Top 10 Cryptocurrencies
Bitcoin is the first decentralized ledger currency, founded in 2009. Bitcoin was initially created to facilitate easier global transactions with low transaction fees that can be transferred almost instantly and were not controlled by any central financial authority. The concern of scaling has always been an issue. For example, a transaction can take about 10 minutes to process, and as the network of users grow the wait times get longer, in comparison, Visa can process 1700 transactions per second. Today, Bitcoin has become the most popular cryptocurrency with the highest market value. Bitcoin is leading the way for more mainstream vendors to adopt this form of currency for everyday type of purchases.
Ether is the coin used by the Ethereum platform and is very different to Bitcoin and other altcoins. In fact, initially it wasn’t designed to be a currency; it was designed to support smart contracts. The idea was that Ethereum miners would provide companies their processing power so that these companies wouldn’t need to invest in additional servers. In this scenario, Ether is used to be a form of payment on a platform. See this Cryptocurrency :The New Normal
The initial release date for Ripple was in 2012, and it was created for peer to peer debit transfers. It is the third most popular cryptocurrency in terms of market value as of the September 2017. Bitcoin’s primary purpose is to be a payment method while Ether is\ meant to be used for smart contracts. Ripple also has a different use. It has become a decentralized solution for financial institutions and acts as both a cryptocurrency and a digital payment network. This situation developed because a wide range of financial institutions began to take notice that the technology eliminates delays, confirms that a settlement has taken place in real time (about 4 seconds), and can sustain 1000 transactions per seconds while Bitcoin is only averaging 3 to 4.
- Bitcoin Cash
On August 1, 2017 Bitcoin forked, and created Bitcoin Cash. This fork was started by Bitcoin miners and developers who were concerned about Bitcoins ability to scale. Bitcoin Cash implemented an increased block size as well as other measures to speed up the verification process regardless of the number of miners supporting it. While these changes have raised concerned about security, it has not prevented this cryptocurrency from quickly rising up the market ranks.
Litecoin was released on October 7, 2011 by Charlie Lee, a former Google employee. It was a fork from Bitcoin and in many ways technically nearly identical. This peer to peer cryptocurrency that is also open source and completely decentralized was created to solve some of Bitcoin’s problems. Litecoin has faster transaction confirmation times, better storage efficiency and almost zero payment costs.
In January 2014, Dash was released as XCoin and a little more than a month later the name was changed to Darkcoin. In March of 2015, it was renamed again to Dash – a blend between ‘Digital’ and ‘Cash”. Dash is a bitcoin-based currency that features instant transactions, private transactions and is decentralized. Its goal is to become the most user-friendly and on-chain scalable cryptocurrency in the world. Read about The Fundamentals of Cryptocurrency Trading
Back in its first inception of NEM, the goal was to create a community-oriented cryptocurrency from scratch. This was a big undertaking and had its challenges. Eventually, a stable version of NEM launched on March 31, 2015. NEM’s platform has many beneficial services such as like payments, asset making, and messaging.
IOTA is considered the first blockchain free cryptocurrency and instead uses what is known as the Tangle ledger. It has some very unusual characteristics such as not being able to be mined, the number of coins issues is strictly defined, and it is impossible to issue new coins above the preset ones. However, the developers have said this new technology has solved the common problems of Blockchain such as centralization of control, obsolete cryptography, and inability to conduct micropayments, partition intolerance, scalability limits, high requirements for hardware as well as others.
Neo is often to referred to as “Chinese Ethereum” and is the first decentralized, open-source cryptocurrency in China. In late September 2017, China announced a ban on ICOs, which affected Neo, but the price eventually corrected itself.
Monero (originally BitMonero) was created in April 2014 and focuses on privacy, decentralization, and scalability. It runs on runs on Windows, Mac, Linux, Android, and FreeBSD. Monero developers believe it is superior to Bitcoin because of its mining algorithm, adaptive block limit, strong privacy controls and the quality of their overall development and research teams. Read How to Trade Cryptocurrencies