These are the most popular cryptocurrencies in the world

by TM Maria Be a king in your own kingdom

A new form of currency is growing by leaps and bounds in the world. They do not have the backing of central banks or states, but they already move billions of dollars. It is about cryptocurrencies, algorithms that are used as currency in cyberspace. The most famous is Bitcoin, but there are between 700 and 900 more.

At first they were a typical form of payment between hackers and computer engineers. A safe technique to assess your transactions in the digital world without using a currency of any country and without going through a government supervisor. But not anymore. Now they are used by ordinary citizens and investors who have found a "high risk" way to increase their capital, explained Roger Gabriel, director of BitInka, a local platform that facilitates the purchase of bitcoins and other cryptocurrencies.

At a global level, according to the magazine "The Economist", it is calculated that the circulating cryptocurrencies have an equivalence in the real world that exceeds US $90 billion. In fact, it is estimated that an investment of US $1,000 in bitcoins made in 2010 would now amount to US $36 million.

Do you want to know how a virtual currency works and why some fail and others succeed? Its value is based, like real things, on what people are willing to pay. To understand it better we recommend following coinmarketcap.

One of the determinants of the demand for cryptocurrencies such as bitcoin is the perception of insecurity to carry out transactions on the Internet, since these are based on blockchain technology, considered one of the safest to share and record information. Thus, recent cyber-attacks such as Wannacry have led to a further rise in the price of bitcoin in recent months.

RISKS AND FEARS

Like any new technology, cryptocurrencies can be used for good or for bad. It is a form of computer-secure exchange, but without greater regulation or supervision. Thus, they have become an important means for legal uses, including the sending of remittances by migrants, but also as a tool for money laundering and cyber threats.

Erick Iriarte, partner of Iriarte & Asociados, clarified that cryptocurrencies move in a gray area. There are still not enough means of control, but the user can protect himself if he goes to a formal company to manage his purchase, since that entity must respect the rules of the consumer's defense code and respond for contracts or agreements with the buyer. Some fintech include the purchase and sale of cryptocurrencies among its services.

In fact, a formality fintech formally must comply with the rules applied to another type of company. If a judge asks for details of the operations to verify if money laundering occurred or there was a scam, that company will be obliged to give all the details of the transactions, even if it is not a bank.

Instead of demonizing cryptocurrencies, the government must react by designing rules of the game, monitoring them or converting them into "virtual assets" so that they are subject to the law and avoid scams, warned Ljubica Vodanovic, founding partner of Vodanovic Legal. "You cannot prohibit them, they are already here, what you have to do right now is to protect the investor," added Roberto Borrás Polanía, a partner at Garrigues Colombia. In Japan, they have already been declared a means of legal payment, one more sign that they came to stay.

RANKING

Several web pages inform in real time the value in which the most important cryptocurrencies trade. The best known are coinmarketcap.com and cryptocompare.com. In them you can have a reference of the value of the virtual currency, but it is not advisable to risk buying without the proper advice of a formal company and without following all possible precautions.

Attending these portals, it could be said that, in addition to Bitcoin, there is a great variety circulating. Here is a summary of the five that are the best known and with the most money invested in them:

BITCOIN. Today it was possible to buy a bitcoin for US $2,612. It is the most valuable and popular cryptocurrency. There are 16.4 million units circulating (765 thousand were purchased in the last 24 hours). In total, its market value is $42,888,341,486

ETHEREUM. It is the second most popular. It is fashionable, but it is ten times less than the Bitcoin and in recent days it came down. Today it was quoted at $271 and has a total market value of $25,244,123,967.

RIPPLE is today the third most popular. In total there is an equivalent to $9,753,505,715. His last quote was just US $0.25.

LITECOIN is the daughter of the free software community of MIT as an alternative to Bitcoin. Its unit price is US $51.3. In total in the market there are US $2,664,903,463.

DASH is the fifth, with a total of US $1,588,211,952. Its unit value is high, bordering $214.31.

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Created on Nov 22nd 2018 04:25. Viewed 312 times.

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