Best crypto currencies
Dwain Ross
18 / March / 21
Visitors: 270
Having started to gain momentum a few years ago, the topic of cryptocurrency is still very relevant. New technologies are emerging on the basis of the blockchain and now it seems that their prospects are inexhaustible. If you are thinking about keep your savings in a cryptocurrency, the next step is choosing the most optimal and reliable asset. Consider some of the best crypto currencies today and their advantages.
Bitcoin - a leader among the best crypto
The very first asset with blockchain technology is now no less in demand than it was before and this is not surprising because working with Bitcoin has several important advantages. In particular, these are minimum commissions. Since the cryptocurrency has no owner, no one requires allocations. All commissions end up as a reward to miners, besides, they are not necessary - only if you want to increase the speed of the transaction.
You can work with Bitcoins at any time of the day and any day of the week - neither weekends nor holidays affect stable functioning of the network. Like all the best cryptocurrency, Bitcoin makes remittances very quickly; the only exceptions are especially large amounts, those can take up to an hour. Bitcoin security is considered top-level - the reliability of cryptographic data storage exceeded the reliability of all computers in the world combined in 2012. In addition, Bitcoin does not stop there; it constantly introduces new modern functions, for example, multi-signatures.
Other advantages of this cryptocurrency:
· the ability to make microtransactions starting from the thousandth part of the dollar;
· there are no restrictions on the use of currency, anyone can start in a matter of minutes;
· it is easy to make anonymous donations to projects such as WikiLeaks;
· open source;
· free market economy;
· the ability to pay for many services and products;
· operations without intermediaries;
· full transparency.
Litecoin
This crypto currency is the second most popular one but it is undeservedly overlooked in some countries. Litecoin was created in 2011 and based on a concept resembling Torrent. This means that all computers linked to the network are also linked to a powerful network and can exchange cryptocurrency with each other. This network is anonymous and decentralized. Distinctive features of the coin are:
· Anonymity which does not allow you to find out the personal data of neither the sender nor the addressee.
· Deflation. The number of coins is gradually decreasing, respectively, their value increases. In the beginning, the reward for each extracted block was 50 LTC but it decreased twice with every 840 thousand blocks.
· High transaction speed. It is ensured by the fact that transactions are conducted directly, without a processing center.
· Decentralization. It does not have a single center, which means that a translation cannot be blocked.
Ethereum
All the best crypto currencies were formed on the basis of Bitcoin and Etherium, appeared at the end of 2017, is among them. The main feature that distinguishes Ether from Bitcoin is smart contracts. What they give:
· Any transaction within the system is carried out using a computer program that must analyze the terms of transaction and monitor the performance of both a sender and a recipient. Due to the fact that these nuances are overlooked by computers and not people, it ensures complete impartiality. A smart contract cannot be canceled or bypassed.
· The programming language used by the Etherium can be compared to JavaScript. Once the reply message from the addressee is received, the contract is considered complete. The program immediately transfers funds to the client and the result is entered in the block and can be seen by the sender.
· Ethereum uses local currency - ETH. According to the developers, it can be compared with fuel. After the launch in 2015, the exchange rate has almost always been growing and the growth is sometimes very significant, it allows you to quickly multiply your capital.
You can sell and buy Ethereum on many exchanges; almost all existing ones support this currency. For the most beneficial result, it is recommended to use one the following platforms: LiveCoin; Poloniex; BTC-e; Bitfinex.
Ripple
It is one of the new crypto currencies already showing an excellent potential. However, it cannot be a full replacement for Bitcoin - the coin does not use blockchain in its traditional form. The system is based on payment gateways, which are of great interest to banks. The company that created the cryptocurrency appeared in 2012, when most of today's altcoins were not even in the planning. The developers did not focus on the extensive advertising campaign, concentrating on creating a truly reliable and convenient coin, which, like all the best crypto currencies, is designed for a long-term perspective.
The difference between Bitcoin and Ripple is that the second one was created not just as an alternative way of making settlements between customers in order to bypass the banking system but to introduce their own payment method directly into the banking system itself. Of course, this does not prevent the normal transactions between users. A unique feature of Ripple - it does not need to be mined like Bitcoin or Etherium.
Ripple's advantages over conventional money:
· minimum commissions;
· rapid financial operations;
· high security of each transaction.
Monero
Also included in the best crypto currencies of the world and is especially appreciated it in the dark net. Its value already reached $25 per coin literally after a few days after the start and a few months later it reached $90. The unique feature of this currency is its top anonymity in combination with high security. According to calculations, the last Monero coin will be mined in 2022, however, unlike Bitcoin, even after that, it will be possible to mince it in small quantities. Ordinary users like Monero for the opportunity to mine it without special expensive equipment.
You can use this coin but not with ASIC devices; due to the Crypto Note algorithm, the only available mining option is on a video card or processor. It is based on a ring signature, which guarantees absolute anonymity of each transaction. The ring signature means that the transaction information includes only the information about the group which the client belongs to and not their personal data. Technologies that the currency uses to guarantee confidentiality:
· Stealth-addresses that cannot be tracked because of a double-key signature;
· Ring signature for each transfer;
· RingCT making the amount of the transfer strictly confidential.
Zcash
This cryptocurrency came out in the fall of 2016 and today it confidently enters the list of best crypto currencies. Immediately after it was added to the crypto exchange, the coin caused an unprecedented rush - it increased by thousands of times in a matter of days, however, then it also sharply lost its price. The appeal of Zcash is in the unique anonymity algorithm - it is called the zero-knowledge proof protocol. When two parties interact with each other, each of them has the opportunity to verify the correctness of mathematical calculations without resorting to the other side. It turns out that when making a transaction an outsider cannot find out either its amount or the personal information of the addressee or sender.
The cryptocurrency is developed by a team of cryptographers from several countries; they receive their income as a percentage from the mining. Many experts believe that Zcash may well become a replacement for Bitcoin because the latter lacks anonymity (although at first it was conceived as anonymous cryptocurrency and positioned itself as such).
Problems that Zcash can handle:
· Interchangeability. This is the principle that monetary units of a single denomination and a single type of currency must be equal. Unfortunately, in practice there is a situation that, having bought Bitcoins on the exchange, you might get stolen funds. As a result, they may not be accepted later on. The uniformity of the cryptocurrency is completely lost.
· Mathematical confidentiality provides a guarantee that the coin will not be lost for no reason. And its rapid growth immediately after it hits the crypto exchange assumes that soon it has all chances to catch up with Bitcoin.
· There is a certain danger that it will be prohibited by government services since they completely do not benefit from its anonymity and inability to track transactions. Nevertheless, the creators are trying to convince the world that their technology is more useful than harmful. In particular, it may be of interest to banks in matters of providing additional confidentiality of operations. The first bank that formalized cooperation with Zcash was JP Morgan.
Conclusion
In addition to these, there are dozens of different crypto currencies. Which of them to choose is up to you but the opinion of the majority of experienced users should not be ignored. The strategy of investing funds in a cryptocurrency is a serious matter and it must be taken with utmost responsibility.
