Top 5 Most Popular Cryptocurrencies and Where to Use Them
Cryptocurrencies are digital currencies that are used to conduct transactions online securely and discreetly. Encryption techniques are used to regulate the manner in which the units are generated and released into the market. Unlike the conventional forms of currency, cryptocurrencies operated independently.
Here are the top 5 most popular cryptocurrencies in the world today.
According to an article posted on The Merkle, Monero is best known for offer a high level of anonymity to its users by utilizing a new technique of address derivation and ring signatures. To transact using this currency, the sender is required to create a new address for the received. This address is based on the public key of the receiver and every transaction is time stamped and signed with a unique ring signature.
Dash is another excellent cryptocurrencies that ensure anonymity of its users by using its PrivateSend feature. It also has a set of added features such as passive ahead-of-time mixing, decentralization, and an advanced chaining approach that protects the identity of the users.
Bitcoin was the first Cryptonote cryptocurrency to be introduced into the market in 2012. Just like other cryptocurrencies, it offers a high degree of anonymity to its users using ring signatures. It only became popular in 2013 due to massive marketing strategies that were employed by the pioneers. Currently, one Bitcoin is worth approximately five satoshis.
As mentioned on CNN Money, Bitcoin is perhaps one of the most popular cryptocurrencies in the world. Transactions are done by digitally exchanging unique and anonymous hash codes through a P2P (peer-to-peer) network. The hash codes are heavily encrypted to protect the identity of the users. The P2P network is engineered to monitor and verify every transaction thereby minimizing the risk of fraud.
Also referred to as Ether, Ethereum is a decentralized digital platform that allows peer-to-peer smart contracts. As highlighted in an article posted on Hong KIAT, apart from helping users to transact online discreetly, it also allows people to enact contracts and code without involving third parties.
How to Use Cryptocurrencies
You can use cryptocurrencies to carry out transactions online in the dark web without disclosing your identity. According to an article posted on Forbes, you can also some of the cryptocurrencies such as Bitcoins to purchase products in leading e-commerce sites such as Amazon, Home Depot and CVS and many other similar platforms online that have embraced cryptocurrencies. Banks also use them to transfer a huge amount of money safely and fast online. Be sure to study how each cryptocurrency works to get the best experience.