Since society started using money to trade, it has been an integral part of our daily life. In its early stages, currency was created from bronze or other metals; then, as the days passed, people started to use paper money, a much more economically stable and cheaper alternative. We are describing regarding best cryptocurrencies available in the market in this article.
In 2008, along came Bitcoin, the first-ever commercially successful cryptocurrency. See, no one knows who created it other than that the creator uses the pseudonym of Satoshi Nakamoto. Bitcoin is a digital currency based on blockchain technology, and it eliminates the need for centralized intermediaries like banks or credit cards!
Now bitcoin isn’t the only cryptocurrency there is. Considering how cryptocurrency and mining work, it is good to know about the Best Cryptocurrencies before spending your hard-earned money (or time) on them!
Our well-thought-out list of the Best Cryptocurrencies is given below:
The first commercially successful cryptocurrency, Bitcoin, changed the financial world in what feels like a flash. Everyone’s heard of Bitcoin, from small coffee shops to big corporations like Microsoft adopting Bitcoin. Microsoft even supports Bitcoin as a payment option! So it does make it worth your while with all the support and companies adopting Bitcoin.
Bitcoin is based on a “distributed ledger” technology named Blockchain. This makes it anonymous and, thus, makes it popular among internet-savvy youth. Moreover, you don’t have to talk to a bank if you want to send BTC to someone! Some might even call it the best cryptocurrency!
- The Oldest, thus, has the highest value.
- Bitcoin is straightforward to purchase as it is the most supported.
- People are starting to adopt Bitcoin into the Mainstream Economy.
- Transactions take a long time.
- Mining is very energy-consuming and requires a lot of expensive hardware.
- Transaction fees tend to be high.
Ethereum is the market’s second most popular cryptocurrency. What made it so famous, you ask? Ethereum was created to be an improved version of Bitcoin, and if you ask around, a few people will say it has already done so. Ethereum was adopted by many startups early because of this feature. Additionally, It had a focus on Smart Contracts. What’s a Smart Contract? Smart Contracts are a self-executing and decentralized form of “agreement” coded into the heart of Crypto itself: The Blockchain.
All of this helped Ethereum skyrocket to the 2nd place for Best Cryptocurrencies. Ether is Ethereum’s native cryptocurrency, which is basically what is used when any transaction takes place.
- Famous for building smart contracts, which makes Ethereum one of the Best Cryptocurrencies for many startups.
- Ethereum is an excellent platform for launching other blockchain projects’ Initial Coin Offerings (ICOs).
- Ethereum’s transaction speeds are leaps and bounds better than Bitcoin’s.
- Ethereum, like Bitcoin, is experiencing significant scaling challenges. It continues to rely on an antiquated mechanism (Proof-of-Work) to authenticate transactions, causing network congestion.
- It only supports one coding language, Solidity, which isn’t the most popular.
- We are facing very stiff competition.
Now, Ripple is unique and only focuses on solving problems related to one industry: International Payment Transfers.
The XRP Ledger, which Ripple created, is there to solace a massive issue in international payments. In Addition, banks can even use XRP to source real-time liquidity, and providers can use it to expand into global markets seamlessly. XRP makes it possible to have much faster payment settlements and much lower foreign exchange costs.
Ripple wants to make a big splash in the International payment market, and I would say it’s well on its path. Being one of the Best Cryptocurrencies, it is well worth your while to keep an eye out for Ripple.
- It takes roughly a week to send money internationally. On the other hand, Ripple can do it in a matter of seconds.
- Ripple’s main objective is international payments.
- Ripple is being actively tested in the real-world Economy.
- Ripple Inc. owns half of the coins, making it centralized.
- Ripple’s primary users, banks, and financial institutions have begun designing cryptocurrencies for international payments.
Bitcoin Cash (BCH)
As its name suggests, Bitcoin Cash was forked from Bitcoin in 2016. When the Bitcoin developer community couldn’t agree on the improvements that needed to be made to the code, it was forked into BCH. See, Bitcoin Cash has a lot of progress, and one of them is that it has an increased block size compared to Bitcoin. Additionally, this allows much more transactions to be held in a single block. See, BCH was created in a philosophical move, to be the one to fix all the shortcomings of Bitcoin and take it back to what it was designed to be.
Bitcoin Cash itself went through another fork, into Bitcoin Cash ABC and Bitcoin Cash SV, with Bitcoin Cash ABC taking the original moniker of Bitcoin Cash now.
- Because of the increase in block size, Bitcoin Cash’s transaction speed is much faster.
- The average transaction cost is much lower than Bitcoin’s.
- Bitcoin Cash is expected to be completely decentralized.
- It costs the same as Bitcoin to farm but, in turn, gives a lesser value back.
- Not as readily available as Bitcoin is.
Binance Coin (BNB)
Binance, one of the largest Cryptocurrency exchanges, issued its cryptocurrency, coined Binance Coin. It started based on the Ethereum Network, but it is now the Native Currency of Binance’s very own Blockchain, which surprisingly is called the Binance Chain.
Binance was initially created as a utility token for discounted trading fees, but it has expanded wildly! It is when we say it’s one of the Best Cryptocurrencies! An Interesting Fact about BNB is that Binance uses 1/5th of its profits to take back and destroy the Binance coins held in its treasury every quarter.
- BNB is connected to the largest Cryptocurrency exchange in the world: The Binance Exchange—a huge pro.
- Speaking of Binance, it has many uses that most other Cryptos aren’t privy to.
- One of the best advantages of Binance Coin is that it’s a cheaper alternative to Ethereum, as ETH prices went up a lot.
- The exchange owns about 80% of the tokens. It made it highly centralized, giving them control to do whatever they wanted.
