In this article, we will be talking about cryptocurrency. We will understand what is cryptocurrency and what is the future of cryptocurrency and not only this we will also discuss top cryptocurrencies which you can buy and become rich in the coming times.
As you all know Cryptocurrency is a kind of digital currency that is designed to perform and work as a medium of exchange which can be done through any computer or any other device apart from all the central authorities which can be any government authority, any banks, public of private or other institutions like this.
What’s the Future?
It is basically a kind of currency whose existence is not in the physical world but it exists only in the digital world or we can say it is a virtual currency. It uses different kinds of techniques like cryptographs to complete all the transactions. These transactions that take place are encrypted through a special code which make it very secure and are one of the best sources of transactions that is present in the current world.
Cryptocurrencies do not have any institutions or any authority which issues it neither it is regulated by anyone or any financial institutions in this world like other currencies of the world. It basically uses a decentralized system to complete all the transactions that are initiated by the user and all these transactions are recorded which is in the form of special encrypted quotes that separate each and every currency from each other. This decentralized system that is used to record and store all the transactions that take place is also responsible for issuing new units of cryptocurrency.
In simple words, we can say that it is a kind of digital payment system that does not depend on any banks from where it needs to get all the transactions verified before completion.
It runs on a distributed public ledger which can be roughly understood as a blockchain where all the transactions and the ownerships are recorded and stored safely for future use.
This is a basically unknown tangible currency or unit which moves from one person to another from one instituition to another without the involvement of any 3rd party.
For this reason, Cryptocurrencies have gained a lot of attention from people all over the world and due to which the value of most of these cryptocurrencies are going up at an unexpected pace.
So when such a large population is depending on this particular form of currency we need to understand and evaluate what it can be in the coming times, what will be the future of cryptocurrency and how it will shape of future of people and economies of the world.
Treats To Cryptocurrencies
In recent times, the world has seen various turmoil. There are different kinds of threats that hover over different economies of the world at different times, so these economies need to understand and evaluate each and every aspect of cryptocurrency which will shape and become an important factor in shaping their economies in coming times.
Talking about our country, India, is a country that is growing at an unexpected rate, especially after the pandemic. Our economy is scaling day and night, so the part that cryptocurrency will play in coming times is very important and needs to be looked upon very cautiously. The income level of people is increasing day by day. The potential to spend is increasing and the willingness of the people has increased a lot in recent times. The population of our country is the youngest in the whole world. We have a stable Government and one of the most stable financial institutions is RBI (Reserve Bank Of India) regulates all the monetary policies of our country.
In our country, the investments of people in the stock market, mutual funds, or cryptocurrencies are increasing at a very fast rate and people are very much hopeful that in spite of all the turmoils, ups and downs, and the odds that are going on in the world, cryptocurrency will boom in the coming times.
Crypto and the Web 3.0
We all know that the government is looking forward to formulating and implementing a new policy known as web 3.0 which will be a deciding factor in many of these areas including cryptocurrency. The technological aspect of our country is growing at an unpredictable rate and is expected to surpass many developed nations in the coming times which will be a significant part of the development of this particular industry is cryptocurrency.
India has the highest number of IT individuals which is more than 4.4 million individuals, out of which 80% of them are computer programmers and contributed more than 180 billion US dollars during the last financial year. Government has also all the records regarding the cryptocurrency and its transactions so Web 3.0 will decide the fate of cryptocurrencies and cryptographic money and the government will have to formulate and create new strategies regarding this particular segment.
In recent times, we all have noticed the turmoil in the cryptocurrency market where Bitcoin made an unexpected all-time high which was followed by huge drops in its price range. Not only this the second biggest cryptocurrency after Bitcoin is Ethereum also made its lifetime high last year after which we have seen the interest of the US government and its financial officials along with top-notch administrators who showed their interest in making new regulations and policies related to cryptocurrency.
They all understood looking at the ups and downs that took place in the Cryptocurrency market that people will invest and a huge amount of money will be pooled into this particular market after share market and mutual funds which made them forced to think over this matter and formulate something which may be fruitful for both the investors as well as for the country.
There are lots of cryptocurrencies available in the market such as Bitcoin, Ethereum, Dogecoin Tether and many more. Now in this article, we will be discussing the top 10 cryptocurrencies based on their market capitalization, their values, their numbers in circulation, and their future, so that it will be helpful for all the readers and investors to make choice and decisions as to which one to buy and which one to not.
