Since its introduction after the 2008’s global recession, blockchain technology or the peer-to-peer payment system has been dubbed as a bubble. Although some arguments of its critics are valid, the crypto craze bubble is yet to burst. Instead, it would be fair to say that it is getting bigger day by day.
Over the last decade, the concept of digital assets has come a long way, with investors now comparing BTC to gold, which went 5 percent negative last year.
On the other hand, the world’s most famous digital coin hit new heights. One might ask, why the criticism around it? Well, that’s because of how it works. Unlike traditional payment methods, there are no transaction fees and no government or bank involved. Hence, the skepticism around it.
The World Beyond Bitcoin
Almost every day, there is a launch pool for a new cryptocurrency and most of them with ambitious plans to expand. However, if you are a beginner or have been studying the decentralized markets for some time, there are chances that you might be familiar with BTC. But let us introduce you to some of the other famous cryptocurrencies that are more stable than the speculative Bitcoin. Here are four famous digital assets.
Ethereum 2.0 (ETH)
Even though it was initially just Ethereum, the company decided to take on a major multi-year update to make it more environment-friendly. Plus, it is the second most used crypto asset in the digital market, with the second biggest market cap. The native token of the decentralized blockchain is Ether, and it often refers to itself as the new digital financial system that includes payment systems and decentralized apps.
A year down the lane after its official launch in 2015, it was split into two blockchains – Ethereum Classic and Ethereum after a member of their team stole massive funds. These days, ETH is quite popular in Defi apps, including numerous NFT minting and selling platforms.
We are sure that you must have heard about Ripple on the news channels as its spat with the American regulator took place weeks ago. Although numerous big firms came out supporting the currency, many criticized the SEC’s witch hunt. Despite its legal troubles, crypto experts have said that it is unlikely to affect its standing in the crypto market.
The low-commission payment ecosystem has connections with global financial institutions through a single API. Ripple uses its native coin XRP for cross-border transactions. Unlike BTC, which takes minutes to complete transactions, Ripple’s transactions are completed within seconds.
It initially started as a joke inspired by a famous internet meme. But who on earth knew that one day it would explode, with people earning millions of dollars in profits? All the credit goes to Tesla and SpaceX founder Elon Musk and Mark Cuban. You might be surprised to find out that these days it is among the six most famous crypto assets in the market, with a market cap of an impressive $42 billion. The digital asset is a fork of the lucky coin, which happens to be a fork of Litecoin, a fork of world-famous BTC. Unlike other currencies, its supply is unlimited, and probably that’s why experts call it a bubble. But we never know what happens next, right?
Well, if you are like us and can’t afford wide and unpredictable swings in value, this coin might be a perfect fit for you. As opposed to the volatile coins, it is stable and is backed by an equivalent amount of fiat currencies, including USD and Euro. Normally, these are designed to act as a bridge between crypto assets and traditional currencies. According to the data compiled in February, it accounted for more than 50 percent of the stable coins trade. Reportedly, Tether’s consolidated liabilities exceeded its consolidated assets.
Are you planning to jump on the crypto bandwagon? If yes, then we hope that this introduction to cryptocurrencies would help you on your journey. In short, maybe it’s a bubble, as many suggest, but is it going to eventually burst or evolve into a more coherent and regulator-friendly payment system? It yet remains to be seen.