Nowadays, cryptocurrency is a highly prevalent and trending topic across the globe. There are more than 5000 digital currencies, in which some exist, some got disappeared, and some will be released soon. Many companies are switching to the use of crypto assets and making a lot of money as well. But it is hard to determine the total number of virtual currencies.
In the following write-up, we will discuss the total number of cryptocurrencies and some of the common ones widely used around the world. Many traders and investors invest their money on these digital currencies for achieving profit and other benefits, as stated by bitcoinfastprofit. As per different platforms, it is found that there are approximately 3000 cryptocurrencies but with more possibilities. Let us talk about some popular ones.
It is the beginning of the crypto industry. This digital currency was introduced over ten years ago and is considered as the original one. When Bitcoin was released in the market, it was a big challenge for financial institutions. There are no restrictions on transactions because it offers low fees with high security.
Anyone who needs to invest their money in any cryptocurrency, then he can start with BTC. Nowadays, it is highly profitable to trade in this virtual currency because of its high offered price. It is continuously growing, and there is a massive demand for Bitcoin around the globe.
If you are looking for cross-border transaction cryptocurrency, then you must prefer XRP. Within a few seconds, you can transfer any payment to any location in the world. The server can easily handle more than 1,500 transactions per second, which is a great achievement. It is a highly preferable virtual currency when anyone has to focus on transacting payment from source to another.
It is another popular digital currency, which everyone likes to prefer after Bitcoin. The blockchain technology is used for developing smart contracts and allows traders to trade in its ETH only. The platform is creating more opportunities for the traders to exchange their crypto assets beneficially. Many tools are available that make trading more profitable.
4. Bitcoin Cash
Bitcoin lacks scalability, and to improve that feature, and Bitcoin Cash was introduced. It offers low transaction fees and makes transactions at a higher speed. The size of the block was 1 MB, which leads to a finite number of transfers. But after the release of Bitcoin Cash, the size becomes 8 MB, which means that the number of transfers also increases.
Litecoin is also one of the popular cryptocurrencies and was released on an open-source client, GitHub. The technology of Scrypt is used in its algorithm. As its name ‘Lite’ suggests, it can make more transactions at low fees simultaneously. In comparison with other virtual currencies, it is considered to be one of the fastest ones. If you want to make more transfers in a day and want to spend low transaction fees, you should go for Litecoin.
It is a stablecoin by Tether and is traded globally against BTC. It is considered to be at the top of the list of stablecoins when it got popular in 2014. People raised many concerns against Tether’s USDT and mentioned that there are not many reserves that can back the tokens. Many transfers take place in a day, but there is not much security. But now, planning and strategy are developing to improve these flaws.
It is the biggest Initial Coin Offering and was introduced in 2018. It is an incredible smart contract platform, which directly competes with Ethereum. The main aim of creating this platform was to develop, host, and operate decentralized applications. In comparison with Ethereum, the network of EOC is entirely scalable and faster. It is possible to make thousands of transactions in a second.
The network capacity is also high due to its centralized structure. But the major concern is the froze accounts, which means it contains all the stolen accounts. It should not happen in decentralized applications. The system is now looking forward to the centralization and making things seamless.
In 2018, Bitcoin Satoshi Vision was developed to reach a consensus. Compared with the original Bitcoin protocol, it is hard to operate the block size changes. Scaling Bitcoin was the main aim, but it remains the same. Many people claim that BSV has a fake trading volume.
Is it Easy to Determine the Exact Number of Digital Currencies?
Well, it is quite challenging to do so because many cryptocurrencies exist, but it does not mean that everyone has the same significance. Nowadays, many organizations are coming up with their virtual currency, but it exists in the market only when people respond to it. Indeed, the price of these crypto assets keeps on changing with time.
Some of them get extinct due no one prefers to invest in them. Many traders and investors trade in old and popular cryptocurrencies, though they can easily get more profits. It is also possible that many digital currencies exist globally, but we are not familiar with it. There are many exchange platforms where one can access the actual ongoing rate of the crypto assets.
In some places, many abandoned projects are also there, which should not be counted. But we cannot do anything, and therefore, we have to calculate them. Overall, the number of cryptocurrencies keeps on changing daily.
The Bottom Line
There are thousands of digital currencies globally, but it is hard to determine the right number. It is because the number of cryptocurrencies keeps on changing daily. Many companies introduce their virtual currency, and some have no existence but are mentioned in the list.
People like to invest their money and time on a crypto asset only when they have proper trust and are familiar with the desired results. The price of these digital currencies also changes every minute, and it takes too much effort to focus and trade on them. Therefore, it is quite hard to detect the exact number of cryptocurrencies.