Top 4 Cryptocurrencies in 2024
Top 4 Cryptocurrencies in 2024 – Cryptocurrency, also known as crypto, is a form of digital currency that exists digitally. Crypto is a digital payment system to send and receive money digitally it doesn’t rely on Banks. Cryptocurrency uses a method called cryptography to secure transactions. It doesn’t have a regulating authority, instead, it uses a decentralized system to record transactions and issue new units. Some of the Top 4 Cryptocurrencies in 2024 are included in this Blog. This Whole blog will provide you with great knowledge about cryptocurrency and the Top 4 Cryptocurrencies in 2024.
Top 4 Crypto Currency in 2024
- Bitcoin
- Ethereum
- Tether USD
- Binance Coin
1) Bitcoin – Bitcoin or BTC was founded in 2009 by Satoshi Nakamoto, a presumed name of a person or group of persons who created Bitcoin. It was the first cryptocurrency and remains the best-known today. Although its price fluctuates the Current price of one Bitcoin is 56,89,545.65 INR. approx.
2) Ethereum – It was developed in 2015 and is the most famous cryptocurrency after Bitcoin. Ethereum is a blockchain platform with its cryptocurrency called Ethereum or ETH. Although its price fluctuates the current price of one Ethereum is 3,11,775.56 INR. approx.
3) Tether USD – Tether referred to as USDT is a cryptocurrency-stable coin created by the company named Tether Limited Inc. Its value is fixed to the price of the U.S. dollar that’s why it is a stable coin that aims to maintain constant value over time. Tether USD price might fluctuate because of the market though it is created to maintain a value that is approximately equal to 1$ USD.
4) Binance Coin – Binance referred to as BNB is a cryptocurrency created in 2017 by Binance Company, one of the largest cryptocurrency exchanges in the World. Its main purpose was to perform transactions on the Binance platform. The current price of one Binance coin is 49,380.09 INR. approx.
How does Cryptocurrency work?
It works on a distributed public ledger that records all the transactions updated and held by currency holders known as Blockchain. Cryptocurrency uses encryption (“encryption” is a security process where simple text is converted to cipher text so that only authorized users have access to the data and it can be protected) to authenticate transactions. New Cryptocurrency can be made by a process called mining where miners have to solve complex puzzles for which miners are rewarded with new bitcoins.
Where Cryptocurrency can be used?
E-Commerce and Technology platforms are the major sources where cryptocurrency can be used. Many Technology and Product-based companies accept cryptocurrency on their websites such as Microsoft, Newegg.com, PayPal, and CoinBase. Overstock which is an e-commerce platform was the first platform to accept Bitcoin. Big Names such as Shopify, Rakuten, KFC, Subway, and Starbucks are some of the leading companies that use cryptocurrency.
Pros and Cons of Cryptocurrency
Pros:
- Decentralized Nature – One of the best benefits of cryptocurrency is its decentralized nature, you do not have to rely on banks.
- Low Transaction Fees – It has low transaction fees, unlike traditional banks which makes it a great option for international transactions.
- Cryptography – It uses cryptography which ensures the security and safety of transactions which all are recorded on the public blockchain ledger.
Cons :
- Unpredictable Fluctuation in Prices – One of the biggest concerns is the fluctuation of values in the prices which leads to investment risks.
- Less Secure – As it is a digital currency it is vulnerable to theft, scam, and hacking.
- Low Sustainability – The mining process is an energy-intensive process which makes it difficult to sustain for a longer period.
How to protect yourself against Crypto Scammers?
Cryptocurrency is a digital currency that is vulnerable to theft, scam, or hacking. Scammers often try to convince users to purchase or invest in something using crypto money because it is hard to trace. Some crucial steps that one has to perform to save themselves from crypto scammers are as follows:
- Never trust someone who convinces you to invest in crypto and promises high returns with no risk.
- Always keep your details safe and do not share your banking information with anyone else.
- Do proper research while investing in cryptocurrency and see if the source in which you are investing is legitimate.
- Beware of Phishing – Scammers try to scam you with fraud emails in hope that you will click on it and share your details.
The Rise of Central Bank Digital Currencies (CBDCs)
CBDCs are a form of digital currency issued by the central bank of a country. Its value is pegged by the central bank and it is equal to the country’s fiat currency. Many countries are finding ways to transition into digital transactions for sending and receiving products and services. Countries are developing CBDCs and exploring how it may affect their economy because the world is moving towards the use of digital currency.
Conclusion –
Cryptocurrency is gaining popularity in this modern world. Now almost every country is using digital currency because of huge transactions. Although it has many benefits it comes with some major drawbacks also. But it is a great technology in this emerging world, we should use it such as investing or trading in it but with a lot of care and responsibility because there is always a risk of scams.
Frequently Asked Questions –
Ques1. Are cryptocurrencies legal in India?
Ans. Yes, Cryptocurrencies are legal in India but it is not regulated by the central authority so trade can only be done at the investor’s risk.
Ques2. What are the best platforms for cryptocurrency exchange in the World?
Ans. There are many platforms for crypto exchanges and apps such as Coinbase, crypto.com, Gemini, CashApp, etc.
Ques3. What is the future of cryptocurrency?
Ans. The Future of cryptocurrency is undetermined but it has great potential and some analysts estimate that the cryptocurrency market will be doubled by 2030.