Choose Top 5 Crypto Currencies with New Trends to Track
Though the crypto currencies are typical due to the complicated mining technology, people prefer this sort of digital currency to have unique benefits. This digital monetary unit is different from regular dollars or Euros. You can’t exchange this currency manually due to the absence of physical existence. Instead, you need to activate upgraded virtual currency mining wallet to share your bitcoins. There are top five crypto currencies for trading. Check the new trends in crypto currency market.
What Is Crypto Currency?
To be brief, it is a technologically innovated computerized coin which is stored in e-wallet. This crypto currency has no particular authority to control or regulate the mining process. Therefore, people have the facility to use this sophisticated digital currency without intricate paperwork or legal binding. Crypto currencies are much valuable comparing to any normal paper currency. 1 bitcoin is equal to $17000 at present. So, it is costly and precious. That’s why; crypto currencies are restricted to elite society. Due to flexible terms, crypto currencies are preferable to investors who like to store bitcoins/altcoins to share.
Top 5 Crypto currencies
Bitcoin is a world class crypto currency. Its presence in ICO industry is felt by foreign traders who buy Bitcoins to expand business. It seems to lead the crypto currency business in the world. The market value of Bitcoin is over $$284 billion with the circulation of estimated 16.7 million BTC currencies. However, in 2018, Bitcoin is not performing up to the expectation due to recession. After the bold measures taken by South Korea and China to ban domestic crypto currency market, it damages the bitcoin business. Price of BTC is hovering below $12000. Still it is the best crypto currency to investors and real estate property sellers.
Ethereum stands next to Bitcoin. It has faster mobility with glossy value in the industry. However, $726 per Ethereum coin is calculated with net value of $70 billion. After survey, experts confirmed that total number of Ethereum currencies is approximately 96 million.
Bitcoin Cash is another popular crypto currency which has good asking rate. It has got third ranking. Its market capital is not less than $28 billion. Price of Bitcoin Cash is pegged at $1681. In the global crypto currency trading industry, approximately 17 million Bitcoin Cash coins are distributed to help newbie to do the fast business promoting.
In comparison to other 3 top notch crypto currencies, Ripple is slightly behind with over $18 billion net market capital. 39 billion ripples are found in the international market.
$17.3 billion market value of Litecoin can’t be overlooked. People have to deal with 54 million coins.
Digital currencies are not controlled by third party organizations. Traders are not compelled to pay higher taxes, embedded service charges and VAT to invest digital currencies. So, the legal obligations are not tough for them. Secondly, through block chain systems, Bitcoin users are able to avoid data hacking. Unlike credit checking, they are out of cumbersome situation when they transfer their bitcoins to clients.
Government and Agencies Becoming Strict
With the spread of information scamming and fraudulence, higher authorities are trying to restrict the availability of crypto currencies. China, South Korea, and Japan have already hit the media with their updated plans to block regional block chain market to enhance the crypto currency marketing. Government will introduce new fact finding machinery for investigation. Unknown crypto currencies in South Korea will be removed from ICO. Government declares that this gambling is not healthy for people who are frequently harassed by fraud dealers.
Monitor Role of Block Chain
Government will monitor the activities of block chain to prevent loss of property. Investors don’t have to depend on others to exchange the crypto currencies. This investigation must sound effective to reduce the technical drawbacks and piracy as well. Peer to peer transaction systems must be qualitative without giving scope to hackers to pollute the crypto currency trading.
Difficult to Get Information via Block Chain
Usually, identities of customers are not visible on Block chains. It is not manipulated by government or any agency. So information will not be easily pulled up from the database. So, many proxy digital accounts will be used or shared through this smart block chain system. This difficulty will be obstructive to newcomers. In addition, China has become hard nut to crack to close bitcoin market. Internet access will not be given to altcoin dealers. Even, big crypto currency exchanges have been instructed to relocate their business in other countries. South Korea is following the same route.
Trend to Replace Traditional Currencies
Regular paperwork and deals are inhibited after the advent of crypto currency. Specifically in housing market, property is sold or bought with bundles of crypto currencies. Customers don’t need to complete official formalities, transaction updates and legal documentation. They have their own bitcoin wallets to mine digital coins. Taxes are saved and the procedures of paperwork are also absent.
In spite of presence of many cons of using crypto currencies, people will not discard this digital wealth overnight. However, people have to be trained how to utilize crypto currencies properly. More upgraded legal systems should be installed for scanning the methods of bitcoin mining. The competition will not be dried up even after the downtime in the ICO.