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From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies that can make it big when you first start out in the world of cryptocurrency. To help you achieve your goals, we’ve listed the top 10 cryptocurrencies based on market capitalization, or the total value of all coins currently in circulation.
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Bitcoin (BTC) is the original digital currency created in 2009 by a person with the name Satoshi Nakamoto. Like most cryptocurrencies, BTC operates on a blockchain, or ledger of transactions recorded in a network of thousands of computers. Because additions to the distributed ledger must be verified by solving a cryptographic puzzle, a process known as proof-of-work, Bitcoin is secure and protected from fraud.
Bitcoin’s value has skyrocketed since it became a household name. In May 2016 you could buy one Bitcoin for around £370. As of 1 December 2022, each Bitcoin was worth £14,000.
Both cryptocurrency and blockchain, Ethereum is popular for app development for potential applications, such as so-called smart contracts that execute automatically when conditions are met, and non-fungible tokens (NFTs).
Ethereum has also seen tremendous growth. From April 2016 to December 2022, it went from around £8 to more than £1,055.
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Unlike some other types of digital currency, Tether is a stablecoin, meaning that it is backed by unbacked currencies such as the British pound, US dollar, and euro, and hypothetically maintains the same value as one. among those funds. In theory, this means that the price of Tether will be more stable than other cryptocurrencies, and investors who fear extreme volatility in other coins will support it.
Binance Coin is a type of digital currency that you can use to trade and pay on Binance, one of the largest crypto exchanges in the world.
Since its launch in 2017, Binance Coin has been trading exclusively on the Binance exchange. Now it can be used for business, payment processing or even travel booking. It can also be traded or exchanged for other digital currencies such as Ethereum or Bitcoin.
It cost less than 10p in 2017, but reached almost £245 on December 1 this year.
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Like Tether, USD Coin (USDC) is a stablecoin, meaning it is backed by the US dollar and targets a ratio of 1 USD to 1 USDC. USDC is powered by Ethereum and you can use USD Coin to complete international transactions.
Created by some founders such as Ripple, a payment and digital technology company, XRP can be used in this network to facilitate the exchange of various currencies, including fiat currencies and other major digital currencies.
At the beginning of 2017, the price of XRP was 0.004 GBP. From 1 December 2022, the price increases to 33 p.
Cardano is a bit of a latecomer to the crypto scene because of its early adoption of proof of stake. By removing the competitive edge and solving the transaction verification problem that exists in platforms like Bitcoin, this method speeds up transaction times and reduces energy consumption and environmental impact. Cardano also works like Ethereum, enabling smart contracts and decentralized applications powered by ADA, the parent currency.
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Cardano’s ADA token has seen less growth than other major cryptocurrencies. In 2017, the ADA rate is 1.5p. On 1 December 2022, the price was around 26p.
Developed to support the use of decentralized finance (DeFi), decentralized applications (DApps) and smart contracts, Solana uses a variety of proof-of-stake and history proof methods to help process transactions quickly and securely. The platform is powered by SOL, the original brand of Solan.
When launched in 2020, the price of SOL started at £0.57. As of 1 December 2022, it was around £11.25.
Cryptocurrencies can use any number of blockchains. Polkadot (and its namesake ‘cryptocurrency’) connects different blockchains by creating a digital currency network that connects them to each other. This integration can change the way cryptocurrencies are managed and has seen significant growth since the launch of Polkadot in 2020.
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Dogecoin started as a joke in 2013, but quickly became a popular cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptocurrencies, there is no limit to the number of Dogecoins that can be created, making the currency vulnerable to depreciation as the supply increases.
*Crypto asset investing is not regulated in most EU countries and the UK. Without customer protection, your capital is at risk. ** CFDs are complex instruments and carry a high risk of losing money quickly due to leverage. 68% of retail investor accounts lose money when trading CFDs on eToro.
Cryptocurrency is a form of money that exists in digital form. Digital currency can be used for online payments without an intermediary such as a bank or held as an investment.
While you can invest in cryptocurrencies, they are very different from traditional investments such as stocks and shares. When you buy stock, you are buying an ownership stake in the company, which means you have the right to do things like vote on the direction of the company. If that company goes bankrupt, you can also get compensation after you pay off the liquidated assets to its creditors.
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By buying digital currency, you don’t get ownership of anything other than the token itself. Rather, it is the exchange of one form of money for another. If the crypto loses value, you get nothing after that.
If you buy and sell coins, it is important to know the tax laws of cryptocurrencies. Digital currency is considered a capital asset like stocks rather than cash. This means that if you sell cryptocurrency at a profit, you must pay capital gains tax. This also applies if you use cryptocurrencies to pay for purchases. If you get more value than you paid, you will owe tax on the difference.
With thousands of cryptocurrencies (most of them with high volatility), it is understandable that you may want to take a different approach to investing in cryptocurrencies to reduce the risk of losing money. Cryptocurrency ETFs appeared at the end of 2021.
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Kat Tretina is a freelance writer based in Orlando, Florida. Specializing in helping people with education financing and debt management.
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John Schmidt is the assistant referee