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By Laxmikant Khanvilkar
Bitcoin (BTC) has become a synonym with cryptocurrencies. However, it is one among many currently available for trading in the private cryptocurrency space. Of course, BTC is the most popular and trendsetter among the new age digital currency ecosystem, being built on a decentralized peer-to-peer network, making it the de facto standard for cryptocurrencies, and inspiring an ever-growing legion of followers and spinoffs.
But, BTC isn’t the only cryptocurrency available, let’s take a look into other private digital currencies that are available for trading. Here are some cryptocurrencies that have held on throughout steep price climbs and nosedives.
Ethereum (ETH) is the first alternative Bitcoin. It is based on a decentralized software platform that enables smart contracts and decentralized applications (dApps) to be built and run without any downtime, fraud, control, or interference from a third party. Remember, the seamless trade execution with fears of fraud and little third party interference makes it best possible solution available for BTC.
The goal behind Ethereum is to create a decentralized suite of financial products that anyone in the world can freely access, regardless of nationality, ethnicity, or faith.
Next in the pecking order is Tether (USDT). It is one of the first and most popular cryptocurrency from the stablecoins group. It aims to peg its market value to a currency or other external reference point to reduce volatility. Because most digital currencies, even major ones like Bitcoin, have experienced frequent periods of dramatic volatility, Tether and other stablecoins attempt to smooth out price fluctuations to attract users who may otherwise be cautious.
Tether’s price is tied directly to the price of the U.S. dollar. The system allows users to more easily make transfers from other cryptocurrencies back to U.S. dollars in a more timely manner than actually converting to normal currency.
Another stablecoin, USD Coin also pegs its price to the U.S. dollar using fiat-collateralized reserves, which means it holds an amount of fiat currency equal to the amount of USD Coin in circulation.
Binance Coin (BNB) is a utility cryptocurrency that operates as a payment method for the fees associated with trading on the Binance Exchange. It is the third-largest cryptocurrency by market capitalization.
Binance Coin’s blockchain is also the platform on which Binance’s decentralized exchange operates. The Binance Exchange was founded by Changpeng Zhao and is one of the most widely used exchanges in the world based on trading volumes.
Binance USD (BUSD), XRP – the native token for the XRP Ledger, Cardano (ADA) – an “Ouroboros proof-of-stake”, Solana – a blockchain platform designed to support decentralized applications (dApps), Dogecoin (DOGE) – the original “memecoin”, and Polkadot (DOT) – a unique PoS cryptocurrency, are some of the cryptocurrencies available for investor participation. One needs to take into consideration the risk involved with trading in cryptocurrencies.
The prolonged crypto winter has caused many investors to lose their hard-earned money. Leading cryptocurrencies such as BTC and Ether have lost 65% and 68% of their value respectively in 2022. Consulting your financial consultant before venturing into investment is highly advised.
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