Bitcoin Write For Us – The cryptocurrency landscape is hugely diverse. There are more than 1,600 cryptocurrencies offered on the leading, medium and specialized exchange platforms. With few barriers to overcome, almost anyone who wants to and understands blockchain technology can create a cryptocurrency.
About these cryptocurrencies and digital tokens, it fair to say that the number that has real significance can reduced to a list of two digits. This smaller group can further narrowed down to cryptocurrencies traded long enough to have significant liquidity or that regularly used to pay for blockchain platform uses as utility tokens. We could likely include between 20 and 30 pieces of digital money in this category.
Since the start of the cryptocurrency marvel, the two most popular cryptos have been Bitcoin and Ethereum (Ether).
Beyond Bitcoin and Ethereum, other cryptocurrencies are enjoying popularity. However, their value and public interest tend to rise and fall. The exclusive Crypto 10 Index, which made up of the most popular cryptocurrencies, can also traded.
What are the most popular cryptocurrencies for traders?
One way to determine the most traded cryptocurrencies is to look at which are offered as CFDs on powerful trading platforms like Plus500. Below you can see the cryptocurrencies that most interests Plus500 users.
A quick internet search suggests that the most popular cryptocurrencies on the market today are:
- Ripple XRP
They are all different, so let’s take a quick look at their main features.
Bitcoin considered the original cryptocurrency; its launch in 2009 started the entire cryptocurrency movement. However Bitcoin – and blockchain technology – was developed by a person or group working under Satoshi Nakamoto’s pseudonym. Bitcoin was presented as an alternative to the traditional monetary system, known as fiat currency in the crypto world. Satoshi Nakamoto’s true identity has never revealed.
In the Bitcoin white paper, Nakamoto stated that a fiat monetary system controlled by central banks and many financial institutions led to a centralized wealth and power with which economic and social mobility was complex. The savings of ordinary people were hit by inflation, caused mainly by monetary expansion and money printing by central banks.
Bitcoin solves that problem by fixing the maximum number of units that can created, thus avoiding inflation caused by printing money. Peer-to-peer blockchain technology means no financial institution needed to facilitate transactions and verify ownership.
Bitcoin remains the most popular cryptocurrency, and its price movement strongly impacts the rest of the crypto market.
Ethereum is historically the second most popular cryptocurrency. However, it is very different from Bitcoin. Ethereum is the name of the blockchain platform, and Ether is the name of the cryptocurrency. Ethereum is a blockchain platform for ‘smart contracts.’
The platform can also be considered a standard with specific rules in which different applications, or Dapps – decentralized applications – can be created. Ethereum Dapp’s range from games to Initial Coin Offerings, or ICO, for its initials in English, which are the equivalent of crowdfunding or Public Offering for Sale in the world of cryptocurrencies.
Although other innovative contract platforms have been released since Ethereum, each claiming to be a more sophisticated blockchain technology, the original platform still maintains its dominant position as the most widely used.
While Bitcoin is intended as an alternative to fiat currencies, the purpose of Ether (in addition to being traded as an asset) is to be used as an income of payment for the use of the Ethereum platform. This cryptocurrency is known as the ‘utility’ cryptocurrency.
Ripple XRP is another utility coin. Closely linked and backed by several banks since its launch, Ripple XRP is regarded as the cryptocurrency of the establishment. Its blockchain platform is set up to facilitate international fiat currency transfers and increase efficiency.
The number of transfers made through the Ripple platform has gradually grown over the years, and there is a real possibility that it will become part of the traditional financial system.
Litecoin is another potential alternative to fiat currencies and a prominent rival to Bitcoin. This cryptocurrency has positioned itself as a more practical and technologically superior alternative to Bitcoin. Its creators hope that, eventually, Litecoin will used to pay for day-to-day services and goods. Transactions through Litecoin can be confirmed on the P2P network faster than transactions through Bitcoin.
In theory, this may make Litecoin more attractive for trading, but cryptocurrency transactions are still very limited in real life. Furthermore, Bitcoin’s established ‘brand’ maintains its lead as the alternative to fiat within all cryptocurrency options.
Like Ethereum, NEO is a platform for smart contracts and Dapps. Launched in 2014, NEO’s goal was to improve Ethereum by offering roughly the same utility through more sophisticated blockchain technology.
Many people claim that NEO is a superior platform to Ethereum. Still, as with Litecoin and Bitcoin, Ethereum’s age and better positioning have helped it maintain a larger market share.
IOTA is a unique cryptocurrency based on the Directed Acyclic Chart (DAG) structure. It was created to work with devices compatible with the Internet of Things, or IoT, for its initials in English. The IoT facilitates micro-transactions without costs involving connected devices, which also helps maintain the integrity of the information. IOTA recently jumped to the top of the list of most traded cryptocurrencies and seems to have a great future with IoT technology becoming the standard.
Trade Cryptocurrency CFDs Online with Plus500
Anyone interested in the dynamic cryptocurrency market by trading CFDs on the most critical cryptocurrencies can do so through the Plus500 CFD trading platform. All major cryptocurrency-to-dollar pairs are available and cross between cryptocurrencies and the popular Crypto 10 index.
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