What Are the Most Popular Cryptocurrencies?

Cryptocurrencies have changed the world’s expectations surrounding money. They have also evolved incrementally since the first Bitcoin block was mined in early 2009.

Since then, many other cryptocurrencies have started to gain popularity and recognition in the world. Despite the thousand different cryptocurrencies available, Bitcoin still remains the most popular.

So what is the reasoning behind Bitcoin’s immense popularity compared to other cryptocurrencies in the world? But first, let’s find out what cryptocurrencies are.

What are Cryptocurrencies?

Before we delve into the most popular cryptocurrencies in the market, let’s step back and briefly define these terms like cryptocurrency.

A cryptocurrency is usually something seen as intangible, also known as digital ‘coins’. While some cryptocurrencies have ventured into the physical realm with credit cards or other forms of payments, the large majority still remains digitized.

Let’s break down the word ‘cryptocurrencies’ to help you understand this term further. It certainly does sound futuristic to most, and many fail to grasp the significance of this term.

The “crypto” refers to the general encryption algorithm used in the generation of the currencies. Cryptocurrencies are almost always designed as an independent entity from the control of the government, which makes it far more credible.

So now since we’ve explained the basics of cryptocurrencies, let’s delve into a list of the most popular cryptocurrencies in the market today.

1. Bitcoin (BTC)

It has been around a decade since Bitcoin gained popularity on the Internet.

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Introduction to Cryptocurrency

Cryptocurrency is a form of virtual currency. These Internet-based forms of currency have real-world value equivalents but do not belong to any sovereign nations. Like fiat currencies, their value depends on many factors including demand.

The biggest value seen by users of cryptocurrencies is that they are not (in many cases) regulated by any one country. This gives their users a high degree of anonymity and immunity from general acts of currency manipulation that some fiat currencies are open to.

The Cryptocurrency Ecosystem

Much like how real-word currency is circulated and utilized, cryptocurrency is similar in many ways. For example, you need to either buy or earn cryptocurrency then store it in a digital wallet.

To use cryptocurrency you will need to find a vendor who is willing to accept the currency you have. To get an idea of this scenario, imagine you currently have US dollars. While overseas, some vendors may accept that, but others will want you to convert to a currency they accept.

As a broad overview, the ecosystem consists of:

Miners – These are the ones who invest in the hardware and tools needed to produce cryptocurrency. The process is time consuming and drains much resources.

Buyers/Sellers – These are the largest groups of cryptocurrency users. They use real money to buy or sell cryptocurrency, giving them real value.

Exchanges – Similar to banks, these digital entities allow users to trade cryptocurrencies. Here, you can either exchange one cryptocurrency for another,

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