Since blockchain technology became available, a number of different cryptocurrencies have emerged. In principle, it’s possible to create your own cryptocurrency within a day. In recent years, this has resulted in more than 1600 cryptocurrencies that are traded on various exchanges.
However, fewer than 100 of these currencies are likely to serve their real purpose. That’s why we can state that only a few digital currencies are actually interesting for investors. They offer users a lot of options as they are accepted by more and more retailers and organizations. It is already possible to pay with cryptocurrencies in many online shops and casinos.
Top 3 Crypto Leaders
Without any doubt, the two cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have been the most important digital currencies from the start. In recent years, Ripple (XRP) has taken third place and even briefly overtook Ethereum’s market cap. In addition to the three most important digital coins, there are also other worthwhile cryptocurrencies. Let’s consider them!
Litecoin
Litecoin has established itself as a potential alternative to fiat money. Despite the fact that developers created the currency as a potential Bitcoin competitor, the digital currency strives to establish itself as a means of payment for goods and services. Litecoin is more practical than many other digital currencies, however, the coin can only be used to a very limited extent. Transfers can be confirmed much faster than that of other coins, but stores still cannot use the currency because it’s not widespread enough.
NEO
A digital contract and NEO dApps platform were published in 2014. It’s trying to compete with Ethereum and provides customers with a technologically improved version of blockchain technology. The functionality of both currency systems is relatively similar, but the platform seems to be technically superior to its competitors. Ultimately, however, the platform has not been able to achieve a higher market share yet, primarily because Ethereum has performed well in the crypto market.
IOTA
IOTA cryptocurrency is based on a DAG structure (Directed Acyclic Graph) and can be described as a unique cryptocurrency. It’s primarily designed to work with IoT devices, thus enabling microtransactions between connected devices. The cryptocurrency has become one of the most traded cryptocurrencies in the past few months as IoT technology becomes more and more popular.
Final Conclusions
All new cryptocurrencies are fighting against Bitcoin, which is widely considered to be the original cryptocurrency. Since it was made available by blockchain technology in 2009, Bitcoin has been the first choice as an alternative to conventional fiat currency systems. The idea of creators was to break the centralized power of financial institutions and to offer society a financial mobility again. Bitcoin is supposed to prevent people from losing their savings due to inflation of fiat currencies.
What digital coin do you consider the most traded one? Feel free to share your ideas in the comments!
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