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The current age is flooded with digital transformations. Manual operations like business production, transactions, payments, in fact, every process is digitalized. Thanks to technology! Today, blockchain technology creates a buzz with decentralized networks to secure payments. Blockchain consulting & development services helps business to understand and integrate it into the business models. Since enterprises are shifting manual transactions to online, real currencies are being replaced by virtual currencies. Cryptocurrency has been popular for the last ten years. People are mining virtual coins like bitcoins, Ethereum, Pie, Litecoin, etc. These coins are helping businesses and people to conduct safe and secure payments without any trouble.
The arrival of blockchain technology brought new concepts to digitize business processes to the next level. Besides this, it has imposed an idea to keep financial transactions digitized with cryptocurrency. In the coming years, the entire financial process will be relying on virtual currencies. Businesses’ sales and purchases, payments, and transactions will be made by exchanging coins. Moreover, this digitized payment technology is safer and secure that hacking and theft of financial information is not possible.
Here we will talk about the important types of cryptocurrencies and explore why they are common. Secondly, we will discuss the benefits of the top currencies.
Types Of Cryptocurrencies People Are Investing In
Before diving into the type of cryptocurrencies, let’s step back and briefly overview what cryptocurrencies are?
Cryptocurrency is a type of digital or virtual payment method that proceeds without actual money and physical payment. The digital payment process does not require any supervision of the central monetary authorities like banks or the government. Cryptographic techniques create currencies in a safer and secure interface, enabling people to buy, sell, or trade seamlessly.
On the other hand, businesses are hiring blockchain consulting & development companies to avail a virtual platform where they can efficiently conduct trading. These companies provide expert guides to minors or traders to analyze cryptographs and sell or purchase coins accordingly.
However, cryptocurrency is a giant digital payment platform with several coins. Minors are mining and owning different types of cryptocurrencies to benefit from them. Here are some of the few trending cryptocurrency types that most people are mining to use for their digital payments.
The topmost mined currencies are:
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Stellar (XLM)
Let’s see why people are investing in them!
Ethereum (ETH)
Ethereum is the topmost cryptocurrency platform after bitcoin and is highly recognizable in the crypto space. The decentralized platform allows smart contracts and decentralized applications to execute without any downtime or third-party interference seamlessly. The core behind this decentralized software is to provide a financial product set accessible to anyone. Ethereum platform runs platform-specific token, the ether coin, deployed in 2015.
People worldwide invest in Ether, the second-largest crypt-coin in the digital market. The stock market has risen shares up to $4000 per ETH by December 2021. Moreover, it is leading the digital market beside other currencies.
Litecoin (LTC)
After Ether, Litecoin is another top cryptocurrency launched in 2011. The currency is likely to be bitcoin and is considered the silver to bitcoin’s gold. The open-source digital payment network offers a faster transaction with a block generation rate. And this is what makes it different from other currencies. Not just this, it has some. The full-secure payment network work without any central authority control. Rather than, it uses Scrypt as PoW, helping decode payment requests using CPUs.
Litecoin has raised the market size $10 billion, and the value of 1 token is $148. That’s why people are investing in this coin and leading the digital trade market to reach the top.
Cardano (ADA)
Cardano is another topmost type of cryptocurrency created by the top co-founder of Ethereum. Like Ethereum, it used smart contracts and decentralized applications to run digital payment and manage identity. Cardano works on a blockchain mechanism using peer-reviewed research and extension. The blockchain consulting & development agencies are performing in-depth analysis to find out its helpful aspects.
In the coming years, it is expected that Cardano will beat Etheruem and stands on the top in the trading space. Additionally, Cardona aims to serve as a financial operating system to provide chain interoperability, detect fraud, and manage other financial operations to improve security.
The blockchain consulting & development team is working further to ensure safe and secure transactions. It has currently shared a hefty contribution with $42 billion in market capitalization, and one ADA trades up to $1.25.
Bitcoin Cash (BCH)
Bitcoin, the foremost digital currency, has a separate space in the trading market. The currency has been working since the origin of crypto trading. The trading mechanism works on hard fork technology similar to blockchain, aims to control network protocols validating the previous and upcoming transactions. Since the currency is working on the blockchain, all the transactions are protected, and no one can hack the data.
Currently, it has uplifted the market capital by $8.2 billion, and per bitcoin, it trades up to $436. Quite impressive, isn’t it? Therefore, traders are mining bitcoin to increase its value and bring it to the top.
Stellar (XLM)
Another topmost cryptocurrency based on an open blockchain network aims to serve enterprises with the best financial solutions. Digital currency is handling huge financial transactions between banks and investing organizations to boost transactions.
As it is working on blockchain technology, so all the financial process is protected with a decentralized network. It also enables cross-border transactions between other currencies. Hence steller’s native digital currency has great worth in digital and raises the market capital by $6 billion, with each Lumen valued up to $0.26.
Conclusion:
The blockchain technology solution plays a significant role in cryptocurrency in providing decentralized and centralized networks to trading platforms. Furthermore, worldwide businesses are shifting their financial transaction process to digital one due to the countless advantages of cryptocurrency. Most of the enterprises are handling their transaction process with digital currency. The reason is the high-security platform, freedom of self-management, cost-effective and smoother transactions. Moreover, people are also mining cryptocurrency for their own trading. The recent Statista shows that the future business will be relying on cryptocurrency to digitize the process.
