Explain Like I'm 5: The top 10 Cryptocurrencies
If you are looking to make money from cryptocurrencies, then Coincap is the best place to get informed on how they perform. To give you a better idea of some of the best Crypto’s, let’s go through the 10 most popular ones.
Bitcoin is the foremost cryptocurrency. It works through a decentralized payments ledger, where different people from all across the world make entries into the system. Bitcoin is the most popular cryptocurrency, and has appreciated by more than 600% in the last 11 months.
Have you ever heard of ICOs and how they are generating crazy amounts of wealth for investors? Well, they are based on the Ethereum smart contracts platform. Ethereum is a decentralized platform that runs on blockchain technology to ensure that smart contracts can work cost effectively and with minimal downtime.
Bitcoin cash was created a few months ago after a Bitcoin hard fork. The whole idea behind Bitcoin cash was to make Bitcoin more usable for day-to-day transactions. Merchants find Bitcoin cash useful because it has low fees and has fast transaction speeds. The defining feature of Bitcoin cash is an adjustable block size, making it possible to scale as demand grows.
Ripple is all about convenience and prides itself as one of the best currency exchange and remittances network. Ripple allows for instant and secure global transactions with low transaction fees. Ripple is anchored on a shared public ledger where transactions have to be verified through consensus. When compared to Bitcoin, Ripple has an advantage of speed and efficiency in transactions.
Litecoin is very close to Bitcoin, the only difference being that Litecoin has lower transaction fees and higher speeds. Litecoin operates on an open source protocol, which means everything about Litecoin has to be determined through consensus. Since its creation in 2011, Litecoin has aimed for lower block processing times.
This is an open-source cryptocurrency whose key selling point is scalability. Dash has all the key features of Bitcoin but has instant and secure transactions on top of it. This cryptocurrency’s open governance system makes it possible for businesspeople to make money by adding transactions into the system without the need for expensive GPUs.
This is one of the best cryptocurrencies when it comes to secure transactions. The privacy that Monero offers is based on a major difference that this cryptocurrency has with Bitcoin and many other cryptocurrencies. That difference is the fact that every unit of Monero can be substituted for a new one at any time. It can also be mined more efficiently than Bitcoin with ordinary GPUs.
This is a Chinese Cryptocurrency that was formerly known as AntShares. It is an improvement of the Ethereum platform which makes it possible for it to support decentralized ecommerce. NEO has had a phenomenal year and looks set to continue growing. One of the things that have pushed NEO’s value is its ability to bypass the security loopholes that plague Ethereum.
This cryptocurrency is designed to deliver private transactions at affordable rates. This coin has an advanced consensus system that allows NEM to grow without creating instability. It also allows individual users to customize how they use this currency on the blockchain.
This is the original Ethereum. When the Ethereum smart contracts platform was first created, it was hacked, and $50 million of Ether was lost. This led the Ether community to come up with the decision for a hard fork that would give new Ether to people who lost their coins. The new coin was named Ether (ETH), while the people who did not want to participate in the fork were left holding Ethereum Classic.