A few months ago I was not aware that there are so many cryptocurrencies available in the world. Initially, I knew only about Bitcoin as a crypto but later on I got to know that Bitcoin is not alone in the race and there are several other cryptocurrencies available.
As of today, the world is witnessing over 20000 cryptocurrencies and that is a huge number. We know that it is a significant number but what do we really know about them? If I go into history, Bitcoin is the first crypto which was started in 2009 as open-source software.
Cryptocurrency is a digital currency in which transactions are maintained and recorded in a decentralized form which is known as cryptography. Now I not going into the detail of what is it. My focus of this article is to make you aware of some popular names in this field.
So without any further delay, let’s discuss some popular cryptocurrencies one by one:
Bitcoin is the first major cryptocurrency that was launched in 2009 and it is very popular among people. Initially, the value of bitcoin was very less and finally, in 2010 it crossed $1. After, the year 2010 and till date, the value of bitcoin has had a good raise. In 2022, the price of 1 bitcoin touch touched $19681.
But in November 2022 there was a downfall in the price and it touched the value of $16861. Which is also a very high value in comparison to other cryptocurrencies in the market. Bitcoin runs on a blockchain, and the system is distributed by thousands of computer networks. And most important, bitcoin is kept in a secure technology which is good to stay away from fraudsters.
2- Ethereum (ETH)
Ethereum is a technology that is decentralized and an open-source blockchain. After the bitcoin, if you know any popular cryptocurrency that is Ethereum (ETH). It comes next in terms of market capitalization. Ethereum has seen good growth in the price in last few years.
As on 30 November 2022, the price of one ETH was $1268. It is said that Ethereum is one of the smartest programmable blockchains with smart functionalities. Though there are many similarities between Ethereum and bitcoin, they have their own strength and functions which make their own identity. It is also one of the most popular cryptocurrencies in the world.
3- Cardano (ADA)
Cardano is one of the growing assets of blockchain in the world of cryptocurrencies. Cardano is a proof-of-stake blockchain platform. It is an open-source and decentralized system. It was developed by Input Output Hong Kong (IOHK).
The goal behind creating this project was to build a smart contract platform that could work on mobile devices and be used in multiple developing countries. Cardano uses Ouroboros as their consensus algorithm because it can be implemented on any hardware or software with speed and security. The value of one Cardano on 30th November 2022 was $0.3138
BNB is one of the most well know cryptocurrencies and it is a cryptocurrency that powers the BNB chain ecosystem. BNB was launched in the year 2017 and there are several benefits of it. You can use it to settle transaction fees on Binance smart chain. You can participate in the exclusive token sale.
And you can use BNP to pay for Goods and services and do more. Binance can be used to invest in stocks, ETFs, virtual gifts, and much more. However, to know complete detail and terms, you should visit the original website of BNB. As of 30th November 2022, the price of BNB coin was running at $299. This is one of those cryptocurrencies which has a high price value.
5- Solana (SOL)
Solana is a decentralized public blockchain platform and it runs on both proof-of-stale and proof-of-history mechanisms. It has smart contract functionality and is one of the fastest blockchains in the world.
Solana claims that it can support up to 50000 transactions per second without sacrificing decentralization which is a big milestone. Solana is not only a cryptocurrency but also a flexible platform for running decentralized apps. The price of one Solana is $13.67 (As of 30th November 2022)
6- Polkadot (DOT)
Polkadot was launched in 2020 and it uses a proof of stake mechanism. And its native token is DOT. Polkadot is a blockchain platform that aims to solve the scalability problem of existing blockchain networks. It also allows people who use its service to pay for computational resources using their tokens called DOTs. The price value of one Polkadot is $5.39 on 30 November 2022.
7- Litecoin (LTC)
Litecoin was launched in October 2011 by Charlie Lee. Charlie is an MIT graduate who had previously worked at Google and Coinbase. He was inspired to create a better cryptocurrency after seeing the success of Bitcoin. Litecoin is open source and decentralized peer-to-peer cryptocurrency.
Litecoin uses an open blockchain that anyone can access or contribute. It is decentralized money and free from censorship. Litecoin blockchain can handle higher transaction volume. As of 30th November 2022, the price of one Litecoin was $78.42.
The world of cryptocurrencies is huge and popular among people. Some people who are tech-savvy and or have an interest in cryptocurrencies, understand it. However, some are not having good or you can say enough knowledge about it. Actually, crypto technology and blockchain are not so simple to understand for everyone.
However, the industry has seen tremendous growth in the last decades. Whenever you want to invest in cryptocurrencies, I would suggest that you understand the market, history, and scope and get some knowledge about them. So that you better understand it and know the pros and cons. All above price reference is taken from coinmarketcap.com on the date of 30th November 2022.