Nowadays, cash is gradually running out of stock in the market and electronic currencies are increasingly taking in the major part of the market today. Cryptocurrencies let you buy good and services or even trade them for profit.
A Cryptocurrency is a digital currency that can be used online to buy goods and services but uses an online online ledger with a strong cryptography that helps secure every online transaction. With Cryptocurrencies, most of the interest is to trade for profit and the most popular cryptocurrency is Bitcoin.
What is Cryptocurrency?
We hear about cryptocurrency every here and there but some of us do not still really know what it is all about. Cryptocurrency just like every other currency, it is a form of payment that permits online exchanges in order to obtain goods and services.
Nowadays, many companies have created their currencies mostly called tokens and this can be used to trade specifically for the good or service that the company provides. So in order to access the good or service, you will have to first of all exchange real or physical currency for the cryptocurrency.
Many of us often ask ourselves how cryptocurrencies work? well they work using a well organised and set up technology called blockchain which is decentralized technology covering many computers that manages and records transaction.
How Many Cryptocurrencies exists?
In the word today, there exist more than 10,000 different cryptocurrencies that are traded public following CoinMarketCap.com which is market research website. It is of no doubt that these cryptocurrencies continue to proliferate as compared to the recent years and today the total value of cryptocurrencies in the world are estimated at about $1.2 trillion and the most popular digital currency which bitcoin contributes to a greater part of this amount.
Most Popular Digital Currency by Market Capitalisation
In the table below, you will find the 10 largest trading Cryptocurrencies by market capitalization as tracked by CoinMarketCap which is a cryptocurrency data analytics provider. You can also consider these 10 digital currencies as the most popular in the World.
| Crytocurrency | Market Capitalisation |
|---|---|
| Bitcoin | $599.6 billion |
| Ethereum | $224.3 billion |
| Tether | $62 billion |
| Binance Coin | $47.6 billion |
| Cardano | $38.9 billion |
| XRP | $27.8 billion |
| USD Coin | $26.4 billion |
| Dogecoin | $23.6 billion |
| Polkadot | $12.4 billion |
| Binance USD | $11.3 billion |
Reasons for the popularity of Cryptocurrency
Cryptocurrencies have gained popularity at an increasing rate during the years due to the fact that they appeal to their supporters for a variety of reasons and also due to their numerous advantages that they have physical cash especially in the parameters of transactions, asset tranfers,confidentiality,transactions fees and many others.
Frequently Asked Questions
1. What is Cryptocurrency ? Cryptocurrency just like every other currency, it is a form of payment that permits online exchanges in order to obtain goods and services.
2. which is the most popular Crypto currency? The most popular cryptocurrency is bitcoin
3. Which are the best Cryptocurrencies