Cryptocurrencies or digital currencies have taken the world by storm inspiring some people while confusing a whole lot more. There are still so many people out there who do not understand what digital currencies are and what they are all about. Digital currencies are monetary transfers that operate outside of a central bank in a decentralized manner.
The best example of this that is well known all over the world is Bitcoin. Since the inception of Bitcoin and after the realization that so much can be achieved from use of digital currencies, so many other currencies have emerged. Find out more at erecoin.io which is blog about cryptocurrencies in general. Here are some of the top digital currencies that you should know about.
Bitcoin
This is the leading digital currency and the most known one. It was the first digital currency to be invented back in 2009 by Satoshi Nakamoto. The currency started off as a peer to peer exchange rather than what it is today. The first transaction was done in January of 2009 when Satoshi sent 10 BTC to a coder.
The inventors of Bitcoin only made about 21 million of them, and already about 12 million of the discovered Bitcoins are in circulation. The rest are yet to be discovered. It is estimated that at the current mining rate the last Bitcoin will be discovered in 2041. Currently, a single Bitcoin is worth about 8,140 US dollars.
Ethereum
Ethereum or ethers are the other DC Forecasts – leading digital currencies you should know about. It is a decentralized software platform that can execute peer to peer smart contracts. After an attack in 2016, Ethereum was split into two Ethereum ETH and Ethereum Classic ETC. Besides allowing for digital currency use, the smart contracts are also used to code and use contracts with each other without the use of a third party. Ethereum has the second market capitalization after Bitcoin at $41.4 billion.
Litecoin
It was launched in 2011 and is amongst the first alternatives to Bitcoin. It has a faster transaction confirmation rate than Bitcoin which means that more Litecoins are being discovered. As of June 2018, Litecoin had a market capitalization of $4.8 billion.
DASH
This digital currency is best known for anonymity and privacy. The transactions done on its decentralized master code network are almost untraceable. Due to this fact, DASH was very well received when it was launched in January of 2014.
Zcash
Zcash was launched back in late 2016, but by June of 2018, the cryptocurrency had a market capitalization of $713 million. It is well received because of the improved privacy that they offer. Their blockchain can keep secret details such as the name of the sender, name of the recipient and the amount transacted.
Other digital currencies that have been well received in the market include; Ripple (XRP), Monero (XMR), Dogecoin, Cardano (ADA), Neo (NEO), Stellar Lumens (XLM), Eos (EOS) and Iota (MIOTA). All the cryptocurrencies have their strengths and weaknesses, but all have one purpose – to provide an easy way for people to transact online without the restrictions imparted by fiat currencies.