List of Top 10 Cryptocurrencies to Buy Now
1. Bitcoin BTC– Bitcoin as you all know was created in the year 2009 under the name Satoshi Nakamoto Bitcoin. The total market capitalization of Bitcoin as of now is more than 846 billion dollars which is multiple times higher than many big economies of this world. As a different cryptocurrency, bitcoin is also supported by blockchain which is distributed across different networks of computers. Bitcoin is the most popular and famous cryptocurrency in the world and it became a common name after its price sky rocketed. The price of one bitcoin was around 500 dollars in May 2016 and it went up to 44,000 $ for a single Bitcoin on march 1st 2022. So if you calculate, during this time, Bitcoin grew up to 7800%.
2. Etherium ETH – Ethereum is the second most popular and most bought or traded cryptocurrency in the world. It is the second most potential cryptocurrency in the world due to the potential for all the applications that it contains. Potential can be smart contracts that automatically execute when all the conditions and situations are fulfilled. After Bitcoin, Ethereum is the second crypto currency that saw an expected growth in recent times. The price of one Ethereum bitcoin was 11 dollars which went up to 3000 $ in March 2022.
3. Tether USDT – Tether is a stablecoin, which differs from some other types of cryptocurrencies in that it is backed by fiat currencies like U.S. dollars and euros and so theoretically maintains a value equivalent to one of those denominations. Tether is appreciated by investors who are cautious of the severe volatility of other cryptocurrencies since, in theory, its value is intended to be more stable than that of other cryptocurrencies.
4. Binance Coin BNB – Now, we will see the Binance coin which is also a form of cryptocurrency that can be used to trade and pay different kinds of fees on Binance,which is one of the largest crypto exchanges that is present in the world right now. Its market capitalization is more than 68 billion dollars. It was launched in the year 2017 and now it is widely used for trading and payment of different processes like in traveling, in ticket booking, in different arrangements, hotels, and many more. It is easily traded and exchanged like Bitcoin or Ethereum. In 2017 it was priced at just 0.10 dollars and went up to 413 dollars in March 2022.
5. XRP – This cryptocurrency was created by the founder of ripple, which is a digital technology and payment process company. It is also traded and exchanged like any other cryptocurrency. At the beginning of the year 2017, it was priced at 0.006 dollars but in March 2022 it went up to 0.80 dollars.
6. Terra LUNA – Tera is basically a platform for blockchain payments that basically depends and is based on the balancing of two types of cryptocurrencies. The different stablecoins which are backed by terror for example Tera USD which are tied up with a value of physical currencies. The price of Tera was 0.64 $ on January 3rd 2021 and in it went up to 92$ in March 2022.
7. Cardano ADA– Cardano AdA grew moderately as compared to other major cryptocurrencies of the world. It has a market capitalization of more than 33 billion dollars. Talking about its price it was 0.02 dollars in 2017. And on the first March 2022, its price was around 0.99 dollars which means there was a growth of 4850 %.
8. Solana SOL– This Cryptocurrency was basically developed to help different forms of power decentralized finance and also to be used in decentralized apps and in different contracts which are smart. Talking about its working it basically runs on its unique mechanism which is hybrid which helps all the transactions to take place very quickly and in a very safe manner. Its market capitalization is around 31 billion dollars. It was launched at a price of 0.77 in 2020 and went up to 101 dollars on the first of March 2022.
9. Polkadot DOT – This cryptocurrency was founded in 2016 to connect different chains together by using a unique protocol which is a blockchain inter operatable blockchain which allows the exchange of data and all the processes and transactions to take place without any compromising on their security. Its market capitalization is around 22 billion dollars and in May 2020 its price was 6.30 dollars and went up to 55.11 dollars in May 2021.
10. Litecoin LTC – It is a kind of blockchain that is open source and was launched in the year 2011 by Coinbase Software Engineer Charlie Lee. All the codes of the litecoin have been imitated from Bitcoin. Altho having similarities to Bitcoin its transactions are much faster than Bitcoin and can be used for paying anyone around the world without any mediator. Right now there are around 84 million tokens of litecoin which is in supply and it made a record high of 413.47 dollars in May 2021 but again dropped to 50% of its price in a very less time.
So we have discussed what is cryptocurrency, and the top 10 cryptocurrency is that anyone can buy and can trade in to earn more and more. We all know that technology is growing at a very fast speed and so are the people with their needs, wants, and desires. Cryptocurrency is such a medium through which people can earn an unexpected amount of returns in a very less time, but they need to be very careful in this regard because there are a lot of financial and monetary risks involved in trading cryptocurrencies.
People are making a lot of money worldwide but then it is up to us that we need to decide and plan our investments depending on the budget, time, need, and future goals. We need to understand that these cryptocurrencies are the best that are available in the market but then also there are a lot of risks that are involved in buying and selling them and can cause huge profit as well as huge losses. So, we need to think very cautiously and make decisions very wisely depending on all the factors. So after reading this article, the readers will have a fair knowledge of cryptocurrency and which one to trade in order to earn a huge profit.