The knock-down of the world’s top digital assets has accorded a devastating commencement of cryptocurrencies in the current year. With the popularity of cryptocurrency, the Fintech Industry has set fire worldwide. Cryptocurrency is digital money represented in the form of tokens or coins. The “crypto” refers to the convoluted cryptography responsible for creating and processing digital currencies along with their transactions among decentralized systems.
Cryptocurrencies are designed to be free from the manipulations of the respective governments’ control. Altcoins have been modelled after Bitcoin, and in a few cases, shitcoins represents the modified versions of Bitcoin. With more than 16000 digital assets, it has become challenging to decide which cryptocurrency to invest in in the current context.
Let’s explore the best cryptocurrencies to buy in the current year
1. Bitcoin
Bitcoin is considered the most prominent cryptocurrency on the market. However, it can be treated as a reliable investment due to its high adoption rates. The Bitcoin network is one of the oldest Blockchain networks primarily designed for use as a decentralized platform for money exchange. With a market cap of over $665billion, the coin has maintained its popularity in the market. Presently, the price of Bitcoin is around $141,962.
2. Ethereum
Ethereum has been gaining its presence constantly by being called a more versatile and secure option. The network of Ethereum is a bit convoluted, contrary to Bitcoin. That is why it uses smart contracts to abolish the requirement for centralized authorities. Developed in 2014, the coin has its broad eminence for variegated decentralized applications.
3. Ripple
Ripple is treated as the third most prominent cryptocurrency after Bitcoin and Ethereum. The currency founders have devised the network of Ripple as a way to transfer money all around the world. For transfers, the RTXP protocol is used. Ripple Labs have strong relationships with hundreds of banks.
4. Solana
With a capacity of processing over 50,000 transactions per second with a block time of 400ms, Solana is considered the fastest transaction Blockchain network. The network of Solana has a great potential to move forward due to its unique proof of stake and proof of history process to gain consensus. Project serum, FTX, Terra, Chainlink, Formatic, Stardust, Kin et al., are a few of the biggest brands partnered with Solana.
5. Chainlink
Chainlink is the cryptocurrency utilized by the network of Chainlink. It streamlines the smart contracts while providing optimal quality and authentic data feed to businesses to use that feed to base the contracts worth trillions.
Decisions regarding cryptocurrencies are pretty challenging for everyone in the market. It necessitates comprehensive expertise and interest in Blockchain. RasmaLegal guides its clients at every phase while providing information on Blockchain, Cryptocurrency and payment services. The Fintech team of legal practitioners assiduously monitors the development of the Fintech Industry and offer a wide array of legal services required for Financial Institutions and Fintech Entrepreneurs.
RasmaLegal assists the clients in preparing Fintech agreements, token agreements, acquiring licenses from Central Bank UAE, DIFC, and ADGM for money service activities and Digital assets. If you, too, are seeking help concerning digital assets, feel free to avail best services from RasmaLegal for better guidance.
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Disclaimer: This publication is for informational purposes only and does not provide any legal advice.
