My Top 5 Cryptos With The Most Utility
Let’s explore what exactly these cryptocurrencies were developed for
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Why Crypto is Actually Important?
In recent months we have seen major swings in crypto market prices. Most of them are because of the volatility mixed with crazy trading patterns. Unlike common stocks that move based on statistics and business developments, cryptocurrencies are in the mania stage of growth.
Basically, there is not always rhyme or reason to certain price movements. This is a problem because people are becoming more interested in cryptocurrencies without wanting to invest in the infrastructure these coins are trying to create.
After some research I have picked out the top five cryptos that, in my opinion, have the most utility in today’s world. Before you ask, no, they are not listed in any order. So, follow along and let’s dive right into the list!
*Please remember that this is not financial advice and is for educational purposes only. Always consult a trained financial expert when wanting to invest.
Top 5 Crypto’s with the most utility
1. Bitcoin (BTC)
Remember in this article, the focus is utility, so not every component of each stock might be addressed in this article. Feel free to check out any of the previous articles about cryptocurrency!
Why is Bitcoin all the rave? Well, that is because it uses blockchain technology. When you think of blockchain, you might think of some crazy amount of code you could not possibly understand. You might be right, but simply put, blockchain is basically a ledger system. This one is particularly great because it is decentralized. Decentralized means there are no overarching powers controlling it.
Bitcoin’s utilization comes down to two basic themes:
1. A currency that can be traded and transacted
2. Store of value (Investment purposes)
Think about how we use the dollar here in America. That is what Bitcoin can be, but fully digital, decentralized, and have asset limited supply.
Source : https://blockgeeks.com/guides/what-is-bitcoin/
2. Ethereum (ETH)
What people love about Ethereum is that it is completely different from Bitcoin. Even though many compare the two, the claim does not hold water once you investigate the facts about each currency.
Ethereum is a blockchain platform built to let developers produce applications that are decentralized. This leads to all the great features that Ethereum brings to the table on this blockchain platform:
The actual cryptocurrency of Ethereum -> Ether
Computer programs that help the exchange of assets called “Smart Contracts”
The Ethereum Virtual Machine allows users to test out their smart contracts before deploying them on the blockchain
DAO’s (Decentralized Autonomous Organizations) & Dapps (Decentralized Applications)
Source : https://blockgeeks.com/guides/ethereum/
3. Litecoin (LTC)
When you read the name, it sounds a lot like Bitcoin. That is not a coincidence. Litecoin is compared to Bitcoin in the same way that silver is to gold. The structure of Litecoin is a lot like Bitcoin but has one key difference that brings its utility up.
Litecoin has a faster block generation rate, which in turn leads to faster transactions and faster confirmations on those transactions. Both of which are very important regarding currencies.
Like Bitcoin, Litecoin is already being accepted around the world as payment.
Source : https://coinsutra.com/litecoin-cryptocurrency/
4. Stellar Lumens (XLM)
This crypto is all about the institutional category. We all make small transactions every day. But what about how massive companies transfer hundreds of thousands of dollars?
Stellar Lumens is a blockchain network that is open for this exact purpose. Why do we need something like this? Because with large transactions in today’s world it takes a lot of work. This extra work includes things like:
Taking multiple days
Costing money to transfer money
Lots of 3rd party intermediaries
This is only one of the utilities of Stellar. The other use case is that their open blockchain can work like any other blockchain where people can transfer and transact currencies.
Source : https://coincentral.com/what-is-stellar-lumens-a-beginners-guide/
5. Cardano (ADA)
Cardano, or as some call it, Ethereum’s biggest competition. This is because the founder of Cardano was a previous founding member of Ethereum.
Cardano has a lot of the same features as Ethereum, but the biggest difference is Cardano is looking to produce different financial products based on the theme of decentralization.
These products would include things like:
Contract tracing for legal purposes
Voting infrastructure for fraud avoidance
Blockchain compatibility solutions
Healthy competition in any market is good. The fact that Cardano and Ethereum are creating similar products is exactly what the world needs to create the best products in crypto.
Source : https://blockgeeks.com/guides/what-is-cardano/
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