A cryptocurrency is a digital asset created to work as a medium of transaction wherein particular coin ownership records are collected in a ledger existing in a form of the computerized database using strong cryptography to secure transaction records. For being able to control the creation of additional coins, and to authenticate the transfer of coin ownership It does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as unlike centralized digital currency and central banking systems. Whenever a cryptocurrency is minted or created or issued by a single issuer, it is generally considered centralized.
Now that we know about cryptocurrency, know that the cryptocurrency market is going to boom in the upcoming years. It is already showing huge profits for people who have invested in it. The top 5 cryptocurrencies which can take 2021 by the storm are-
1) Bitcoin
2) Bitcoin cash
3) Litecoin
4) Ethereum
5) Binance Coin
1) Bitcoin- It has a market cap of more than 600 billion. It has grown so strong and fast that at present it is the strongest cryptocurrency out there. They have dominated the market since their inception in 2009. Though prices have been volatile like from a high of $20,000 in December 2017, it fell to the ground and was at $3,234 by the end of 2018. But then the surge in the prices afterward was really high and they are at $40,000 in January 2021. Well, these statistics clear the air about how valuable Bitcoin is right now and you can buy it from T1Markets.
2)Bitcoin Cash- Bitcoins are predicted based on blockchain technology. They contain information related to crypto transactions with blocks that have 1 megabyte of data. These data blocks filled with time and slowed down the data transaction and increased transaction fees. So, some suggested storing less data but as that could compromise the integrity of cryptocurrency, Bitcoin Cash was introduced. It can store 8 MB of data making transactions faster with a lower fee. As I said, it allows faster and more frequent transactions with a lower fee. Remember, Bitcoin Cash is newer and one can say it is less popular than its predecessor bitcoin, but if one goes to measure it then they will find it has an incredibly high growth potential and that puts it in the list for best cryptocurrency.
3)Litecoin- This goes by its name of being the liter version of Bitcoin. It is like silver of bitcoin’s gold. Bitcoin seemed a bit complex to some who could not understand the underlying technology behind it. So, the founder Charlie Lee decided to help others by creating Litecoin. It takes lesser time for the transaction of litecoin as compared to bitcoin. The difference between both the transactions is about 8 minutes. Litecoins doesn’t require any specialized hardware or any impressive raw computing like that needed for Bitcoin. For example, In a real-life scenario, while the bitcoin transactions will take about 10 minutes to confirm themselves, litecoin transactions are very fast, It takes less than three minutes. Additionally, just like I said, it takes specialized hardware and amazing raw computing power for users to mine the bitcoin. The best part is Litecoin has a lot lower system requirements- You can even mine it with an ordinary PC. The two qualities it offers of being faster and easier are the perfect combination for any user or investor.
4) Ethereum- It works to decentralize the internet by replacing the system with a worldwide system of nodes. It is a software-based platform that helps the user to exchange a cryptocurrency called ether. It has become one of the popular currencies in the world with a market cap of $139 billion that makes it second to bitcoins. The platform has become popular as a host of other cryptocurrencies. If we discuss in detail, Ethereum is a software platform that is based on blockchain technology. In this, a user can exchange a cryptocurrency called ether. This has become one of the most famous cryptocurrencies in the world.
5)Binance Coin- It is more than a cryptocurrency. It was originally hosted on ethereum until Binance decentralized exchange, or, DEX went online in 2017. This platform can not only be used to buy and sell Binance coins but also to convert other cryptocurrencies from one to another. This Binance DEX is a decentralized platform. Here, the users here can do both the things i.e. buy and sell along with it they can convert one cryptocurrency to another. This has very easily made Binance DEX one of the best and biggest cryptocurrency exchanges on the planet by volume. It has helped to fuel the popularity of different types of digital assets.
We saw all the top cryptocurrencies, Now it is your decision to invest in the one you find suitable.