For cryptocurrencies, 2017 was a bumper year as its market value grew from approximately $ 18 billion in January 2017 to $ 800 billion in January 2018.
Unfortunately, since then, as the prices of almost all of the top ten cryptocurrencies plummeted, their market value began to reach a low of $ 254 billion in April 2018, and we have seen a huge improvement.
In this guide, I will share with you an overview of the most popular cryptocurrencies. I will discuss their advantages and disadvantages and investment history.
cryptocurrencies are Bitcoin.
Founded in 2008, Bitcoin is the first cryptocurrency ever. The interesting thing about Bitcoin is that no one knows who created it. All we know is that he / she / they went under the pseudonym of Satoshi Nakamoto.
Bitcoin is a digital currency based on a distributed ledger technology called blockchain, and you can learn more here. When making electronic payments, Bitcoin eliminates the need for centralized intermediaries such as banks and credit card companies.
If you want to pay 1 BTC to your friends, you can do it directly without bank intervention. Therefore, the two words that describe Bitcoin will be decentralized and digital. Its purpose is to create alternatives for fiat currencies (e.g. USD, GBP, JPY, etc.).
- Ethereum (Ethereum):
Ethereum is the top most famous crypto currency places after bitcoin. Ethereum was created by Vitalik Buterin in 2015.In fact, it is not just a digital currency.
Ethereum is a blockchain-based platform for developing decentralized applications and smart contracts. Ether is a native cryptocurrency used for all transactions on the Ethereum blockchain.
Note: Smart contracts are protocols encoded on the blockchain, and they execute themselves when certain preset conditions are met.
This means that if you have an idea for a project / application using blockchain technology, you don’t need to develop your own blockchain. The reason Ethereum is different from the other top ten cryptocurrencies is that you can start building it on the Ethereum blockchain.
- Ripple (XRP):
Ripple is a very unique cryptocurrency because it focuses on solving problems related to one industry (international payment transfer). It was founded in 2012 to make international transactions fast and cheap.
Of the 100 billion XRP totals, 50 billion are owned by Ripple Labs (the company behind Ripple).
This is a completely different approach compared to most other top ten cryptocurrencies, and in most other top ten cryptocurrencies, no central entity holds most tokens.
- Bitcoin Cash (BCH):
As the name suggests, Bitcoin Cash was forked from Bitcoin itself in 2016. When the Bitcoin developer community was unable to reach an agreement on the required changes to the Bitcoin code, it was forked into BCH, currently in the middle. Top 10 cryptocurrencies.
Note: Forking is the case of splitting a cryptocurrency into two parts. The parent cryptocurrency retains its functionality, while the child cryptocurrency is technically improved.
The purpose of creating BCH is to solve some existing problems of Bitcoin, especially in terms of scalability and transaction fees.
EOS tokens were launched through an ICO in June 2017. The EOS platform is expected to launch in June 2018, and it will become a direct competitor to Ethereum and NEO.
EOS was created by Dan Larimer, who is also the founder of cryptocurrency exchange Bitshares and blockchain-based blog site Steemit.
EOS is building a platform for developers to build decentralized applications and smart contracts, but the technology has made tremendous progress.