- January 20, 2022
Did you know that the cryptocurrency market is now worth a whopping $2 trillion?
Who would have thought that technology would produce currencies that could compete with the government’s fiat coins and dollars?
Whether you’re a savvy investor or someone who wants to boycott money with presidential faces, there’s plenty of options for you in the realm of cryptocurrency. In fact, there are so many options that it might cause you to get dizzy.
Are you wondering how the different cryptocurrencies fare when put up against each other? Keep reading to learn about the ultimate cryptocurrency comparison.
Are you wondering who invented Bitcoin currency? There’s some mystery behind it. People often cite Satoshi Nakamoto as the inventor but that’s a known alias for either one person or multiple people.
Whoever invented it, one thing’s for sure, the currency is phenomenal. It’s one of your best options when it comes to long-term investment. While you may not make a ton of money right away, it’s also a lot less of a gamble.
In fact, only a small amount of people buy Bitcoin with the intention of trading it right away. This is one indication of a currency that’s both stable and safe.
Have you ever asked someone, “Is Bitcoin legal in the US?” In general, yes, Bitcoin is legal in America. However, government agencies are becoming more interested in the currency so there may be some laws or guidelines that vary from state to state.
It’s always best to research any restrictions that might exist where you live.
When it comes to the different types of cryptocurrency, Tether is one that’s most often used to trade for other cryptocurrencies rather than for U.S. dollars, otherwise known as fiat currency.
Tether falls into the excellent category known as Stablecoins. Unlike other cryptocurrencies, Tether is, well, tethered to the U.S. dollar. As the category’s name suggests, this gives the currency a much more consistent value rather than one that fluctuates almost willy-nilly.
You’ll find most people using Tether to complete trades within the cryptocurrency ecosystem. Despite this, there’s a lot of potential for Stablecoins like Tether to be used to make commercial transactions. For instance, more and more people in China are using Stablecoins for just that purpose since their value is associated with fiat currency.
Are you still asking yourself, “What is cryptocurrency?” Simply put, cryptocurrency is virtual money. The coins are kept in a digital wallet and traded or used to purchase items using technology.
Ethereum is yet another option for you to consider. If you compare it to the ultra-popular Bitcoin, it’s something of an underdog. While Bitcoin is often in the limelight, Ethereum has been increasing in value and transaction volume.
In fact, Ethereum had more transaction volume than Bitcoin in the first quarter of this year. With this in mind, Ethereum is certainly worthy of your hard-earned cash.
There are limits to the currency based on whether you know the programming languages associated with it or not. Without knowing the language, you won’t be able to make smart contracts as a developer.
If you’re looking for a cryptocurrency that’s much more friendly in terms of smart contracts on its platform, then NEO might be more your speed.
It was created in China and used to go by the name of Antshares until they changed it to NEO. All signs point to it becoming a significant cryptocurrency, so it’s best to get on the bandwagon as early as possible.
Not only is NEO easier when it comes to making smart contracts, but it also boasts digital identities that make commercial transactions or cash-outs simpler.
Ripple is a currency that isn’t constricted by a blockchain. If you’ve never heard of a blockchain, it’s essential to know that most cryptocurrencies are tied to it. A blockchain is a digital ledger that can’t change in the simplest terms.
All computers associated with the blockchain can view it, but can’t tinker with it. The benefit of this decentralized software is that it makes transactions much m
Ripple is designed without a blockchain because it’s more often used by large businesses rather than individual traders and buyers. In fact, the system is so sophisticated that it can handle around 1,500 transactions every single second. Unless you’re Elon Musk, you should probably stay clear of Ripple.
Believe it or not, Dogecoin was created as a joke. Even its name is based on a meme featuring a Shiba. However, since its invention seven years ago, it has become a serious prospect for investment.
In fact, it’s considered one of the top cryptocurrencies on the market. The downside is that Dogecoin is not as widely accepted as a form of currency as, say, Bitcoin.
There’s also the question of energy efficiency. As it turns out, Dogecoin is more energy-efficient than Bitcoin, but it’s not the only one of its kind. If efficiency is your main concern as an investor, then you could also go with Cardano or Nano.
Nano uses 0.000112 kWh every transaction, which makes it one of the most efficient currencies on the market.
Created a decade ago, this cryptocurrency is an alternative to Bitcoin. It uses an algorithm called scrypt rather than Bitcoin’s SHA-256 algorithm. Are you wondering how Litecoin has fared since it was brought to the virtual market?
Not only does Litecoin rank well among cryptocurrencies, but it also has a higher coin limit than Bitcoin. Bitcoin is capped at 21 million yet Litecoin gives you a lot of room to grow with a cap of 84 million coins.
It even has quicker transaction times, but it’s still not quite as good as Bitcoin.
Marscoin was born from Litecoin and is a way to throw your hat into the ring of exciting space travel. If you believe that humans should be working toward branching farther into the final frontier, then Marscoin is where it’s at.
Marscoin can fund a wide range of space-related technology projects, but its ultimate goal is the colonization of Mars. The goal is as expensive as ambitious and would take billions of dollars to fulfill.
Elon Musk has even claimed that an established colony on Mars would use cryptocurrency rather than any traditional fiat currency.
If you can envision buying a Mars pie on the Red Planet, then Marscoin is for you.
Beginning as Xcoin, Dash (digital cash) was born from Bitcoin’s protocol. Evan Duffield created it as a way to smooth out any pitfalls that Bitcoin may have, such as a lack of governance.
The governance of Dash can seem complicated at first glance. It involves masternodes on a blockchain and allows for an operation that’s autonomous and decentralized.
Dash also boasts a quick transaction time because who wants to wait around for stuff like that to process anyway?
USD Coin, also called USDC, is another type of cryptocurrency in the Stablecoin family. As you might guess from the name, there’s a one-to-one basis that connects USD coins and America’s fiat currency.
This means that every coin you own corresponds to a real-life dollar and the value won’t fluctuate in a dramatic fashion like other kinds of cryptocurrency.
The primary mission behind USD Coin is to make money 100% digital. After all, we now live in a digital world, so who wants to deal with tattered paper dollars, let alone bulky and dirty change?
With a market cap of over $50 billion, Cardano is a promising cryptocurrency despite being new in the grand scheme of things.
Like Nano, Cardano operates with more efficiency than most other cryptocurrencies. Aside from being a greener option, Cardano also makes the transaction verification process easier. In fact, by getting rid of the complexities behind verification, the cryptocurrency uses less energy per transaction.
Cardano may not be as booming of an investment as others, but there’s enough promise and growth to be able to pay off a smart and careful investor.
Now You Can Do Your Own Cryptocurrency Comparison
Now that you’ve learned all about the ultimate cryptocurrency comparison, you can start doing research and investing in the cryptocurrency that fits your needs. After all, who wants stinky paper money and heavy quarters when you can have fast and slick Bitcoins?
Whether you want to buy a bunch of Bitcoin, Marscoin, or something else, Bytefederal can help you with all your cryptocurrency needs. From California to New Hampshire, we have a range of ATM locations where you can trade your cash for an instant stack of cryptocurrency.
If you have any questions about our highly-rated services, then feel free to drop us a line or send an email our way. We’re more than happy to help people who want to invest in their financial liberation.