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Most Popular Cryptocurrency

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Cryptocurrency

Cryptocurrency is a digital currency and since the invention of Bitcoin there have been numerous other cryptocurrencies that have entered the Market. It is a currency that uses encryption technology which secures peer to peer transactions and which is generally free.

Cryptocurrencies are very similar to fiat currencies because they too have no value attached to them. The only difference being that most the time cryptocurrencies are not controlled by any government or country. the way cryptocurrencies gain their value is simply through supply and demand as the users buy and sell using exchanges and what value they have to the merchants.

What are the main differences.

The currency is not controlled by any banks and therefore …show more content…

To do these types of transactions it is wise to be cautious.

Mining Bitcoin is another way of obtaining Bitcoin but even though the idea seems simple at first a person does require some high powered equipment to solve the mathematics in order to obtain the Bitcoin. It is an important part of cryptocurrencies daily transactions and it ensures that they are secure and at the same time keeps the networks stable.

Comparison of the most Popular Cryptocurrencies

Bitcoin has been the best known cryptocurrencies for a long time and has been known to be volatile at times and it lost to a low 37% in the past week. It is still the strongest of the cryptocurrencies but there others that are also performing well in the markets and are consistently gaining ground on Bitcoin. Ethereum is one such currency but its value against the US$ is much lower than that of Bitcoin.

The other cryptocurrencies that are performing well in the markets are Ripple, Litecoin, Dash, and Ethereum Classic.

Why Invest in Cryptocurrencies

As populations form all over the world are getting more interested in the use of cryptocurrencies some governments are realising that they need to get involved if they want to have any say on how these currencies will benefit their …show more content…

However there are more businesses that are accepting cryptocurrencies as a form of payment. There are more countries that are gearing up to find ways of regulating the currencies if they can and with countries such as Venezuela where there are cash constraints cryptocurrencies should increase in use.

At the moment there are some countries such as America who are the leaders when it comes to the use of cryptocurrencies and have a multitude of businesses that accept the currency from Microsoft to hotel chains. As this trend slowly spreads throughout the world as more confidence is built the demand will increase and the cryptocurrencies such as Bitcoin, Ethereum and Litecoin just to mention a few will also increase in value.

Conclusion

Cryptocurrencies are still very young in the financial history of the world as it was only first used in 2008 but it is gaining rapidly in popularity and the confidence of people using it is also growing. It has already made an impact in such a short time and will probably continue to do so but to what extent only time will

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