So firstly let’s find out what is the cryptocurrency is. Cryptocurrency – a digital medium of exchange that uses encryption to secure the processes involved in generating units and conducting transactions. The market value of all cryptocurrencies in 2017 has recently exceeded the mark of the $100 billions. . Now is absolutely clear that cryptocurrencies is not just a hobby for enthusiastic geeks and a method of payment in «darknet».
For simply several years cryptocurrencies may take the place of fiat money. And it concerns all spheres of human activity.
The cryptocurrencies of 2017 brought changes not only to the financial world, but the world in general, and it’s hard not to notice that.
The possibilities, that it gives is not yet observed by majority of people but it’s really captivating and numerous. So finally all people will have an opportunity to transfer their money securely, instantly and directly. And to speed up this process we collected for you top 5 cryptocurrencies +1 that gains popularity.
International transactions can be conducted up to 1 week. All businesses and individuals is looking for an lucrative opportunity to send the necessary amount of money around the world in a couple of seconds – cryptocurrencies review says that it would be possible. And the main point while using cryptocurrencies is that fraud is almost impossible.
The blockchain technology, on which all cryptocurrencies is based on, is secure by design. This will at times reduce the fraud possibility and make the financial world a safer place. And it will work for all crypto currencies like bitcoin.
Cryptocurrencies probably will make a revolution that was impossible in centuries – getting rid of the banks. This will concerns at least money transfers. Cooperating with banks is painful not only due to long process of payments but also charge the mediation. When cryptocurrencies will gain popularity, people will forget about these problems. To clarify all details further you will find cryptocurrencies description.
The Top 6 Choices
Bitcoin – was the 1st publicly traded cryptocurrency. It was launched in 2009, and its appearance marked the new era of development of the global financial system. Bitcoin constitutes about 45% of the total cryptocurrency market capitalization and at the moment is being the most expensive one. The number of bitcoins is hardware-limited by 21 million and it takes the 1st place among other cryptocurrencies according to the level of trust. Bitcoin creator is considered to be Satoshi Nakamoto, but it’s not the prove fact and nobody ever seen him is person.
This is the 2nd cryptocurrency by popularity in the world after bitcoin, which is a huge success taking in consideration the pioneering status of BTC. It is worth more than 50% of all bitcoins in the world.
What sets Ethereum apart from others is smart contract functionality. It reduces transaction costs and helps to provide additional security. Stored in the Ethereum blockchain, smart contracts play a role the exchange mechanisms which can carry out the direct transaction of value between untrusted agents. The success of Ethereum is mainly related to this technology. The information about Ethereum is well-known for volatility spikes. On 24 June 2017, the currency briefly crashed from $319 to 10 cents only to rebound later that day.
Ripple is cryptocurrency launched by the same name company, which provide global financial solutions. So in the circumstances is was logical step to create their own cryptocurrency. The creators describe the Ripple as most scalable and fastest in the world digital asset. It really has impressive throughput: 1 000 deals per second (66 times more than Ethereum), unmatched stability and can boast almost immediate transactions. At the moment Ripple is the world’s third largest cryptocurrency by market cap.
Informal name of this cryptocurrency is XCoin or Darkcoin. It was launched not so long ago – on 18 January 2014, so it’s exists for 3 years. In general it gives all capabilities that bitcoin do, but have some addition: the InstantSend – Instant Transactions, the PrivateSend – Private Transactions and the DGBB – Decentralized Governance.
So the Dash gives the possibility to send money instantly and while doing it stay completely anonymous. It’s possible due to Tor-like technology. In this cryptocurrency is realized the a two-tier system. Miners, who use blockchain, belongs to the 1st tier. The 2nd tier is masternodes that enable the advanced features (Dash-specific add-ons).
IOTA is supposed to be new cryptocurrency that is advertised as a new generation blockchain. The core idea is optimization for the Internet-of-Things. Unlike other heavy and complex blockchains that other cryptocurrencies is using, IOTA made an attempt to develop something with the intention of making it as lightweight as possible.
IOTA relies on tangles instead of using blockchains. Tangles are based on the DAG technology (Directed Acyclic Graph) that does not differentiate between regular users and validators that approve the transactions. So it means that if user wants to commit a transaction himself he will need to confirm 2 other transactions at first. It’s the basis of decentralized IOTA system.
Litecoin was created after the initial triumph of bitcoin and is 1 of the alternative cryptocurrencies. At first look you can think that Litecoin is bitcoin on steroids. The core difference between these cryptocurrencies is in the following: Litecoin confirmation of transactions is much faster. It’s possible because Litecoin isn’t controlled by any central authority. Moreover it has 0 payment cost and carries out transactions at four times the speed of bitcoin.
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Bitcoin is legal in the following states and territories: the EU, Croatia, Czech Republic, Germany, Poland, Romania, Slovakia, Slovenia, Switzerland, Denmark, Estonia, Finland, Iceland, Lithuania, Norway, Russia, Sweden, Bosnia and Herzegovina, Bulgaria, Greece, Italy, Malta, Portugal, Spain, Turkey, Belgium, France, Ireland, Luxembourg, Netherlands, United Kingdom, Australia, New Zealand, Nigeria, South Africa, Zimbabwe, Canada, United States, Nicaragua, Argentina, Brazil, Chile, Colombia, Cyprus, Israel, Jordan, Lebanon, India, Pakistan, China, Hong Kong, Japan, South Korea, Taiwan, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam.
The following countries banned the use of bitcoin or cryptocurrencies in general: Kyrgyzstan, Bangladesh, Bolivia, Ecuador.
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.