Most Well-Known Cryptocurrencies

Most Well-Known Cryptocurrencies

Contrary to popular belief Bitcoin isn’t just the only cryptocurrency that has gained attention these past few years. There are some that escaped Bitcoin’s shadow and became well-respected in their own right.

Here are 6 more cryptocurrencies any crypto enthusiast should keep his or her eye on for 2021:

Monero

Monero is an open source currency that’s untraceable and secure. It was launched in 2014 and soon became a fan favorite.

Monero enjoyed immense attention and its value rose, mainly due to donations and the community. Its two main focus is decentralization and scalability. Furthermore, it has a level of privacy of its own, called ‘ring signatures’.

Tether

Tether belongs in a special group of tokens called ‘stablecoins’, which aim to reduce volatility by being tagged to an external resource.

The crypto attracted those who wanted to be cautious investors. In effect, those who wanted to enjoy the risk and volatility Bitcoin can bring could get it and then Tether for a well-rounded approach.

Tether is directly related to the US dollar, and the system allowed investors to turn their assets into cash faster than any other token.

Stellar

An open Blockchain network mainly utilized for enterprise purposes, Stellar has made its home in large transactions by financial institutions.

It’s a well-known fact that large transactions between multinational firms take days to complete and require the services of intermediaries, but Stellar aims to disrupt all that. When properly implemented, Stellar can reduce the processing time to minutes instead of days.

Ethereum

Ethereum is a contender to Bitcoin and serves as an infrastructure to decentralized apps.

Aside from DApps, Ethereum is attributed to smart contracts that allow for automated processes without needing the help of a third party. Initially, the goal of ETH was to create a suite of financial solutions that’s available for everyone.

Ethereum’s token, Ether is used as a navigational tool for the platform. It’s available on the most reputable crypto exchanges and can be easily bought using fiat currency. To get expert advice on when to buy and sell Bitcoin, Ethereum and other cryptocurrencies you should visit Etherum Code.

Polkadot

A relative newcomer, Polkadot has a quirky name that belies its function. By itself, the cryptocurrency delivers operability between Blockchain systems and allow permissionless, permission and oracle platforms to ‘speak’ to each other seamlessly.

Polkadot is fundamentally different from Ethereum in that participants can create their own Blockchain while utilizing the token’s chain.

It’s worthy to note that the creator of Polkadot is Gavin Wood, who worked on Ethereum before splitting to form his own.

Bitcoin Cash

Bitcoin Cash is not Bitcoin, but rather an offshoot or what’s called a ‘hard fork’. This occurs when the developers and miners are unable to come to an agreement on the purpose and future of the cryptocurrency.

BCH was created in 2017 and was bigger in terms of block size. This allows for faster transactions and lower costs. Enthusiasts quickly warmed to the idea and soon, Bitcoin Cash was a respected token that’s more than just a digital asset.

Cristina Macias
Cristina Macias is a 25-year-old writer who enjoys reading, writing, Rubix cube, and listening to the radio. She is inspiring and smart, but can also be a bit lazy.