The cryptocurrency scene is very diverse. With so many hurdles to overcome, anyone who understands blockchain technology can launch their own digital currency if they so desire. Currently, there are over 1,600 cryptocurrencies listed on major, medium, and niche exchanges. This smaller group can be shortened to cryptocurrencies that are traded enough for real liquidity, or often used to pay for using blockchain platforms with tokens. In this category, we can probably include 20-30 different digital currencies.
All the most popular cryptocurrency
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Bitcoin
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Bitcoin was the original
cryptocurrency, and its launch in 2009 marked the beginning of the entire
cryptocurrency movement.
Bitcoin - and the blockchain
technology it runs on - was invented by a person or group under the pseudonym
Satoshi Takemoto. Bitcoin was introduced as an alternative to the monetary
system.
In The Bitcoin White Book, Satoshi
Takemoto argued that a forced monetary system controlled by the central bank
and a small number of financial institutions leads to wealth, and concentration
of power, and makes social and financial flows difficult.
Ethereum
Ethereum is the second most popular
cryptocurrency in history, but it is very different from Bitcoin.
Ethereum is actually the name of the
blockchain platform, while Ethereum is the name of the cryptocurrency.
Ethereum is a blockchain platform for
“smart contracts”. They can also be thought of as specific "rules"
that can create many different applications or Dapps.
Ripple XRP
Ripple XRP is another "interest"
currency. Its blockchain platform is designed to facilitate more efficient
cross-border fiat currency transfers.
Ripple XRP has been closely
associated with the support of many banks since its inception and is often seen
as a “created” cryptocurrency.
Over the years, the number of
remittance services using the Ripple platform has gradually increased and is
likely to become part of the traditional financial system.
Litecoin
Litecoin is another potential legal
alternative and a major competitor to Bitcoin.
In theory, this could make Litecoin more attractive to traders, but with “real-world” cryptocurrency trading still limited, Bitcoin’s more established “brand” makes it the preferred alternative cryptocurrency.
NEO
NEOs like Ethereum, NEO is a smart
contract and Dapps platform.
NEO was released in 2014 with the aim
of improving Ethereum by providing almost the same tools as a more technically
sophisticated example of blockchain technology.
Many see NEO as a platform technically superior to Ethereum, but like Litecoin and Bitcoin, the latter's more stable position has helped it maintain a larger market share.
IOTA
The Internet of Things facilitates micro-transactions involving connected devices and also helps maintain the integrity of their data.
Anyone interested in participating in
the dynamic cryptocurrency market by trading CFDs on the most popular
cryptocurrencies in the market can do so using our CFD trading platform.
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