6 Cryptocurrencies Every Crypto Beginner Should Study About

Cryptocurrency is considered to be digital money that is used instead of fiat so that it isn’t managed by any third party like a bank. Where digital currency is gaining a lot of popularity right now, there are lots of different currencies that you can select from. In this article, I am going to highlight some of the best projects that you need to familiarize yourself with if you are just a beginner in the industry. So, without further ado, let’s get right down to it.

Bitcoin (BTC)

It doesn’t matter if you are new to crypto or you are reading an article about it for the first time; you might already know a thing or two about Bitcoin. Being the undisputed king of all cryptocurrencies, Bitcoin has the most adoption in the industry.

While it has some technical flaws and might not be the best at what it does, but Bitcoin gains an edge because it was the first ever blockchain. It has become a de-facto cryptocurrency for a lot of investors as huge corporations like Tesla, Microstrategy, and Voyager Digital hold BTC on their balance sheet.

Ethereum (ETH)

Next up in the list is arguably one of the most superior blockchains right now as it introduced smart contracts to the world. Smart contracts can be used by companies as an alternative to traditional contracts, as everything can be done through their decentralized blockchain.

Compared to Bitcoin, which takes 15 minutes to confirm a single transaction, Ethereum only takes about 15 seconds. However, the only downside of using the Ethereum network is its high transaction costs and network congestion, where there is a lot of trading done through the blockchain. If you want a recognizable platform to buy Ethereum UK, you can browse over to the linked website.

Cardano (ADA)

Cardano is one of the most technologically advanced projects in the crypto space that is also a direct competitor to Ethereum as it also provides smart contract functionality. The Cardano blockchain is based on a proof of stake system rather than a proof of work like ETH and BTC, which makes it much more efficient.

The Cardano network has a much faster network speed compared to both ETH and BTC as it has the potential to perform up to a million transactions per second. It makes Cardano the best choice for a smart contract once its technology is fully developed, which might take up to a year.

Ripple (XRP)

XRP is a native cryptocurrency developed by the Ripple Labs that aims to solve the inter-bank transfer problem. It is a decentralized finance project that boomed in its early days because of its unique use case and efficient network.

However, the company was hit by a lawsuit by the US Securities and Exchange Commission, which put the company’s token progress at a halt. Moreover, XRP is often criticized as Ripple holds more than half of its token supply, and they can pull the rug out anytime they want to.

Theta (THETA)

The reason why the crypto space is touted as one of the most innovative markets is that there are lots of different innovative projects that have different use cases. Theta is one of the most interesting projects in the crypto space as it provides an open source decentralized streaming service.

Their vision is to provide a streaming service like YouTube but with the added benefit of high quality videos without any buffering and no risk of privacy invasion. The network also supports different decentralized apps to be built upon it, so there are other projects patterning up with them.

VeChain (VET)

Last but not least, VeChain is another interesting project that aims to improve the supply chain management issues in different industries. Their cryptocurrencies are the choice for lots of different companies for inventory management and tracking purposes.

Another benefit of holding a large quantity of VET in your wallet is that it also pays as a dividend. The THOR coin or VeTHOR (VTHO) is paid to large bag holders of VET tokens daily, which is a great way to earn passive income through it.

This article does not necessarily reflect the opinions of the edtiors or the management of EconoTimes