Cryptocurrency List: Discover 5 of the Top Digital Currencies! 1. Bitcoin Bitcoin is the best-known virtual currency. It was the first decentralized global payment system. This means that he is not directly linked to any country. Thus, the quotation is not subject to the laws of any specific government. Developed in 2008, bitcoin was the first major cryptocurrency released. It was aimed at replacing paper money and ending the need for the influence of banks to broker financial transactions. Bitcoin is mined and traded through technology. Currency transactions are recorded in a complex computer system called a blockchain. This system depends on several computers around the world to function. Mining (obtaining new currencies) and bitcoin transfers are recorded in the blockchain, which works like a ledger. It also ensures more security to operations, as it makes attacks by malicious people more difficult. Although bitcoin is an unbacked currency, it is increasingly accepted as a form of payment by companies and institutions around the world. For this reason, it remains one of the main cryptocurrencies on the market. 2. Ethereum There are some similarities and also differences between bitcoin and ethereum – which was originally called ether. However, in 2016, a hacker found a flaw in the cryptocurrency system. With that, he managed to steal the equivalent of $50 million worth of ether. This action caused several doubts about the future of the currency, so the community that maintained it decided to create another network. Thus, the original ether, which was the target of the robbery, came to be called ethereum classic. And the virtual currency that started to circulate in the new network was called ethereum. With the support of its community, it came to be worth more than the first version. Unlike bitcoin, ether was not created to be a digital currency. The goal was for it to become an asset to reward developers for their contributions to the Ehereum platform and their projects. Ethereum development is among the most traded virtual currencies in the world. The platform is decentralized and used to carry out smart contracts. That is, they are operations performed automatically when certain conditions are met. The blockchain is also the basis used for validating transactions with ethereum, ensuring security, and preventing fraud. As with bitcoin, the process of creating new cryptocurrencies is based on mining. 3. XRP Ripple was created in 2011 and is a distributed payment protocol. It has a currency native to its system, the XRP. The platform has the differential of supporting other tokens in its network, which can represent traditional currencies and other goods. The system seeks to allow secure and instant payments. In a way, Ripple is similar to banking institutions, as it accepts different assets and facilitates the execution of transactions. Thus, he moves away from the ideals of other cryptocurrencies. The speech aims to end the dependence on the traditional financial system to carry out transactions. Thus, the XRP virtual currency was conceived in 2012 by developer Ryan Fugger, programmer Jed McCaleb, and entrepreneur Chris Larsen. Most of the coins remain in their possession. Unlike other digital currencies such as bitcoin and ethereum, there is no mining process in Ripple. The system connects payment providers, banks, businesses, and digital asset exchanges to provide a frictionless experience and send money globally. 4. Litecoin Litecoin is a cryptocurrency created in 2011 by Charlie Lee – a former Google employee. The coin has many similar characteristics to bitcoin, but the main difference is in the mining process. The purpose of litecoin is to reduce the time it takes to confirm transactions made with the currency. The idea is to make it easier and simpler for anyone to participate in the process of developing new litecoins. Another intention of litecoin is to be a virtual currency accessible to the general population. To do this, Charlie Lee sold all his shares. Thus, he could not interfere with cryptocurrency prices. Due to the faster processing, litecoin is considered a more efficient alternative for carrying out day-to-day transactions. On the other hand, bitcoin is seen as a better source of the store of value. Also, litecoin was developed to produce more units. While bitcoin has a limit of 21 million coins, the limit for litecoin is 84 million. https://www.blockchainx.tech/erc20-token-development