The world of finance is changing which is why you’ll need to be aware of its changes. Cryptocurrencies are already on the scene and are making names for themselves. This digital money is here to stay as there are more and more different variants that gain traction.
You can think of this financial trend as digital coins or money that is in fact a bunch of code. This code is called a blockchain and functions as a ledger that keeps track of transactions. Cryptocurrencies come with a lot of benefits which is why they’re so popular nowadays. You won’t get third parties mixed into your transactions which means you won’t get extra fees or commission for maintenance and other actions. You’ll also remain completely anonymous when making transactions.
That’s because all of them are handled with a private and a public key. The private one is the password to your account and the public one you share with another crypto user to make a transaction. You can purchase goods, receive crypto and even exchange crypto for fiat currencies. Also, you can trade just as if you were trading stocks, and you have plenty of online advice on that.
With these things in mind, you can see why the world of finance is diagnosed with a case of crypto-mania. Now that you know what a crypto is and its benefits, it’s also beneficial to know a bit about some of the popular cryptocurrencies out there. In that regard, here are some cryptocurrencies you need to be aware of:
Bitcoin
This is the most popular cryptocurrency as it’s got the most number of users. Bitcoin comes with all the benefits mentioned previously and was created by the mysterious Satoshi Nakamoto. The identity of this founder is still a mystery, but his creation is not. The value of this crypto has been going up and down for some time, and despite the downs, the users have been sticking to it. Nowadays, certain governments are crypto-friendly and offer Bitcoin as an option. Businesses also offer it as a payment option which shows you how global this cryptocurrency is.
Trading cryptocurrencies is nothing new. Just like forex trading, you can go to a platform online and buy and sell assets from other users. The best crypto trading platform is in your grasp as there are many of them that offer all sorts of benefits. You can use crypto to buy other crypto, sell your cryptocurrencies and even turn it into fiat money. As mentioned before, there are several benefits to crypto and trading with it.
Ethereum
If Bitcoin is one of the most popular cryptos, then you can think of Ethereum as its cousin. This digital currency may not be as famous as Bitcoin, but it has a rising number of users. The transactions with this currency go a lot faster than with Bitcoin. That’s because the platform behind this crypto is made with decentralized apps as well as smart contacts which enable it to run seamlessly without the involvement of third parties. So, anyone and anywhere in the world can have access to Ethereum and use it come make various transactions. That’s the end goal of this crypto and another reason why you should keep track of Ethereum.
Litecoin
This is another cryptocurrency that’s similar to Bitcoin, but it’s also different in many ways. An open-source global payment network is the basis for Litecoin and CPUs can be used to decode it. Another thing that makes Litecoin unique is the fact that it can generate blocks faster which is why transactions with this crypto happen faster. Other than that it enables users to enjoy the same perks as the other digital currencies.
Dogecoin
Memes are one of the many ways that people express humor and opinions on the Internet. One of the most popular memes is the Doge meme which features a ShibaInu dog. Back in 2013 as the crypto market was beginning to gain traction, 2 individuals decided to make their own coin as a joke. That’s how Dogecoin was born and soon enough it became another popular crypto coin. SpaceX is one of the companies that accepts this crypto which goes to show you the impact it has made. To this day Dogecoin you’ll find this crypto as part of any list of digital coins that you need to be aware of.
Conclusion
There are many other cryptocurrencies out there and some of them deserve their spots in the trading market. Currencies such as Luna, Polkadot, Ripple, and others are steadily growing the number of users. Either way, the state of the financial market is changing thanks to these digital currencies as they’re making efforts to stay. They offer multiple perks and some of them are already accepted by companies and governments alike. That’s why you should be aware of them.
