Have you heard about the cryptocurrencies? An example is called Bitcoin. Do you know how it works? Don’t worry, neither does most of the world.
The world of cryptocurrencies is really growing at an epic pace. Over the last 6 years Bitcoin has popularly outperformed any other investment like gold, stock market or real estate. If we all could take a time-jump to February 2011 and buy a thousand Bitcoins for the price of $1,000, then wait around until November 2013 to sell all of them we’d make a million dollars!
The cryptocurrencies market is awesomely exciting and dangerous. Enthusiasts get to play with bleeding-edge financial technology, enjoying a constant flow of new features and tools. For those you looking to make some money, there are amazing profits to be had just by owning a successful coin, as prices regularly see surges of 100% or more in a single day. But there is also a huge risk, for both of these groups, that your coins will lose most of their value, even to the extent of becoming virtually worthless overnight.
We have more than 710 cryptocurrencies available in online markets as of July 2016, but only 9 had market capitalizations over $10 million. Like any other assets, its price can rise and fall quickly, making them a risky investment.
To help improve your knowledge of the “cryptocurrency world”, here is the top 5 Cryptocurrencies Everyone Should Know in 2017. All figures are accurate as of September 2016.
If you are a regular internet user, you must have heard about the most popular of all cryptocurrencies called Bitcoin.
Bitcoin is the real and first of it’s kind- cryptocurrencies, it was released in 2009 by Satoshi Nakamoto, a mysterious figure with unknown identity until today. Bitcoin has the biggest market cap of around $10billion, overshadowing all other cryptocurrencies in this list, combined.
Because of the popularity of Bitcoin, all other cryptocurrencies are referred to as ‘altcoins’ – alternative coins because they are alternatives to Bitcoin.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, *Bitc’oin allows exciting uses that could not be covered by any previous payment system.
Current Market Cap: $9,705,411,043
Ether is the cryptocurrency for Ethereum, a platform that can execute peer-to-peer ‘smart contacts’. Ethereum was split into 2: Ethereum (ETH) and Ethereum Classic (ETC). Development of the cryptocurrency was funded by an online crowd sale during July–August 2014. It is also to be noted that Ethereum’s live blockchain was launched on 30 July 2015.
The team that behind Ethereum are amzing and very intelligent, if there is any one of the cryptocurrencies that can overtake Bitcoin then it is Ether. Earlier this year the growth rate of Ether was placed at near 1000%
Current Market Cap: $1,129,361,912
Litecoin has been around for a long time and has shown great depth of success at keeping a healthy value to its cryptocurrencies. To have a successful cryptocurrency it needs three important quality: professionalism, quantitative flow, and trust. Litecoin has it all. After Bitcoin and Ethereum and Ripple, Litecoin is the fourth-largest cryptocurrency by market capitalization
Current Market Cap: $183,288,852
Peercoin is know to market itself to using less energy and more environmental sustainable than some of the other coin on the market. It claims that it is designed to have a 1 percent rate of inflation.
The cryptocurrency is based on an August 2012 paper which listed the authors as Scott Nadal and Sunny King. Sunny King, who also created Primecoin, is a pseudonym just like the creator of Bitcoin- Satoshi Nakamoto. In the last few years it has been said that Nadal’s involvement had diminished leaving King as Peercoin’s sole core developer.
Current Market Cap: $7,169,344
Ripple has already attracted millions in venture capital, including from Google ventures. In contrast to Bitcoin there is nothing like mining in Ripple. It is also setup as a payment network not only for Ripple but for other currencies too- and as an automated system for currencies trade- Amazing right?
Current Market Cap: $286,572,188
Also published on Medium.