Overview of the Top 6 Cryptocurrencies
Mar 1, 2021
The cryptocurrency market is a unique entity. It is open 24 hours a day, 7 days a week, 365 days a year. A week in the crypto market can feel like a month in traditional markets!
It’s for this reason cryptocurrency trading needs to be undertaken with caution, which is why we at MEXBIT want to provide you with regular reminders and comprehensive overviews of what these markets all entail.
In today’s blog, we’re going to give you an overview of the six primary cryptocurrencies we have on offer here at MEXBIT. So, let’s dig in!
The original cryptocurrency released in January 2009 by pseudonymous Satoshi Nakamoto, this is your crypto “safe haven”. It’s not necessarily the fastest tech when compared to some of the others, but it has first mover advantage and is considered the “standard” among the entire industry. There’s a rule about trading Bitcoin: Always have some.
Official website: https://bitcoin.org/en/
First thing to remember is that “Ethereum” is the blockchain platform, while “Ether” is its native token. Ether, or ETH, is the token that gets traded in the markets.
The best way to explain Ethereum is to think of it as a global supercomputer designed to run decentralised applications. The Ethereum platform is also currently the platform of choice for DeFi projects. Dapps like Cryptokitties or automated collateralised loans are what make Ethereum so popular. These projects however are so popular that they can congest the Ethereum network and slow it down considerably, causing high “GAS” fees. Gas is what is needed when sending Ether tokens across its network.
Official website: https://ethereum.org/en/
Bitcoin Cash is technically much like Bitcoin, but with larger blocks. It is spearheaded by Roger Ver who tried to get the Bitcoin community to increase Bitcoin’s block size in an attempt to increase the speed of transactions on the network, but when the community voted against it, he rallied some support and “forked” the Bitcoin blockchain to start what is now known as the separate “Bitcoin Cash” network.
Official website: https://www.bitcoincash.org/
XRP / RIPPLE:
XRP is the token of the Ripple Network, which was created to act as a bridging currency across distributed ledgers in the banking world. It’s really impressive tech, the use case is pretty intriguing, and with an actual company behind it along with various offshoots, it's creating an ecosystem that looks set to succeed.
Official website: https://ripple.com/
Litecoin is seen as the pure peer-to-peer crypto because of its speed. It was created by Bitcoin protocol contributor Charlie Lee, and is known as the “silver crypto”, with Bitcoin being the “gold standard”. It is a true decentralised cryptocurrency and has thousands of supporters around the world.
Official website: https://litecoin.org/
Tether was in essence the first “stable coin”: a blockchain-based cryptocurrency that is linked to the exact value of the US Dollar. Its sole purpose is to allow traders and people to “cash out”, so they can reinvest it again without being subject to market fluctuations (besides those of the actual USA economy, of course)!
Official website: https://tether.to/
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This should give you a nice basic overview of the six coins we have on offer here at MEX Digital and give you a good intro into their various ecosystems.
They are each unique in their own ways, with a myriad of supporters around the world, and extensive projects all running on and within their niches. All of their tokens can be transferred to network wallets anywhere in the world and provide for great trading opportunities.
Visit each of their individual websites, get to know their various communities, and research as much as you can, because as we all know when it comes to investing: Knowledge is power!
MEX Digital recommends you consider the information available from https://mexdigital.com, before making any decisions regarding any products.