5 Commonly Used Cryptocurrencies (Know Your Cryptocurrency)
-There has been a constant increase in the cryptocurrency trading
-Find out the cryptocurrencies that are commonly traded worldwide
The cryptocurrency market is pretty wide. Anyone with a good understanding of blockchain can create their currency but it takes more than that to succeed.
Since the start of crypto trading, two currencies have been prominent- Bitcoin and Etheruem. However, we’ve seen other digital currencies become accepted over the years.
If you’re a crypto enthusiast, you can stick around to discover the most traded cryptocurrencies.
Bitcoin
Bitcoin was launched in 2009 and it is regarded as the father of other cryptocurrencies.
The coin was invented by Anonymous Satoshi Nakamoto as an alternative to the fiat monetary system.
Bitcoin doesn’t require other financial institutions to process transactions instead using peer-to-peer blockchain technology. It is the most traded crypto and its price affects others.
Ethereum (Ether)
Launched in 2015, Ether is the second most traded crypto and its transactions are facilitated on the Ethereum Blockchain platform.
The Ethereum blockchain is used to facilitate small contracts. Apart from being traded, Ether is used to pay for using the Ethereum blockchain.
Ripple XRP
Like Ether, Ripple is a utility virtual currency that is used to facilitate the transfer of fiat currencies.
Ripple was supported by a number of banks right from its origin. It is expected to become a part of the regular financial system.
Read also: Tesla invests $1.5 Billion in Bitcoin as the cryptocurrency rises
Litecoin
This is quite similar to Bitcoin in the sense that it is used as an alternative to fiat currencies.
Litecoin was created with the aim of being used to purchase goods regularly.
Litecoin functions on a superior blockchain channel and its transactions are confirmed faster than that of Bitcoin.
Tether (USDT)
Tether is among a group of cryptocurrencies known as the stablecoins. Stablecoins peg their market value to currencies and USDT is pegged to that of the US dollars.(1 USDT =1 USD)
Launched in 2014, Tether had grown to be the third-largest cryptocurrency in terms of market cap.
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