Fifteen years back, the only idea about the words money or currency would have been a piece of rectangular processed coloured paper with some great leader’s picture embossed on it or else the shimmering chinking coins. With time, the idea has taken a radical overhaul where the money is merely a coloured virtual non-palpable concept. The concept of cryptocurrency is yet to be instilled in the daily life transactions of people because digitalization has brought in the cynicism of immeasurable degrees in the common people. Some communities balk at even the idea of digital wallet and online payment methods in this age and time when new innovative ideas on banking and transactions are made into the most compact and easily accessible formats. Liquidity is a bygone term in the domain of banking and remittance from some relying on online banking and transaction methods to some completely into the world of digital money.
Crypted information of these transactions is transferred from one peer to the next and this whole system takes up and works on the idea of blockchain and the basic p2p technology. Bitcoin, the pioneer in the industry of cryptocurrency, ushered a wave of unstoppable innovations. With about 1500 different cryptocurrency types in the game of digital money transactions, Bitcoin still stands strong in the business and remains a muse to all the igniting ideas. The driving force towards the creation of such platforms where the ease of handling transactions among peers in a blockchain format and one among the primary factors being the decentralized approach towards a less manipulated and well-informed community. These being some of the enticing factors of digital money, the minimal transaction charges and the removal of the role of banks in these transactions tend to generate more users. Get introduced into the world of the best cryptocurrency, visit Instacoins.
Types of Cryptocurrency
Altcoins are the alternatives to Bitcoin; some of these altcoins generated in the past decade rule the game alongside Bitcoin. Following are 5 of the most developed and used cryptocurrencies.
This was developed by Charlie Lee in 2011. He was a former Engineering Director at Coinbase and a former Google employee too. With this being one among the first alternative coins created, in 2 years, a surge in the business was witnessed. In another 4 years, an immense hike in the traffic and usage of Litecoin was experienced and emerged as the first in the top 5 cryptocurrencies. In 2019, a reported market cap of $2.63 billion has brought the company to a more deep-rooted position at the forefront. Although it came with a lot of similarities to Bitcoin, a few trademark qualities like the processing of block in 2.5 minutes, confirmation of faster transactions and its functioning under scrypt in its proof of work algorithm made it a worthy rival in the game.
Launched back in 2015, Ethereum is an operating system and computing platform functioning on open source, blockchain grounds. Ether is a token that functions like a prey crawling around the conniving eyes of a developer sought to develop applications in the platform Ethereum. On all nodes of the blockchain, the smart contracts made by developers in the process of developing applications are stored. The areas where Ethereum stands out are the block time of 10-15 seconds unlike in Bitcoin with a block time of about 10 minutes. Ethereum is a platform to “codify, decentralize, secure and trade just about anything” as stated by the platform itself. In 2019, Ethereum stands at a market cap of a whopping $12.49 billion.
The peculiar factor of Zcash being the double privacy maintained in the process of transactions. The option of auditing is available in Zcash which makes it more quality-driven even when the part of divulgence remains a choice to the user. In 2019, Zcash stands at $291.25 million.
Ripple is another digital transaction platform which functions on the Bitcoin theory. Implemented the idea in 2012, Ripple even in the present day stays a shielded opponent to the other altcoins. In 2019, Ripple reportedly acquired a market cap of $12.69 billion.
The nascent altcoin company back in 2014, now has developed into one of the most accessed cryptocurrency with a motto of sustaining the idea of enhanced privacy in these transactions by adopting the technique of “ring signatures.” This functions completely based on donations. Monero now stands at an $808.5 million market cap eyeing at bigger zeniths.
Many more cryptocurrencies run the race into every person’s monetary dealings to transform it into digital formats by infusing within them a culture to try and depend on the cryptocurrency for p2p transactions and much more. The world is yet to explore the infinite prospects of such platforms and soon a surge is expected in the usage and functioning of such platforms.