Updated: Jul 23
There is huge buzz around the market of cryptocurrency, and understandably so. With more people entering the investment playing field, you too may be looking to decide which cryptocurrency may be the best investment for you. Look no further, we got you covered. Here we have our top picks for the most legitimate cryptocurrencies in the market today.
5. Ripple (XRP)
If you have never heard of Ripple, we don't know where you've been. It is relatively reasonable to call it a cryptocurrency, but in reality, it is so much more. Its created by Chris Larsen and is now a product of Ripples Lab Inc, the company responsible for developing this payment protocol. It has two main products, xCurrent, and xRapid. Without going into too much detail, they are both forms of cross border payments. I'm sure you know what SWIFT is, Ripple is disrupting their market with blockchain. With way fewer fees, now you understand more or less what Ripple is all about.
Which brings Ripple to our number 5 spot; it has a product and a promising one. They are widely available in exchanges, not as much as Bitcoin but quite close.
Much remains to be seen since it is a one-on-one battle between Ripple and Swift. Banks everywhere have been using Swift for a long time, and one knows a fight against anything backed by a bank is an uphill battle. Still, Ripple is legitimate, and we hope it does reduce the cost of cross border payments in the future.
This is an affordable cryptocurrency that is quickly becoming the new cult favorite. Since its establishment in 2015, it has become a strong player in the market with its Ouroboros blockchain, meaning it has two blockchains instead of one. Here, one blockchain will manage general ordinary transactions while the other will manage smart contracts. This gives Cardano the ability to remain scalable and fast as two types of transactions will not slow it down. Fun Fact: most of the people who have invested in this cryptocurrency are from Japan, giving Cardano the name of “Japanese Ethereum” because it uses the Proof of Stake algorithm which Ethereum has been planning to do for a long time now.
If Bitcoin is cryptocurrency gold, then Litecoin is silver. We know who made it, and his name is Charlie Lee. An MIT computer scientist created this open-source cryptocurrency protocol which was meant to be the Robin to Bitcoin's Batman. But we are beginning to see how Litecoin could surpass Bitcoin in the future.
It's interesting how the most trusted coin exchanges like Coinbase, for example, only has a handful of cryptocurrencies in its trade and Litecoin (LTC) is one of them. Litecoin uses an algorithm base called Scrypt, and because of this can churn out more coins than Bitcoin, around four times as much. On top of that, it has a much larger coin supply than Bitcoin does. We feel Litecoin is not the silver to Bitcoin gold as people claim it to be, but a much more refined and better version of Bitcoin. Maybe that was not what Charlie had intended Litecoin to be, but it is what it is, and we are curious to see what will happen to Litecoin in the future.
No one has claimed to be its true inventor, and the beauty of Bitcoin is how no one person is running or in charge of it in the background. It is its organism backed by individuals who have put their hard-earned money into it with the hopes of scoring tremendous wealth and fortune.
The undisputed king of crypto: Bitcoin, is the first to have the highest liquidity value. The people want a free market, and that is exactly what Bitcoin can provide, with its aim of becoming a fully decentralized, peer-to-peer digital cash with no regulations. Bitcoin remains the most stable in a highly volatile market. With such rapidly growing demand, its popularity is expected to continue to rise in the coming years. With Bitcoin being the most stable in a highly volatile market, it is unsurprising to see companies opening to the idea of accepting Bitcoin for payment in the future.
Bitcoin may hold the crown for now, but Ethereum has the greatest potential to overthrow the king and take the throne. One word, insane. A whiz programmer named Vitalik Buterin, born in 1994, he is both Russian and Canadian. It makes us feel old; does it not? Look at what he has accomplished so far; it is nothing short of insanity. Satoshi, we don't know who Satoshi is, but we know Vitalik. Not to give full credit to him since there are other contributors to this cryptocurrency, but he is still the face of Ethereum.
The product of Ethereum is just as insane; it is both a blockchain computing platform and operating system.
A trifecta; we have a founder, we have a cryptocurrency, and we have an excellent product. But does it deserve the number one spot? Yes, because a lot of cryptocurrency and applications run on it. Imagine Windows but for blockchain. That is what Ethereum is. And right at this moment, there is no macOS competition for Ethereum. It is in its class and well ahead of any competitor.
As for adopting Ethereum in the real world, official Chinese tokens are running on Ethereum wallets. Singapore has officially approved another cryptocurrency exchange that runs on the Ethereum platform.
It seems to be unstoppable at this moment as this cryptocurrency, which is also a free and open-source operating system continuously improves itself for the future. It has proven time and time again as both a reliable cryptocurrency and a promising application. Ethereum is making it highly legitimate in our book.
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