Top Cryptocurrencies – discover the market rulers

Top Cryptocurrencies

Top Cryptocurrencies

Cryptocurreny market is surely one of the most prominent investment opportunities in the world at the moment. By investing your time for research and a desired amount of funds, you can experience some serious gains. However, the question is how to recognize investment opportunity before the ship sails. We’re going to help you out by introducing top cryptocurrencies to you – by analyzing their ideas, achievements and price changes, you’ll have a starting knowledge for your future investments.

They are constantly growing and are representing a great option for long-term investment. Now read on and discover the current top 5!

Top Cryptocurrencies | Bitcoin

The first and greatest of them all, Bitcoin is the most recognized and most expensive cryptocurrency in existence. Created back in 2009 by a single person or a group of people behind the alias Satoshi Nakamoto, this cryptocurrency introduced blockchain technology, decentralization concept and mining to the world, making a complete breakthrough in the world of finance that will soon be spread across all industries. Its price and quantity is controlled by user themselves thanks to implemented peer-to-peer protocol. All Bitcoin transactions are anonymous since your personal information is not linked by any way to your Bitcoin address, but all transactions can be viewed by anyone on the blockchain explorer. Furthermore, it’s easy to set up, fast, has smaller transaction fees than common transaction methods and it is immutable – if the transaction has happened, it is stored on the encrypted blockchain forever and no one can change it. Bitcoin is being accepted on more places with each passing day, so it can rightfully be named “money of the future”.

Top Cryptocurrencies | Ethereum

Although they utilize the same blockchain technology, Ethereum and Bitcoin are not connected in any other way. While Bitcoin represent a peer-to-peer network enabling online payments, Ethereum is actually a software development platform designed for creating and deploying so-called decentralized applications or Dapps. These applications are created in a form of a smart contract, a piece of code that is saved on the blockchain and is executed when specific conditions are met. We have to emphasize that, even before the creation of Ethereum in 2013 by programmer Vitalik Buterin, blockchain had some basic abilities for code execution. However, Ethereum has risen it to a whole new level by introducing its main innovation, Ethereum Virtual Machine or EVM. It is a platform for coding applications of all kinds, as well as decentralized autonomous organizations or DAOs. These are decentralized, leaderless organizations owned by all people in possession of certain tokens that serve as a right to vote for a certain agreement. All Dapps have the same benefits of blockchain – immutability, security, corruption proof and inability for switching them off. Ethereum has seen a significant increase of popularity lately, mainly due to the fact that its platform is used by many ICOs that are trying to enter the market. Thanks to its fantastic, ground-breaking technology poorly copied by others, Ethereum is surely here to stay for years to come.

Top Cryptocurrencies | Ripple

Much unlike Bitcoin, which was designed to give its users freedom from bank-controlled transaction mechanism that is often costly, insecure and slow, Ripple tends to upgrade that same mechanism. It features its own Ripple network, a blockchain-based solution that includes proprietary payment network, currency exchange which enables you to convert your cryptos or fiats to Ripple or XRP tokens, as well as RTGS system for quick allocation of big money volumes. The network, designed in 2012, can process more than 1000 transactions per second, each of them getting written to the decentralized blockchain ledger, with each transaction taking seconds to get approved. With a working product and hundreds of active clients, including top banks like Santader and UniCredit, Ripple is surely doing a great job. However, its direct connection with banks is what makes Ripple Network somewhat criticized in the crypto community. Die-hard Bitcoin fans, for example, are rejecting Ripple because of its cooperation with banks, the behavior of which was the trigger for the sole creation of cryptocurrencies. Furthermore, lack of decentralization is being emphasized as well, since the company that has created this ecosystem, Ripple Labs, has pre-mined all the coins and still holds a great portion of them. Although many other cryptocurrencies are operating on the very same principle, by regulating the total circulating amount at their own pace, potential investors are worried how the coming volumes will affect the price of tokens. Nevertheless, Ripple has many more interesting things on their roadmap, so it will be a thrill to watch how this company will develop in the coming years.

Top Cryptocurrencies | Bitcoin Cash

Before explaining what Bitcoin Cash actually is, we must first explain one of Bitcoin’s biggest problems that led to the creation of this cryptocurrency – scalability. Initially, Bitcoin was designed with a block size of 1 MB used to prevent hackers from adding long block data that could block the network, thus performing DoS attacks. Each block is being added to the chain every 10 minutes, which basically ensures the permeability of up to 7 transactions per second, or 250 thousand transactions per day. For comparison, Visa can handle up to 24 thousand transactions per second, which imposed the question: can Bitcoin truly become a worldwide accepted currency if its initial design is so crippling? Due to its entrance to mainstream, Bitcoin transactions became clogged as more and more people are attempting to send Bitcoins. This resulted in high transaction fees – in order to get the approval for your transaction, you have to attract miners, and the only way you can do it is by offering them more money for their work. Bitcoin developers agreed to temporarily solve the problem by stripping some information from the primary blockchain to the secondary one, by implementing something called SegWit. Others wanted to bypass the problem by increasing the block size, and that eventually led to the hard fork of Bitcoinblockchain, creating the Bitcoin Cash cryptocurrency. The biggest difference is that it has a block size of 8 MB, which guarantees higher number of transactions handled, increased speed and lower fees. Other than that, other key aspects are pretty much the same as with Bitcoin. The future of Bitcoin Cash strongly depends on the mining competitiveness with original Bitcoin, but for now, it looks like it will be one of top cryptocurrencies for quite some time.

Top Cryptocurrencies | Litecoin

Often referred to as “silver to Bitcoin’s gold”, Litecoin is another one of the top cryptocurrencies designed as a peer-to-peer transaction system, or digital money. Created in 2011 by Charlie Lee, a former software engineer at Google, it does exactly what its name implies – being a “lite” version of Bitcoin. The main difference is that it utilizes shorter block generation time, 2.5 minutes compared to Bitcoin’s ten minutes. This also reduces the risk of the so-called double spending attacks. The total coin supply is also higher, 84 million compared to 21 million Bitcoins that will ever be generated. Although they both use proof-of-work protocol for transaction validations, computing algorithm is slightly different with Litecoin, as it is designed to affect memory speed rather than computing power. And that’s pretty much it when it comes to differences. It will be interesting to see how Litecoin will perform in the future, especially considering the fact that there is a growing number of cryptocurrencies offering same functionality, but with some more advanced features. However, Litecoin is considered as one of the most stable coins on the market, with its current price being a little over 50$ per coin. This makes it a solid investment opportunity for those looking for a long-time holding. That being said, we can now conclude this overview of top cryptocurrencies.

Top Cryptocurrencies | Conclusion

Now you have been introduced to the top cryptocurrencies that are currently ruling the market. Each of these has a market cap well over billion dollars, which is an overall sign for a good investment opportunity. Although each of these has its general pros and cons, based on the growing acceptance and recognition of cryptocurrencies, the top 5 will surely stick around for a very long time. Bear in mind that the cryptocurrency market is still fairly young, so expect surprises on a daily basis. The final investment decision, however, is entirely up to you. Be sure to check the background of each cryptocurrency you wish to invest into – analyze their use cases, check out what are they planning in and for the future, and see what other traders think. Good analysis is a key to a sound investment, remember that. Also, be sure to check our other articles, as we will be covering more cryptocurrency-related topics in the coming articles. Until next time, we wish you safe investments!

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Author: Ben Prescott

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