Understanding the Types of Cryptocurrencies

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In a few years, cryptocurrency is getting even bigger and spread across the countries. It has many kinds of types, variating from the bitcoin to other smaller currencies. For beginners, understanding the differences between each currency can give you such benefits. Besides, you can also get to know more about the different types of currency. Cryptocurrency has many kinds of benefits and uses. If you’re looking for the most suitable cryptocurrency to invest, you can choose the one that will benefit you. The cryptocurrency needs to be safe and secure, as you will use it for some purposes.

The most popular purpose of cryptocurrency is for purchasing things you need. It varies from the software to any physical things. The most interesting thing about cryptocurrency is about its decentralized system. It means, there will be no agent for supporting your transaction. When you make a payment, you will do it with peer-to-peer transactions. The system allows you to do the transaction directly to the other party of your transaction. It makes your transaction more secure and you’ll also get more commissions the more you do transactions using cryptocurrency.

Get to Know Top 5 Cryptocurrencies

When you’re about to know the cryptocurrencies and their types, you need to understand its use and others. In case of understanding how to use cryptocurrencies, you can start by getting to know better about the top 5 of the best, most popular cryptocurrencies that will be beneficial for you to have. Here are 5 of the most used cryptocurrencies in the world:

  1. Bitcoin

The most popular cryptocurrency is Bitcoin. When you hear cryptocurrency, you’ll relate it to Bitcoin. Indeed, it has been the biggest cryptocurrency in the world with most users. It was released in 2008 by Satoshi Nakamoto. As the first generation of cryptocurrency, it has many users and it grows even bigger in the industry. It makes the use of cryptocurrency easier and massive. Some of the big companies in the world like Overstock.com, Microsoft, and Expedia also use Bitcoin as a payment method.

  1. Ethereum

After Bitcoin, you might also know about Ethereum. It was released in 2015 by Vitalik Buterin. It gets more useful as it is a blockchain-based platform for developing decentralized applications and smart contact. By adding the smart contact feature, it has become a cryptocurrency that changes the world. It also offers ICOs to promote other blockchain projects, making it even more popular among the users.

  1. Bitcoin Cash

You can see it from its name, it is another product of Bitcoin. It was released in 2016 by some developers in Bitcoin as some changes occurred in BTC codes. Thus, Bitcoin Cash is presented to the market, being a cryptocurrency that resolves the problems in Bitcoin, especially in its scalability and transaction fees. Many people consider Bitcoin Cash as a good cryptocurrency as it provides fast transactions, making it more competitive than Bitcoin.

  1. Ripple

It focuses on how it can transfer international payments. It was founded in 2012 with the purpose of making international transactions faster and more affordable. It only takes a few seconds to transfer from a user to another. It has a lower transaction fee, which makes many users satisfied with this cryptocurrency. It gives a real solution for international payments. So, no wonder many people fall for this cryptocurrency.

  1. EOS

Launched through ICO in June 2017, EOS is strong competition for Ethereum and NEO. It was founded by Dan Larimer, a founder of Bitshares exchange cryptocurrency. As it improves its features, it also offers the developers to develop more decentralized applications and smart contract. It emphasizes in a wider, much vaster technology.

Those are some of the most popular, most used cryptocurrencies in the world. You can use plenty of its features when choosing the most suitable currency for your need. As it is varied, you can determine which of them the best for you is.

The Use of Cryptocurrency for Business Needs

As it is becoming more popular, the use of cryptocurrencies is getting even more variations. From becoming a purchasing tool for some online commodities to its use as a payment method in big companies, it gets more parts in life as people love it more to experience the simplicity and easiness. Cryptocurrency has become bigger and keeps growing. It makes your business more promising in the future. With that being said, cryptocurrency is getting more popularity in the industry.