Updated: May 9, 2020
The days of perpetual initial offerings are over. The dust has settled, and it seems to be a change on the horizon.
And between government regulations, cyber-attacks, and scammers, some of these cryptocurrencies have remained strong and persevered through, enhancing the legitimacy.
The blockchain revolution's first widespread application is here to stay. So before we start listing our top five, let us explain what factors we paid close attention to. We primarily focused on consistency; the government-approved exchanges, loose affiliations with governments, trading volume, and most of all, the viability of the product itself. Trying to be as least biased as possible, a trickle of our own opinion remains nonetheless. And these opinions and biases on these cryptocurrencies are mostly about security and technical issues. Here are the "top five most legitimate cryptocurrency" for 2019.
Number five most legitimate cryptocurrency: Bitcoin (BTC)
We preferred not to include Bitcoin in this list at all. But facts are facts; it still is the most heavily traded cryptocurrency in the world. No one has claimed to be its true inventor, and the beauty of Bitcoin is that 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.
Bitcoin will unlikely be number one again, and we suspect people may move away from it eventually to government-approved cryptocurrencies. It is ironic how everyone wants the market to be free, yet they want accountability. It is a weird problem, but the best balance would be something with widespread use and is loosely regulated and controlled. And Bitcoin is neither of those. It has no ownership; anyone can make an exchange and list Bitcoin as a cryptocurrency they accept. With a lot of shady dealings now being done with Bitcoin, a personal favorite for hackers, for example, it will be tough to trust this cryptocurrency in the future truly.
Some non-regulated exchanges have awful security practices and large shares of the Bitcoin market. A considerable risk is hacking of the wallets in the exchange will easily cause Bitcoin to crash in the market.
People who bought Bitcoin when it was a few cents are still holding on to it and for a good reason. It is a very emotional experience, but we feel the cryptocurrency world is about to stabilize very soon.
Number four most legitimate cryptocurrency: 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 four 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.
Number three most legitimate cryptocurrency: Tron (TRX)
At number three is our personal favorite, Tron. Maybe it's the name, or perhaps it's the tenacity of Justin Sun, the young founder and alleged Jack Ma protege. For those of you who do not know who Jack Ma is, he is the CEO of Alibaba, China's pride and joy, which is the main competitor to Amazon.
But what is Tron at its core, does it have a product? You could find a very long explanation in Wikipedia, but mostly what they are going for is circumventing some conventional payment methods for entertainment-related applications. For example, you are playing an iPhone game and wish to pay for more coins. You could potentially pay less if you were to pay using Tron (TRX) as opposed to using the iPhone payment gateway. How they do this remains to be seen. But they are working on it.
Despite all the white noise relating to scams and pyramid schemes and what have you, Justin Sun's Tron seems to be here to stay. It even climbed up to number 3 on China's CCID crypto ranking. The third spot, in China, is awe-inspiring and a feat. Of all the cryptocurrency out there and despite its early fluctuations, Tron seems to have stabilized itself more and more as time goes by.
Our prediction, as baseless as it may be, we think Tron could be the first cryptocurrency to be officially recognized by China. It has all the lobbying power of the right people with Justin Sun at its helm. The sheer positive will of the founder and the backing of the right people could be what Tron needs to move forward. Time and again it has proved most of its critics wrong, emerging as a trustworthy and reliable cryptocurrency. #legitimate
Number Two most legitimate cryptocurrency: Litecoin (LTC)
If Bitcoin is cryptocurrency gold, then Litecoin is silver. So why is Litecoin more legitimate than Bitcoin? 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. Bitcoin is too enigmatic, we need to be able to speak to the inventor/creator, and Litecoin offers us just that.
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.
Number One most legitimate cryptocurrency: Ethereum (ETH)
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.
Tron(TRX) at number three used to run on Ethereum at its early stages. And now, of course, it runs on its very own blockchain platform as of 2018-2019.
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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