The first cryptocurrency that was introduced in the year 2008 was Bitcoin. Now, this cryptocurrency is regarded as the most popular digital currencies in the world.
Cryptocurrencies are the virtual currencies that do not exist in reality but only on the internet. You can only store these digital currencies in your wallet. There are various types of digital wallets, such as mobile wallets, web wallets, desktop wallets, hardware wallets, and many more.
Digital wallets are designed to store digital currencies such as Bitcoin, Stellar, Ripple, Ethereum, Litecoin, Bitcoin Cash, etc. These wallets are beneficial and have unique features.
Cryptocurrencies are also regarded as electronic money that is created with the help of advanced technologies. After the invention of cryptocurrencies, people no longer rely on banks for transactions.
Moreover, only a sender and a receiver are involved in the transactions. This makes your transaction safe, secure, and fast. Major Cryptocurrency such as bitcoin is processed on the blockchain technology that eliminates the need for any physical barriers such as banks.
Types of Cryptocurrency Best to Use
Cryptocurrencies are the digital currencies that are popular all over the world. There are millions of search volumes on cryptocurrencies because of its huge popularity and investment opportunities.
Therefore, here are the different types of cryptocurrencies that you must know in 2020,
- Zcash (ZEC):
Zcash is a well known digital currency that many investors are willing to spend on it. This was built on the original bitcoin codebase.
This cryptocurrency uses cryptography to provide advanced privacy to its users. The transactions related to this cryptocurrency are similar to bitcoin transactions, but keep in mind that the transactions are transparent.
- Ethereum (ETH):
Ethereum is another type of cryptocurrency that was introduced in the year 2015, and now it is popular all over the world. It serves as the platform for over 260,000 various cryptocurrencies.
It is regarded as the second-largest digital currency platform by market capitalization, after bitcoin. At present, this cryptocurrency is focusing on managing the programming code of any decentralized application.
- Litecoin (LTC):
Litecoin is another type of cryptocurrency and is also regarded as an open-source project that is not managed by any central authority.
In the year 2011, this digital currency was released on GitHub as an alternative to Bitcoin. Later on, in the year 2013, it experienced massive growth.
This currency was introduced by a former employee named Charlie Lee to improve the bitcoin technology with concentrated miners, lower fees, quick transactions, etc.
- Bitcoin Cash:
Bitcoin cash was introduced in 2017 and is known as one of the most popular cryptocurrencies on the market. The major difference between bitcoin and bitcoin cash is its block size; 8 MB.
This digital currency was created just to improve the features of Bitcoin. It allows the bulk of transactions at a rapid speed. It trades on virtual currency exchanges such as ShapeShift, Bitfinex, Kraken, Gemini, Coinbase, and Bitstamp.
- Bitcoin:
Bitcoin is the first virtual or digital currency introduced in the year 2008 by an individual or a group of people, commonly referred to as Satoshi Nakamoto.
It uses blockchain technology for the transaction. Out of all cryptocurrencies, bitcoin is the most popular one. If you search for the best investment opportunities, then bitcoin can be your suitable option in 2020.
You can also start investing in bitcoins after the pandemic, and with the correct marketing strategy, you can generate large passive income in a short time.
- Ripple:
Ripple is a technology that acts as both a digital payment network and cryptocurrency for financial transactions. This cryptocurrency is entirely different from bitcoin as Ripple does not use blockchain technology.
Keep in mind that this virtual currency is not meant for a single user but for large organizations and companies transacting large amounts of money. This cryptocurrency claims to manage more than fifteen hundred transactions per second.
The Final Thoughts
Therefore, these are the top cryptocurrencies that are best to use at present. You can choose any virtual currencies for the investment, but the most suitable digital currencies for you is Bitcoin. You can also register on cryptorevolt, and you will get to know several fantastic opportunities for bitcoin users.
