Before knowing about the most widely used cryptocurrencies, one should know about Cryptocurrency. Cryptocurrency is digital money that can be transferred or received in the form of token or coins. Although cryptocurrency companies also physically revolutionized the world with debit cards or credit cards, Cryptocurrency’s importance will remain at the top.
According to mycryptoparadise.com cryptocurrency has the world altogether and has made the transactions more comfortable and advanced. With Cryptocurrency’s name, one may think about Bitcoin; although bitcoin is used widely, some cryptocurrencies have more significant potential than Bitcoin. Some of these are:
Bitcoin – A Cryptocurrency
Bitcoin is the most popular Cryptocurrency used worldwide. And, Bitcoin discovered in 2008, and after it became expanded in the world rapidly. Now it is known as world popular Cryptocurrency. With Bitcoin, money is transferred easily from one digital wallet to another one, and this transaction can easily be verified.
Bitcoin had fulfilled all the needs of centralized intermediaries when payments transferred. You don’t need to involve the bank while transactions will make between you and your friend. Due to its popularity, Bitcoin has more users and investors as compared to other cryptocurrencies. The procedure for buying Bitcoin is straightforward because of its user’s friendly. But transactions fees for Bitcoin is high rather than other cryptocurrencies.
Ethereum is another widely used cryptocurrency discovered in 2015. It also uses blockchain, but it is a different currency. Ether is the currency of Ethereum managed by a big network of people. Ethereum consists of smart contracts, which are agreements that transactions will only process with some setup conditions.
The smart contract has lots of benefits, like if you want a smart contract for your home. In another transaction, you should need a third party to help you with the buyer’s paperwork and payments. Still, you don’t need to involve any third party with a smart contract and invest in it. Transactions have made more manageable by small contracts; you don’t need to waste your time on paperwork. Transactions are done online. Also, your transactions will be verified, and a record will make about your transactions.
For blockchain projects, Ethereum provides an excellent platform for introducing Initial Coin Offerings, making transactions easier. Transactions made by Ethereum are significantly faster and secure compared to other platforms.
Ripple is a very easy and unique Cryptocurrency because it solves problems of International Payment Transfers. It is discovered in 2012 to make transactions secure, faster, and comfortable. Ripple currency is XRP, which can secure transactions. Ripple’s main thing is its speed, making transactions only in four seconds while Ethereum takes two minutes, and Bitcoin takes one hour.
Ripple works around the globe by exchanging currency into dollars and euros. Ripple has more benefits than other cryptocurrencies in which most valuable as its high speed and lower transaction fee. A Ripple has more trusted investors like Accenture and Google Ventures.
Within seconds Ripple has 1500 transactions that can be proceeded with high security. Ripple has international payments, which means it provides advanced and very OK solutions for transactions. Ripple is also a that Cryptocurrency is tested worldwide, and it has foreign institutions for testing.
Bitcoin Cash (BCH)
As from name, it is indicated bitcoin cash was discovered from Bitcoin in 2016. The reason for Bitcoin’s money is that bitcoin developer disagreed with the changes in Bitcoin’s code. Therefore Bitcoin Cash has been discovered separately, which now is falling among the top ten widely used cryptocurrencies.
The primary purpose of making Bitcoin Cash is to solve all problems which were occurred in Bitcoin and could not be solved. With Bitcoin Cash, speed and security also have been improved. Therefore Bitcoin Cash has gained more popularity. Blockchain size has increased to 1MB to 8 MB to improve speed. Every transaction is assigned to each block, and each block is verified. Bitcoin Cash also has higher speed and lower transaction fees as compared to Bitcoin. Due to its rate and security, Bitcoin Cash has competed with different big companies like Paypal and visas. Now Bitcoin Cash is highly used around the globe.