What Is The Most Profitable Cryptocurrency To Mine?

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Bitcoin made it possible for people to dream about a digital cash system. The success of Satoshi Nakamoto has brought about enthusiasm and mass proliferation that would not have been possible without the creation of the Bitcoin. The popularity of the digital cash system is now increasingly growing with large market capitalizations to prove it.

Cryptocurrencies are often used for the means of payment, but it also functions as a method of speculation and a value storage system. It has created an incredibly dynamic market for investors and speculators.

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Today, cryptocurrency exchanges such as Poloniex and Shapeshift has made it possible to trade hundreds of cryptocurrencies.

Many of their daily trade volumes can exceed major European stock exchanges. The large amount of volumes that it trades makes it a good target for hackers.

Anyone who gets into the business of cryptocurrency mining should always take extra precaution to protect their money. Your selection of a crypto wallet is essential to keeping your money safe.

Initial coin distribution, which is a facilitated by smart contracts have initiated successful crowdfunding projects. These ideas can bring about millions of dollars to crowdfund for a cryptocurrency.

With many new cryptocurrencies surfacing in the market, extreme volatility cannot be avoided. It is not uncommon to see the value of a coin go up to 100% a day and lose the same within 24 hours.

The value of your coin can even grow up to 1000% within just a few weeks. If you want to get into the cryptocurrency market, you need to read our guide so that you know how to trade efficiently and profitably.

While the Bitcoin is the most popular cryptocurrency today, there are still several other cryptocurrencies that investors to keep their eye on. In this article, we will discuss the most popular cryptocurrencies available today.

Bitcoin

This is the most popular cryptocurrency in the market today. It is the golden standard for the entire cryptocurrency market as it is used as a global means of payment.

With its widespread use, cybercrimes and dark web use Bitcoin as a means for ransomware. Bitcoin’s price has increased from $0 to up to $650. There is nothing more to say about Bitcoin. This cryptocurrency is here to stay.

Ethereum

Vitalik Buterin created the second most popular cryptocurrency in the market. Besides Bitcoin, the blockchain technology that Ethereum utilizes can process multiple transactions which includes complex contracts and programs.

The flexibility that this technology has allowed it to be the optimal cryptocurrency for the blockchain technology.

As Ethereum was hacked before, several clones of Ethereum such as DigixDAO and Augur made it possible for the currency to have a family of cryptocurrencies rather than being known as a single currency.

Ripple

This cryptocurrency is one of the less popular cryptocurrencies in the community. It’s native cryptocurrency known as the XRP.

This is more about the network to process IOUs rather than cryptocurrency itself. As a currency, the XRP does not function to store exchange value but help to protect the network against spam.

Ripple is often termed as pre-mind in the community and is accused of not having real cryptocurrency value. This is because the XRP does not function as a good method of storage.

Banks seem to favor Ripple because Ripple adopts systems at an increasing pace.

Litecoin

This is one of the cryptocurrencies, which is termed as the silver in the digital coin market. It is much faster than Bitcoin and has a larger amount of tokens.

Furthermore, this cryptocurrency has a new mining algorithm which is perfectly tailored to be a similar version of Bitcoin.

It has helped to bring about several other cryptocurrencies such as Dogecoin and Feathercoin that utilized its course code base. Litecoin failed to gain real traction regarding usage, but it is still actively developed and is a potential backup if Bitcoin fails.

Monero

This is one of the best examples of a kryptonite algorithm. It was created to make up for the privacy features that Bitcoin did not have.

Using the Bitcoin, every transaction will be documented using the blockchain technology and the trail of transactions can be followed because of this. Monero brought about the introduction of the concept called ring signatures.

This kryptonite algorithm was able to cover the trail is created by Bitcoin. The popularity of Monteiro peaked in summer 2016 when the dark web market decided to accept it as a currency.

This has brought about the steady increase in the price for Monero, but the real usage of Monero is still vague.

Why is Bitcoin the best?

The market pioneers remain one of the most popular cryptocurrency despite the problems that it had. At around $41 billion, it has the largest market capitalization.

It had been on the market for over eight years and is commonly used as a method of payment around the world. It also boasts great security and efficiency because no one has found an exploitable weakness in the system.

Bitcoin functions as the storage of value and a payment system which allows users to send and receive Bitcoins easily. The creator of Bitcoin, which is Satoshi Nakamoto disappeared two years after the launching of the project in early 2009.

The creation of these cryptocurrencies are based on the blockchain technology has also become the basis for the vast majority of cryptocurrencies in the market today. Understanding the concept of blockchain is essential to understand what all the other cryptocurrencies are all about.

What is the future of cryptocurrency?

The growth of cryptocurrencies has expedited within the last decade. Every day, there seems to be a new cryptocurrency in the market, and early adopters stand to profit the most out of it.

With the creation of new cryptocurrencies, comes new promises that hope to turn the world around.

There are a select few that managed to survive the markets for a few months just to pump the money in and benefit the early adopters.

If you are interested in trading different types of cryptocurrencies besides Bitcoin, our guide will help you to identify better opportunities in the market to be an early adopter of newer cryptocurrencies. Understanding the cryptocurrency market well is the key to trade them more efficiently.

Our Top Pick For Crypto Investment

Invest in Cryptocurrency NOW!

Learn More