11:06 | 26/01/2021 Print
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It has been over a decade since the mysterious Satoshi Nakamoto created Bitcoin, the first and by far most popular form of cryptocurrency in the world. Despite its fame, Bitcoin isn't the final word on cryptocurrency – imitators, innovators and spinoffs have emerged in huge numbers, and there are more than 7,000 cryptocurrencies on the market today.
With such a broad range of cryptocurrencies to choose from, how do investors know which is the best cryptocurrency to invest in? From the most popular cryptocurrencies making headlines around the globe to lesser-known digital currencies you may never have heard of, here are 10 of the best cryptocurrencies to buy in 2021, Money.usnews noted.
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In August 2008, the domain name bitcoin.org was registered. On October 31st 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a peer-to-peer network for electronic transactions without “relying on trust”. On January 3rd 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
Bitcoin Pros
Bitcoin Cons
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Ethereum was launched by Vitalik Buterin on July 30th 2015. He was a researcher and programmer working on Bitcoin Magazine, and he initially wrote a white paper in 2013 describing Ethereum. Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
The development was funded by an online crowdsale between July and August 2014. The system went live with 11.9 million coins already mined for the crowd sale (about 13% of the total supply in circulation). Following the collapse of The DAO project in 2016, Ethereum was split into two blockchains. The new version became Ethereum and the original blockchain continues as Ethereum Classic, Coinrivet noted.
Pros of Ethereum
Cons of Ethereum
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Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
RipplePay.com was launched in 2005 to provide a secure payment system for members of an online community via a global network. Jed McCaleb began developing a digital currency system in 2011 in which transactions were verified by consensus among members of the network, rather than by the mining process used by Bitcoin which relies on blockchain ledgers. This new version of the Ripple system was designed to eliminate Bitcoin’s centralised exchanges, use less electricity than Bitcoin, and perform transactions much more quickly.
Ripple was launched in 2012 to facilitate secure, instant global transactions supporting tokens representing fiat currency, cryptocurrency or any unit of value.
Pros of Ripple
Cons of Ripple
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As the name suggests, Bitcoin Cash has been forked from Bitcoin itself in 2016. When the developer community of Bitcoin could not come to an agreement regarding the changes required in Bitcoin’s code, it was forked into BCH and it currently ranks in the middle among the top 10 cryptocurrencies.
The purpose of creating BCH was to solve some of the existing problems of Bitcoin, especially regarding scalability and transaction fees, Bitdegree sited.
Pros of Bitcoin Cash
Cons of Bitcoin Cash
*Also Read: Cryptocurrency Daily Prices: Cryto Price Index, Price Charts, Crypto News, Cryto Predictions
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The EOS.IO platform was developed by private company block.one and released as open-source software on June 2nd 2018. One billion tokens were distributed on the Ethereum blockchain by block.one. EOS is based on a white paper published in 2017.
EOS has been created by Dan Larimer who is also the founder of the cryptocurrency exchange Bitshares and blockchain-based blogging site Steemit.
EOS is building a platform for developers to build decentralized applications and smart contracts, but with a vast improvement in technology.
Pros of EOS
Cons of EOS
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Cardano allows for sending and receiving of digital funds. It’s more than just a cryptocurrency though, it’s also a platform for decentralized apps. It was built by a global team and has the goal of providing broad scale use of financial transactions (think VISA).
Cardano is currently ranked #6 by market cap. This shows great interest in the cryptocurrency. For investors, Cardano has a big mission but also lots of developers, which bode well for its future.
Pros of Cardano
Cons of Cardano
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Litecoin has similarities in its infrastructure to bitcoin. Litecoin’s transaction fees are far less, at around $0.35 per trantraction. Just like Ethereum, Litecoin also has higher TPS than bitcoin.
Litecoin has an $81 million cap on coins that can be mined. This means Litecoin could potentially see steady increases in price, depending on future demand. Litecoin is currently ranked at #5 by marketcap so it isn’t a slouch by any means, according to Thecollegeinvestor.
Pros of Litecoin
Cons of Litecoin
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Stellar was founded in 2014 by Jed McCaleb who is also the founder of Ripple. In fact, Ripple was hard forked into Stellar and the Stellar Development Foundation was born. Like Ripple, Stellar is also focused on making cross-border payments more efficient.
One thing that stands out for Stellar as compared to all the other popular cryptocurrencies is that the Stellar Development Foundation is a non-profit organization. As you can see in the picture below, its mission is also in line with that.
Pros of Stellar
Cons of Stellar
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Founded in 2015, IOTA is the most unique coin among other similar crypto's. It is the only one to use a new protocol invention called ‘Tangle’ rather than blockchain technology.
You have probably heard of the Internet-of-Things (IoT), a technology that enables communication between various objects with sensors, via the internet. IOTA is focussed on making this technology more secure, seamless and scalable, Bitdegree noted.
Pros of IOTA
Cons of IOTA
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NEO, a Chinese cryptocurrency, was created in 2014 by Da Hongfei. Did you know that it was originally called AntShares? In fact, it only got rebranded to NEO in June 2017!
NEO is often referred to as the “Chinese Ethereum” because of the similarities to its competitor among the top 10 cryptocurrencies Ethereum. It also offers a blockchain-based platform for the development of Smart contracts and launching ICOs.
Pros of NEO
Cons of NEO
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