5 Most Traded Cryptocurrencies – SmallBizDaily

by Salman Jogiyat

A lot of people are interested in cryptocurrencies these days. Although not all of them really understand it. There are more than 1600 cryptocurrencies listed on major, middle-sized, and specialist exchanges. There is a lot to choose from, but not all of them are worthwhile investments. So what are the most popular cryptocurrencies among traders, and how to choose the right one? Let‘s review this list from first to fifth place ranked by popularity.

Bitcoin was regarded as the original crypto, and its launch is what started the whole cryptocurrency movement. Bitcoin – and the blockchain technology that underpins it – were created by an individual or group of individuals going by the alias Satoshi Nakamoto. It was proposed as a replacement for the paper money. Nakamoto argued that a fiat monetary system dominated by central banks resulted in a concentration of wealth and power and hampered social and financial mobility. Inflation eroded ordinary people‘s savings, owning largely to central banks‘ money printing. Because of Bitcoins‘ peer-to-peer blockchain technology, it did not require financial institutions to facilitate transactions. This crypto still remains the most popular by far.

Ethereum is the second most popular cryptocurrency in history, but it is not the same as Bitcoin. The blockchain platform is called Ethereum, and the crypto is called Ether. While other smart contract platforms have emerged since Ethereum, each claiming to provide more advanced blockchain technology, the original one has retained its position as the most widely used.

Ripple XRP is yet another very popular crypto. Its blockchain platform had been designed to make cross-border fiat currency transfers more efficient. Ripple XRP, which has been closely linked to and supported by a number of banks, is frequently referred to as the „establishment“ cryptocurrency.

Litecoin is a prominent rival to Bitcoin and another potential fiat alternative. Its developers hope that Litecoin will one day be used to pay for everyday goods and services. It has established itself as a more practical and technologically advanced alternative to Bitcoin.

The last currency on our list is NEO. It was released in 2014, aimed to improve on Ethereum by providing roughly the same utility through a technologically more sophisticated example of blockchain technology. Many people argue that NEO is a more advanced platform than Ethereum. But anyway, that is just one of the loads of opinions.

There are obviously loads of cryptocurrencies but these ones are the most popular among traders. Since loads of people are selecting Bitcoin it might be the smartest choice to invest in. All you have to do is just find a secure platform which offers a way to purchase crypto with debit or credit card. Just be sure to try lots of different exchange platforms, because they are all very different and have their advantages.

Anyway, Bitcoin is not the only choice, so if you are interested in buying a cryptocurrency, the ones in this article are a really great option. Just be picky, read as much as you can about its possibilities, and finally buy it.

Cryptocurrency stock photo by Phongphan/Shutterstock

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