Cryptocurrency started making waves even before we thought that such decentralized currency can bring in people to work on it, but rather the cryptography process made it possible. Cryptography is an encryption method that makes the data secure from attackers. Privacy is the main criterion of cryptocurrency that came into circulation as it obscures the identity of the sender and receiver which is possible only in cash transactions.
Digital wallet is the base to save, send or receive currency from others. These wallets have specific addresses and also a secret key to access. There are others who also use an exchange to save or send money that has additional risks. A computer in this type of network is known as node and record of currency are saved based on Blockchain technology duplicating information at every node in the ledge and syncing it with other computers when updated.
We have heard about a lot of cryptocurrency but the granddaddy remains Bitcoin. Invest in Bitcoin are currently equal to gold standards as many experts say, but after Bitcoin many other currencies have outperformed and now people are looking for another Bitcoin or cryptocurrency that they lay their hands.
Best Cryptocurrencies to look out for in 2019 are;
- Bitcoin Cash
Bitcoin is the first and still the best-known cryptocurrency in the world after it was invented in 2009. It is one of the highly traded cryptocurrency and also has the largest market cap. Bitcoin leads the way where it is used in retails as medium of transaction accepted by businesses. The competition in the market for Bitcoin is increasing day by day but it also has room for growth after it tumbled down from over $20,000 per Bitcoin.
Ethereum since its introduction in 2015 has seen massive gains in the markets as currency and “smart contracts”. Currently, it at second position in market cap after bitcoin and is also the most widely discussed cryptocurrency project in the world. Big players in the market are building business-ready versions that can support software that drives Ethereum. Ethereum is still considered as the best currency to sit on an investor’s portfolio.
Ripple is diversified the cryptocurrency concept in many ways, launched by Ripple Labs their Ripple token is used for low-cost and high-speed money transfers across the world. Ripple labs are a partner to many known money transfer organizations and more financial partnerships are expected in near future. Unlike many cryptocurrencies that trade on hopes and dreams, Ripple is being used in the real world today, showing signs of future adoption within the financial market community.
EOS uses the same concept of smart contracts that of Ethereum and also gaining popularity. EOS has been credited with being the first Blockchain operating system which gives decentralized applications to stay afloat on the Blockchain and parallel processing which enables faster transactions and scalability giving tough competition. All transactions on EOS are free.
Bitcoin cash is the fork out of the Bitcoin and currently holds the fourth position in terms of market cap but slow transaction speed is a bigger challenge for this cryptocurrency. Bitcoin cash was developed using modified code from the Bitcoin project that allowed larger block sizes, promoting faster transaction times and better scalability.