The Most Used Cryptocurrencies

Cryptocurrencies have been the talk of the town for the past few years. People are either for it or against it. The availability of this medium of exchange has gradually entered the lives of people. There are a lot of cryptocurrencies offered online, but belonging to the top five most popular are Bitcoin, Litecoin, Ethereum, Ripple and Dash. The control of the cryptocurrencies is by a distributed ledger which is commonly a blockchain. It is a public financial transaction database.

Bitcoin

Out of all the five cryptocurrencies mentioned above, this is the most popular and considered the first. Currently, 1 Bitcoin is equivalent to a value of 8,349.24 US Dollars. This digital currency was founded by Satoshi Nakamoto and was initially released on January 2009. However, news reports lately that the value of Bitcoin has been decreasing, which is not good news for those who are users of it. 

Litecoin

This cryptocurrency is a project fork of Bitcoin. Like the others, it is peer-to-peer and is parts of open software with public access for everyone. Litecoin started in October 2011 as a spin-off of Bitcoin. Right now, 1 Litecoin is equal to the value of $56.11 US Dollars.

Ethereum

It is another decentralized platform for money that is open to the public and is distributed through a blockchain. The initial release for Ethereum was on July 30, 2015. The cryptocurrency was founded by five people: Vitalik Buterin, Anthony Di Iorio, Charles Hoskinson, Mihai Alisie and Amir Chetrit. At present, 1 Ethereum is equal to $179.99 US Dollars.

Ripple

It is a currency exchange and remittance system that enables you to send money everywhere through a blockchain technology. Ripple was initially released in 2012 by numerous people. It was created by Jed McCaleb but was built by Arthur Britto and David Schwartz. The person who released it was Ryan Fugger. At the moment, 1 XRP is equal to $0.252681 US Dollars.

Dash

The last cryptocurrency to be part of this list was originally called ‘Xcoin’. Dash was released in January of 2014. It is another most used form of sending and receiving payments through a blockchain. The original author of the organization was Evan Duffield. Just like Litecoin, Dash was meant to be a fork of Bitcoin. Right now, 1 Dash is equivalent to the value of $70.239700 US Dollars.

Cryptocurrencies are used to efficiently directly send and receive money globally through a blockchain that is open publicly. This has easily become a global phenomenon because of the technology it imposes. Digital cash has slowly become part of the lives of people and have caused various speculations.

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