Over the last few years, the term cryptocurrency has gained wide popularity in the world of digital business. It is a type of digital currency which uses advanced cryptography techniques for security and anti-counterfeiting measures. Technically speaking, it is just a list of figures in a database, which demands authorization and fulfillment of certain conditions to change it. This may seem ordinary, but in actual sense, this is how a cryptocurrency is defined.
A peer-to-peer internet protocol is used to monitor the entire economy of cryptocurrency. Digitally it is an encrypted string of data or a hash encoded to signify one unit of currency. It is one of the fastest and hassle-free means of payment option, surpassing geographic boundaries. Due to its private, confidential and anonymous characteristics, it is the primary payment option for black markets and for other outlawed economic process.
Compared to the hard existing currency, the advantages of cryptocurrency lies in:
- Full control over your money
- Minimum transaction overhead
- Fast and encrypted global transactions
- Unbound to exchange rates, transaction fee and interest rates
- Quick transfer from nation to nation within a matter of seconds
In the near future, cryptocurrency is going to be a perfect replacement to credit cards and traditional currency as an effective tool in global commercialization. The fact is that still many people have no idea about cryptocurrency and hence they need to be educated to implement it in their lives. To simplify the ongoing business process, many organizations have started to adopt this cryptocurrency as part of their financial system. Herein, this article elaborates the top 5 most widely used cryptocurrency around the globe:
The first original cryptocurrency, on the planet earth, created and released in the year 2009 by Santoshi Nakamoto, an anonymous personality. The overall market capitalization of bitcoin currency is estimated to be about $20 billion, subduing all another existing cryptocurrency. They are much more secure than your bank account and support high encryption methodology. Bitcoin can be linked to gold rather than fiat and is deflationary with less prone to government manipulation.
The organisation named OpenCoin is behind the development of ripple protocol The popularity of ripple lies in its real-time gross settlement system, inter currency exchange and substantial remittance network. It was launched in the year of 2012, and has acquire a market capitalisation of $300 million. In order to eliminate the overhead cost, ripple system has collaborated and integrated with major banks and payment networks.
This widely acclaimed cryptocurrency is also known as PPCoin or PPC which uses peer-to-peer networking technique with proof-of-stake and proof-of-work systems. Customers love to do a transaction with peercoin, because of its 1% annual PPC return when mining. In 2012, peercoin placed its foot in the global financial world.
Dogecoin was released in the year 2013 by a programmer named Billy Markus and its prominent usage lies in issuing tips to users in forums. The overall market capitalization of dogecoin is valued to around $30 million dollars. During its inception, it is known as ‘joke currency’ and day by day its community is growing up.
Ether – the cryptocurrency for Ethereum, is the most popular decentralized platform that is characterized by the execution of its peer-to-peer smart contacts. Since, after the attack to the DAO, Ethereum was classified into two 2: Ethereum (ETH) and Ethereum classic (ETC). Globally either has capitalized the market with approx $2 billion. It eliminates the need of third party involvement to develop code and enact contracts. Usually, it is the primary alternative to bitcoin and is visualized for its smart contract functionality.
There are tons of cryptocurrency available in the market, but the top 5 listed above are the ones that companies are finding it enticing in terms of financial benefits.
Rahim Makhani is the award winner CEO and founder of Auxano Global Services – the web and mobile application development company. He is keenly interested in writing blogs pertaining to digital assets along with tech blogs on android app development and iPhone app development. During his spare time, he loves to dive in the pool and enjoy playing golf with his friends.