by Apoorva Komarraju
September 1, 2021
These cryptocurrencies are in the spotlight in September.
Cryptocurrencies have become such a phenomenon that nothing can stop their growth. Countries around the world are accepting this new form of money and assets, and many companies are accepting cryptocurrencies as a means of payment. Given this growth, this is a good time to invest in cryptocurrencies and diversify your portfolio.
Bitcoin was the first cryptocurrency introduced a decade ago. Since then, Bitcoin has still dominated the avid crypto investor market, making headlines with its drastic moves. The purpose of creating Bitcoin through an identity called Satoshi Nakamoto was to replace fiat money with a more secure digital coin that is slowly taking shape as companies accept Bitcoins for payments.
Although Ethereum is the second largest cryptocurrency on the market alongside Bitcoin, it doesn’t want to remain just a digital coin. Ethereum’s blockchain network enables developers to create crypto applications called smart contracts. Other popular cryptocurrencies like Tether and Binance Coin also use Ethereum’s blockchain.
Now that investors are aware of the environmental impact of some cryptocurrencies, Cardano is an eco-friendly digital coin that doesn’t follow the mining process. It is based on the proof-of-stake model, which allows people who have invested in Cardano to vote on its regulations.
Several financial institutions can vouch for the benefits of XRP. Banks have begun to use this digital coin to transfer payments across borders at cheaper rates and faster, and have left the traditional routes of NEFT and RTGS behind.
With the grace of Elon Musk and an adorable Shiba Inu mascot, Dogecoin has gone from a meme coin to a legitimate cryptocurrency. It is one of the few cryptocurrencies that had no limit on the number of coins that can be mined and is used to give talent on online forums.
According to Forbes, Polkadot is tough competition for Ethereum. Based on the Ethereum blockchain, transactions via Polkadot are faster and cheaper.
7. Bitcoin cash
When the developers realized that Bitcoin could not meet the high standards it set itself, Bitcoin Cash moved beyond the direction it should take to achieve the goal. Although its value is not as high as Bitcoin’s, it offers comparatively faster and cheaper transactions.
Solana aims to revolutionize the DeFi industry. Around 304 apps are now based on Solana’s blockchain and can integrate tokens from other networks. Solana uses a unique proof-of-history method.
Litecoin is Bitcoin Lite. With the same strengths as Bitcoin, Litecoin aims to be a means of payment for small merchants rather than an investment option. In 2021, Litecoin gained popularity as people began to recognize this altcoin for their noble purpose.
10. Stellar lumens
Similar to XRP, Stellar Lumens aims to be a payment network that connects financial institutions via blockchain. The advantage over XRP is that Stellar Lumens can conduct transactions at low cost and at high speed in any asset.
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