Cryptocurrency is the process of payment by one person to another and it can be exchanged online for goods and services. It is a digital payment system that is encrypted and is decentralized meaning that it doesn’t rely on banks to verify transactions.
Global Top Ten Cryptocurrencies
Cryptocurrency exists in digital platforms only and uses cryptography to secure transactions. There is no central authority that manages or maintains the value of a cryptocurrency.
The top 10 Cryptocurrencies are:
- Bitcoin– This kind of transaction is done by my ledger logged across a network of thousands of computers. It is a safe and secure form of payment and no fraud takes place in these transactions. To buy this Bitcoin you first need to choose a crypto exchange, Second you need to decide on a payment option, third you need to place an order, and Last you need to select a safe storage option. The market cap of Bitcoin is Over $1.08 trillion.
- Ethereum– This is both a cryptocurrency and a blockchain platform. It is a favorite way of transaction for program developers because of its smart contracts which are executed on their own between two persons when conditions are met and non-fungible tokens(NFT’s). To invest in this type of transaction first one needs to determine their level of risk, the Second one needs to choose a crypto exchange, the Third one need to fund their account from their bank, Fourth one has to buy ethereum through an exchange and the last one has to store there either through a platform or by themselves. The market cap is over $557 billion.
- Binance Coin (BNB)– This type of currency is used for trading and paying fees on Binance’s exchange platform. But it can also be used for payment processing and booking travel arrangements besides trading. The market cap is over $104 billion.
- Tether (USDT)- The type of transaction is mostly favorable for those investors who are wary of the extreme volatility of other coins. It is a stable coin compared to others as it is backed by fiat currencies like US Dollars and Euro and was originally designed to maintain the same value of Tether in US dollar as a reserve. The market cap is over $73 billion.
- Solona (SOL)- This currency was developed to help power decentralized finance(Defi) uses, decentralized apps, and smart contracts. Solona is one of the most popular cryptocurrencies among many. The currency platform is called Solana while the currency is called Sol. Solona operates on a decentralized platform using a leger called the blockchain. The market cap is over $ 64 billion.
- XRP– It is used on the network that encourages exchanges of different currency types which includes fiat currencies. The market cap is over $47 billion.
- U.S. Dollar Coin (USDC)- It is a stable currency similar to etherium as it is backed by the US dollar.USDC is powered by etherium and you can complete global transactions. The market cap is over $38 billion.
- Polkadot– This type of currency is helpful as it connects various blockchains so that they all can work together. The market value is over $37 billion.
- Dogecoin (DOGE) – There is no limit on the number of Dogecoins that can be created and as supply increases the coin’s production also increases. The market cap is over $28 billion.
- Cardano (ADA)- Cardano is a blockchain platform founded by Charles Hoskinson co-founder of ethereum to provide a stable and sustainable ecosystem for cryptocurrencies. This method speeds up transaction time and decreases energy uses by removing some aspects present in platforms like Bitcoin etc. The market value is over $ 52 billion.
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