Cryptocurrency has taken the globe by storm and is poised to take over the whole planet. As a result, everyone wants to know what the heck is a cryptocurrency and which one is the best to invest in. You’ve come to the correct spot because today, I will discuss the top 5 cryptocurrencies you should watch for in 2022.

Cryptocurrency

With the advancement of technological aspect, these days, you can make use of cryptocurrencies to pay for services or products. The cryptocurrencies are designed by a piece of code that was powered by the internet’s users, and you could put your faith in it. Due to this ease of convenience, anyone may now purchase cryptocurrency in today’s market. 

Just a few sign-ups, your credit card information, and you’re ready to exchange your cash for digital currency. Bitcoin grew in popularity to the point that, by the end of 2017, it was worth as much as the huge banks that it was pitted against. There are hundreds of cryptocurrencies available today, in addition to bitcoin, and in this post, I’ll highlight the top 5 cryptocurrencies available today.

Top 5 cryptocurrencies in 2022

Below highlighted are top 5 cryptocurrencies that you need to know about. Check them out below-

1. Bitcoin

The decentralisation movement was sparked by Bitcoin, which was the first decentralised money.

As a general rule, proof of work is very resource-intensive and extremely trustworthy and difficult to breach. So, it was actually the first piece of technology that guaranteed internet security. You can check out mining Bitcoin to know about the efficiency and how they work.

2. Ethereum

Ethereum is a decentralized application development platform built on an open-source and publicly available blockchain. This means that before the advent of Ethereum, blockchain apps were built to carry out only a few specific tasks. Peer-to-peer digital currency like Bitcoin and others are the only purpose of cryptocurrencies.

Ethereum’s creator, Vitalik Buterin, envisioned his project as a platform for blockchain developers to create their applications. Smart contracts, a kind of software that runs on the blockchain and may be called by its users, were responsible for bringing about this change.

3. Ripple

Coins, currencies, commodities, and other units of value like frequent flyer miles and cell phone minutes may all be represented as tokens on Ripple’s open-source internet protocol. Because of its low transaction costs and lightning-fast processing times, it makes international payments a breeze.

Byzantine fault tolerance, a consensus technique based on the Byzantine general issue, is what makes it unique. It’s a way to get rid of those who aren’t participating in the decision-making process by relying on a majority vote.

4. Bitcoin Cash

Bitcoin’s rapid rise in popularity has created its own set of scalability issues. A huge surge in the volume of transactions meant that the blocks were filling up faster than they could ever have imagined. Often, users had to wait for fresh blocks to be produced before completing their transactions. Thus, there’s no way to avoid having your transactions backed up unless ,miners are enticed to prioritize yours by paying a large enough transaction fee.

In order to address this issue, Bitcoin underwent a hard split, resulting in the creation of Bitcoin Cash. In addition, SegWit, which stands for a segregated witness, was used to accomplish this.

5. EOS

EOS, like Ethereum, is a blockchain development platform for decentralized apps. It simplifies app creation by giving programmers access to an operating system’s worth of utilities and libraries.

EOS combines several smart contract technologies’ greatest characteristics and promises, including Bitcoin’s security and Ethereum’s computational power, into an easy-to-use, flexible and scalable app system for the ordinary user. In addition, it offers a full operating system for web-based decentralized apps, including identity verification, cloud storage, and server hosting.

Conclusion

So, these were some of the most highlighted cryptocurrencies in the list that have trending cryptocurrencies. Gone are those days where you can just limit your imagination to investing only in Bitcoins. Besides Bitcoins, if you are looking to making profits out of other Bitcoin alternatives, it is advised that you choose to go with these 5 different types of cryptocurrencies.