When you start finding flaws in an existing system, you either look out for new ways or propose a brilliant idea that changes the whole perspective.
If we see fiat closely, we will observe that every country has its own set of currencies and coins confined to a region and regulated by the authorities. However, Bitcoin does not discriminate or confine to a specific region following the decentralisation concept.
The market has crossed a whopping $2 TN, depicting how this Cryptocurrency market has been accepted wholeheartedly.
Prices have been rising like never before. If we talk about Bitcoin Price in India, it has crossed the INR|3,600,000 marks, followed by Ethereum price in India around INR|280,000.
Coins like Bitcoin contribute half the total wealth of the cryptocurrency market, followed by Ethereum, XRP, and Tether. Cryptocurrency Exchange in India like Binance, Coinswitch, WazirX allow you to trade on cryptocurrency.
Several other Bitcoin Exchanges in India allows the users to invest and store Bitcoins and Altcoins as well.
An estimate of 9,000+ tokens exists. So what’s a cryptocurrency, Bitcoins and statistical analysis? Let’s have a look at them.
Cryptocurrency and Bitcoins
Cryptocurrencies are tokens that have a volatile value. These are virtual coins, unlike the fiat currencies that work online and have a public distributed ledger.
Cryptocurrency works on Blockchain Technology that links the transactions happening with each other making the process immutable.
Invented in 2009, Bitcoin is a peer-to-peer payment solution independent of any financial institution, banks, and brokerages. This method is now being followed by every cryptocurrency in the market today.
That means cryptocurrencies are decentralised.
Cryptocurrency is used for trading services, transfer funds cross-border, exchanging goods and services and much more.
Bitcoins are one of the tokens that make half of the Crypto market. Indeed, the prices have been boosted for a long time. The market of bitcoins alone has crossed the $ 1TN mark.
Total Cryptocurrencies and Statistics
As mentioned earlier, there are more than existence. These are so huge in number because of the mining process.
The most popular coins are Bitcoin, Ethereum, XRP, LINK, Tether, Polkadot, Cardano, Binance coin, etc.
The top 4 cryptocurrency dominates 83% of the market. Bitcoin, Ethereum, Tether, and XRP are behind this boom.
Also, around 1984, tokens have been declared either dead or no longer in an active state.
If we talk about the market composition, Bitcoins comprise half of the market, which is up to 60%, followed by Ethereum comprising 15.5%, Tether around 2%, XRP around 1.59%, and so on.
These numbers will keep on escalating because it’s important to find an alternative to existing coins with flaws and challenges.
Also, the Defi or Decentralised Finance system is a project that has been found working on cryptocurrency tokens.
Types of Cryptocurrencies
Well, coins are fragmented based on their usage and value.
- For payment-oriented purposes, digital assets such as Bitcoins, Litecoin, Ethereum, etc., are used.
- There are stable coins like Tether, whose value is pegged to an underlying asset like the US dollar.
- Central bank digital currencies, which are digital fiat currencies working in countries like Sweden and China.
- Also, there are privacy coins designed to function anonymously to deliver to senders and receivers.
- Utility tokens that unlock particular services and potentials.
- Non-fungible tokens, where each token reflects its rare value, seek value through some antique piece or any rare physical item.
Cryptocurrencies are decentralized, which means no one owns or has any powers to hold and question. It’s free from institutions, brokerages, and agencies, unlike Centralisation.
For institutional payment solutions, cryptocurrency enhances the transfers in bulk, eliminates the service charges, and minimises the overall capital.
Cryptocurrency has been found a reliable and wealth-full source to invest in from a financial point of view. Besides, it reduces the risks of loss by the recession.
It’s found effective amid this global pandemic when everybody is house-ridden. Besides, investing in cryptocurrency is so easy that one can start investing with as little as.
Evolution has made things possible and easy as well. However, it is important to accept the changes that are introduced to maintain stability.