The investment sector has now gone through an expansion period with more and more young minds getting into the sector. For a beginner, investing in crypto typically and generally means bitcoin and Ethereum. But what we need to understand is that other than bitcoin and Ethereum, many other popular crypto coins are worth investing in. It’s important learning that every investor must understand. These less popular coins have got great potential may be greater than bitcoin and Ethereum, which will help you in making your investment a huge success.
What we need to have is a proper understanding of each of these aspects of various crypto coins and how we can explore their possibilities. The following article will introduce you to some of the popular crypto coins other than bitcoin and Ethereum and their immense possibilities.
Different crypto coins and the many possibilities they offer
Following are some of the crypto coins that are worth investing in. It also discusses the immense possibilities they offers. They are;
- Tether (USDT)
Tether is a crypto coin backed by fiat currencies like U.S Dollar and Euro. So it is considered a stable coin, unlike some coins. Compared to the volatile rate of other coins, Tether’s volatility is relatively lower compared to others. So Tether is generally preferred by many investors. Launched in the year 2014, Tether was developed by a Hong Kong based company. It is a blockchain enabled platform which helps in the facilitation of flat currencies. It is a crypto coin, pursuing a steady valuation.
2. Binance Coin (BNB)
Binance coin is the cryptocurrency primarily used in the Binance platform for paying transactions and trading fees. BNB Market is the platform where BNB can be bought and sold. Binance.com is the popular platform for the trading of BNB. BNB trading can be done also using other platforms as well. Some of the important characteristics of BNB are
- On certain websites, BNB can be used to pay for travel arrangements.
- It can be used in credit card payments.
- Helps in the processing of payments
- It can be used in the buying of virtual gifts.
- It can be used in making loans and transfers.
- Can be used for investment
- Can be donated to charity
It is a crypto coin and the native token of Ripple. Like Ethereum, XRP has also got a currency code in the market place. XRP Ledger was launched in the year 2012 and contains XRP Token. With a supply of 100 billion tokens, XRP is a pre mined crypto coin. Some of the characteristics of XRP are;
- It is cost- effective
- More scalable than Bitcoin
- More eco-friendly
- Has got faster transaction time
- Carbon Neutral
It is an open source digital asset and is independent of Ripple. The transactions in the XRP ledger are facilitated by the Ripple Transaction Protocol (RXTP).
- Terra (LUNA)
An open-source blockchain payment platform, Terra is used for algorithmic stable coins, which are cryptocurrencies that can track the price of currencies and assets automatically. With terra and its features, users can spend, save trade and exchange terra stable coins instantly. The Terra Protocol’s main goal is to create stable coins that are designed to consistently track the price of fiat currencies like the U.S Dollar and Euro. And there are two crypto tokens for it, terra and Luna.
Terra tokens are used to track the price of fiat coins like the U.S Dollar and Euro. Luna is mainly used for blockchain governance. Terra protocol maintains the balancing of the supply and the demand of Terra stablecoin. Terra was launched in 2018 by a South Korean Company, Terraform Labs.
- Cardano (ADA)
It is a proof of stake blockchain and it is a decentralized one. It was founded in 2015 and launched in 2017. It is a multi-asset ledger and is a verifiable smart contracts. It works on the Proof of stake Ouroboros consensus protocol. Ada is the primary crypto currency of Cardano. Compared to the Proof of work mechanism which is one among the two used in verifying the transaction and is used by bitcoin is very complex and to mine coins, one must solve complex cryptographic puzzles which require the use of high cost and efficient computers. But the other mechanism, proof of stake is comparatively cost efficient and energy efficient because it does not rely on crypto mining. It is this proof of stake mechanism that is used in Cardano. Instead of mining, it relies on multiple random validators to record the transactions.
The above are some of the popular coins that will help you in reaping income from investments. Apart from bitcoin and Ethereum, these coins also prove its efficiency in investment and crypto sectors.