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Top cryptocurrencies in 2022. What are coins and how do they differ

3 min read

Thinking about how and where to store savings, many people are increasingly turning their attention to cryptocurrency. Not everyone knows that in the world today there are not even dozens, but hundreds of different cryptocurrencies. Knowing them for sure is a daunting task. We talk about the most popular digital assets. Today, you can even pay with cryptocurrencies in online stores and on popular entertainment sites – for example, casinos. You can find out more information about the casino by downloading the TonyBet casino app.

Top most popular cryptocurrencies

Bitcoin (BTC), market capitalization – $ 880 billion

Bitcoin (BTC) is the most popular cryptocurrency in the world. It was created in early 2009 by a person (or group of people) hiding under the pseudonym Satoshi Nakamoto. Bitcoin is built on a technology called a blockchain. It is a virtual decentralized network that can record transactions in real-time. Acting like a digital ledger, the blockchain connects users around the world and verifies financial transactions.

There can be no more than 21 million bitcoins, this feature is the basis of the cryptocurrency. If ordinary money is printed on machines, then anyone can “mine” bitcoins. You just need to download special software that will start the calculation process. Bitcoins appear as a result of mathematical operations, gradually. As of April 27, 2022, just over 19 million bitcoins have already been mined. The last bitcoin is expected to be mined in 2140.

Ethereum (ETH), capitalization – 521.36 billion dollars

Ethereum is the second most popular crypto asset in the world, created in 2015 by Vitalik Buterin. The main difference between Ethereum and Bitcoin is the ability not only to transfer money, but also to create smart contracts, that is, to bind an operation to fulfill certain conditions. This technology can be widely used in finance, management, auditing, and logistics.

Unlike Bitcoin, Ethereum is not just a store of value. There are many decentralized applications based on Ethereum. With their help, you can create your own applications and offer financial services based on cryptocurrencies: exchange, lend, bet, trade, and raise funds. Buterin calls his platform the “new internet.” The ETH cryptocurrency is the “fuel” of this network, which increases the demand for the asset.

Stablecoin Tether (USDT), market capitalization – $78 billion

Tether (USDT) became the world’s first stablecoin, a cryptocurrency whose value is pegged to the US dollar. Launched in 2014 by bitcoin investor Brock Pierce, entrepreneur Reeve Collins and software developer Craig Sellers under the original name Real coin.

Tether has traditionally been used as a long-term store of value, as it doesn’t fluctuate as much as bitcoin.

Among the absolute advantages of Tether are its low volatility and high transaction speed. Tether allows you to receive a payment within a few minutes after sending while receiving and sending bitcoin can take several hours. At the same time, transfers between Omniwallet wallets are free. The coin is also protected from attacks by scammers and hackers.

Binance Coin (BNB), capitalization – 68 billion dollars

Binance Coin is a token originally designed for trading and paying fees on Binance, one of the largest crypto exchanges in the world. The coin allowed for discounts on transaction fees, withdrawals, and other transactions.

Since its launch in 2017, the capabilities of Binance Coin have expanded significantly – now it is even used to book trips. The token can also be exchanged for other cryptocurrencies such as Ethereum or Bitcoin.

The price of BNB in ​​2017 was only 10 cents. By early April 2022, it had risen to around $445, an increase of 445,000%.

A serious drawback of the coin for Russians was the restriction introduced by the Binance platform for Russian users. While the platform promised that accounts under $10,000 would remain intact and active, the news took exchange users and Binance Coin holders by surprise.

Solana (SOL), capitalization – 35.20 billion dollars

Solana (SOL) is the fifth cryptocurrency by capitalization. It was created in 2017. Solana representatives position their network as “the fastest blockchain in the world and the fastest growing ecosystem in the crypto-currency field.” Like Ethereum, Solana allows you to create smart contracts known as Solana Programs.

The key difference between Solana and Ethereum is a higher transaction speed at a lower cost.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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