- Binance might have its hand full with DEXs in the future, DEX being Decentralised Exchanges.
Cardano was founded in September 2017 by Charles Hoskinson, a co-founder of Ethereum. It, like Ethereum, was created as a platform for decentralized apps and smart contracts. It aims to be a much more scalable version by introducing two different types of technology. One is responsible for tracking the Balances of the Ledger, and the other for transferring the value. Additionally, Cardano makes use of 2 programming languages: Haskell and Plutus. In Addition, it is attempting to make it easier for developers to create decentralized applications.
Cardano regularly has high trading volumes! So you can actively trade in this market without worrying too much. Cardano is a very good Cryptocurrency today, and it can safely be called one of the best Cryptocurrencies and is worth watching for.
- Cardano is backed by a global academic community of researchers and scientists helping construct its Blockchain.
- Cardano plans to be highly adaptable with Readable addresses, Cardano debit cards, and more in development.
- Cardano aims to achieve interoperability, which means it can communicate seamlessly with other cryptocurrencies and their infrastructures.
- Cardano has presented several ideas yet to be developed into a finished product. As a result, it remains to be seen whether they will be accomplished successfully or not.
- There is already massive competition in the market.
Basic Attention Token (BAT)
This one is unique as it got its popularity from a browser. Yes, an internet browser. The Brave browser, created by Brendan Eich, is a popular and, frankly, one of my favorite browsers. It utilizes the BAT token amazingly and is used to tip content creators or anyone you find help online. You can even set it up so that it lists your favorite creators monthly or send a one-time payment to specific people.
Moreover, Brave also rewards users who watch ads by handing out BATs to them. In Addition, using Smart Contracts, advertisers can fund both Brave Browser and the Viewer.
- The Decentralized Ad Ecosystem that BAT is creating is an intriguing and unique feature. We also add value and incentives to the user side by paying them.
- BAT has a lot of experience on its team. Brendan Eich is a trendy and respectable figure in the Web Industry.
- Brave is a working released product, and its growth is already rising.
- BAT still faces quite a lot of fierce competition from huge players in the market.
- Using Referral programs across different platforms might show increased users, but it is generally not from actual long-term users.
- BAT’s wallet cannot be used for payments and, at this point, can only be used to receive its currency.
Cryptocurrency hails from China. NEO is another Ethereum-based Crypto that focuses on the Smart contract platform, helping devs launch Distributed Apps on the Blockchain. Now unlike Ethereum, NEO relies on very few nodes, thus making it a little more centralized than Ethereum.
The protocol is called “Antshares,” which uses two coins: NEO and GAS. NEO is for the Equity protocol, while GAS is the “Fuel” for executing these smart contracts. In sum, NEO sits comfortably in the top lists throughout, making it highly liquid.
- It is easy for developers to support it using languages like C+, Java, and Python. Due to this, more and more developers are jumping on the trend.
- Strong backing from the Chinese government ensures longevity.
- Lack of popularity in the Western Market.
- Competitors like Ethereum are already more popular and have a loyal user base. Trying to pull them away from that would create big issues.
Enjin is Different. It aims to bring esports, VR, and social games into the Blockchain. Now hear me out; this means gamers can own assets from their favorite games. Just imagine playing a game, and after you’re done, you can sell the assets you earned to other players and make money off it!
Buy and collect stuff in-game and use platforms like twitch or its market to sell these. Additionally, It also has a promising new idea. Players transfer their items and characters to a wholly new game. It is one of the best cryptocurrencies, despite its a niche market.
- A lot of Demand from developers who want to use NFTs to promote their games.
- The public owns 80% of the supply, thus making it very decentralized and stable.
- They have a long list of partners ranging from Game Developers to Companies like Samsung!
- Niche market, as it mainly focuses on gamers and competitive esports players.
- They recently minted 2 million coins themselves, thus breaking a few promises they had made in the early days.
Dogecoin is a real digital currency with a vibrant community of users, as absurd as the name seems. It is a decentralized, peer-to-peer digital money allowing online monetary transactions. The currency’s name is derived from the internet ‘doge’ meme concerning the Shiba Inu, a Japanese dog breed. The currency’s fun and welcoming mascot is this dog. On December 6, 2013, it was launched as a ‘joke currency,’ but it immediately gained a large global following as an altcoin and is steadily becoming one of the best cryptocurrencies.
Elon Musk contacted Dogecoin founders for assistance in combating Twitter Scambots, demonstrating the currency’s growing popularity. Billy Markus, a programmer from Portland, Oregon, designed the money and wanted to make a fun crypto that more people could utilize.
- Dogecoins is one of the fastest out of the Top 10 Cryptocurrency list as its transactions are secured.
- It is valued low, which is excellent for lower-value transactions.
- It also has low transaction fees, making it very attractive for daily use.
- Dogecoin is very popular in the Gaming and Streaming communities; this, in turn, brings more people into the Dogecoin Community.
- It is a lower-value coin with a lower level of stability and maturity than other coins on the market.
- It is less secure than other coins.
- It was not profitable to farm as it was created as a Proof Of Work coin and nothing else.
Closing words on best Cryptocurrencies
Cryptocurrencies have come a long way from their beginning. Starting from its early days when it was just a little hobby for some tech nerds has turned into a full-on new take on the Economy. Therefore, anyone can join in, from gamers to students to big corporations and business people.
The future is uncertain, but we can say for sure that cryptocurrency will be one of the most significant factors. With the Metaverse being created, Crypto is the way to go for the future. We hope our list of the Best Cryptocurrency can help you figure out what to buy for yourself. The future is digital, so why shouldn’t your money be too?
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