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Cryptocurrencies have become such a phenomenon that nothing can stop their growth. Countries around the world are accepting this new form of money and assets and many companies are accepting cryptocurrencies as a mode of payment. Keeping this growth in mind, this is a good time to invest in Cryptocurrencies and diversify your portfolio.
Bitcoin was the first-ever cryptocurrency launched a decade ago. Since then, Bitcoin still dominates the market of enthusiastic crypto investors and makes headlines with its drastic moves. The purpose of creating the Bitcoin by an identity named Satoshi Nakamoto was to replace fiat money with a more secure digital coin, which is slowly taking into shape as companies are accepting Bitcoins for payments.
Though Ethereum is the second-largest cryptocurrency in the market, next to Bitcoin, it doesn't just want to remain as a digital coin. Ethereum's blockchain network enables developers to make crypto applications called smart contracts. Other popular cryptocurrencies like Tether and Binance Coin also use Ethereum's blockchain.
Now that investors are aware of the environmental impact some cryptocurrencies have, Cardano is an environmentally friendly digital coin that doesn't follow the mining process. It is based on the proof of stake model which allows people who invested in Cardano to vote on its regulations.
Several financial institutions can vouch for XRP's utility. Banks have started to use this digital coin to transfer payments across borders at cheaper rates and faster speed, leaving the conventional ways of NEFT and RTGS behind.
With Elon Musk's grace and an adorable Shiba Inu mascot, Dogecoin has become a legitimate cryptocurrency from a meme coin. It is one of the few Cryptocurrencies that had no limit on the number of coins that can be mined and is used for tipping talent on online forums.
According to Forbes, Polkadot is a tough competition for Ethereum. Based on the Ethereum blockchain, transactions via Polkadot are faster and cheaper.
When developers realized that Bitcoin is unable to meet the lofty standards it set for itself, Bitcoin Cash emerged over the direction it should take to fulfill the goal. Though its value is not as high as Bitcoin's, it offers faster and cheaper transactions comparatively.
Solana aims to revolutionize the DeFi industry. Approximately 304 apps are now built on Solana's blockchain and it holds the ability to integrate tokens from other networks. Solana uses a unique proof of history method.
Litecoin is Bitcoin lite. With the same strengths as Bitcoin, Litecoin aspires to be a mode of payment for small merchants rather than an investment option. In 2021, Litecoin has picked up popularity as people have started to recognize this altcoin for its noble goal.
Similar to XRP, Stellar Lumens wants to be a payment network that connects financial institutions using blockchain. The advantage it has over XRP is that Stellar Lumens can make transactions denominated in any asset at low costs and high speeds.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
