in the market. Litecoin connections can be verified through the distributed system much faster than cryptocurrency exchanges.
While this might in theory make Litecoin more attractive to retail traders, the fact that there are so few “realistic” cryptocurrency transactions keeps Bitcoin ahead as the preferred alternative cryptocurrency.
5. NEO
NEO is a platform for smart contracts and Dapps, like Ethereum. When NEO was introduced in 2014, its goal was to outperform Ethereum by providing the same tool with a more advanced application of blockchain technology.
However, as with Litecoin and Bitcoin, the latter's more established position has helped it hold a larger market share. Many people think NEO is a technically better platform than Ethereum.
6. IOTA
IOTA is a high-end cryptocurrency developed to work with Internet of Things (IoT) devices. It is based on the Directional Graph (DAG) structure. The Internet of Things enables free micro-transactions between linked devices and supports the integrity of their data. With Internet of Things technology becoming the norm, IOTA has suddenly climbed to the top of the list of the most traded cryptocurrencies and seems to have a bright future.
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