Cryptocurrency has become a common point of discussion in most finance-related conversations, gaining acceptance as an alternate mode of payment to fiat currency.
Cryptocurrency has become a common topic of conversation in most of the finance-related conversations. The digital currency has slowly gained acceptance in global markets as an alternative payment method to fiat currency. For the unversed, cryptocurrency is a type of electronic money that is managed using blockchain technology. Blockchains are advanced computer networks created using math and coding. Unlike fiat currencies, which are issued by governments and regulated by banking authorities, cryptocurrency is completely decentralized and is not issued or regulated by any government or agency.
Cryptocurrencies are divided into coins and tokens. Coins work on their own blockchain and have value as they are used as money for transactions. Tokens, on the other hand, are based on an existing blockchain.
Here is a list of the 5 popular cryptocurrencies.
1) Bitcoin
Bitcoin is the oldest and most popular cryptocurrency in the world. It was created in 2009. It is the first decentralized cryptocurrency that enables transactions with its own blockchain technology. At the time of this writing, Bitcoin was priced at approximately 37.34 lakhs rupees.
2) Ethereum
Ethereum is a cryptocurrency network that uses blockchain technology to enable smart contracts. It is decentralized software that allows you to create smart contracts on your network and execute them without control or fear of third party fraud. Ether is the token used to enable transactions in the Ethereum network. Ethereum is currently trading at around 2.46 lakhs rupees.
3) Dogecoin
This cryptocurrency was created using a popular meme that features a Shiba Inu dog as a symbol. The meme was immensely popular, as was the cryptocurrency, the price of which skyrocketed following approval from Tesla CEO Elon Musk. Musk has managed to shake up the already volatile cryptocurrency market by supporting the meme coin. Unlike Bitcoin, Dogecoin has no limit on the number of coins that can be mined. It currently costs 22.49 rupees.
4) Cardano
Cardano was developed through a research-based approach by a team of mathematicians, engineers and cryptographers. In the cryptocurrency ecosystem, Cardano claims to be a more sustainable and balanced currency compared to the other cryptocurrencies. The price is currently 210.78 rupees.
5) Litecoin (LTC)
Founded in 2011 by Charlie Lee, an MIT graduate and Google engineer, it was one of the first cryptocurrencies to follow the same technology as Bitcoin. Although Litecoin is modeled after Bitcoin, it generates blocks faster and therefore offers faster transaction time. The price is currently 13,631 rupees.
