Cryptocurrencies are, in short, a decentralised, digital medium of value and exchange. They have no physical form, existing only on computers. Cryptocurrencies are not issued by any centralized bank or government institution and therefore lack any centralised governmental oversight. It’s a form of exchange without middlemen and without borders.
Despite this unique lack of restrictions cryptocurrencies are still considered to be a source of personal income and are taxed by governments worldwide. Anyone who uses cryptocurrencies should definitely consider utilising a crypto tax calculator to help them navigate the rather confusing tax laws surrounding the process!
Since the inception of cryptocurrency, the concept has grown in popularity, although it is a rather volatile medium in which fortunes can be won and lost in a moment! If you are interested in giving crypto a try, here is a list of some of the most popular and generally stable cryptocurrencies available:
Bitcoin – This was the first cryptocurrency created by the complex blockchain encryption technology that makes the whole thing possible. It was pioneered by someone who probably isn’t really named Satoshi Nakamoto in 2009, and has since taken the world by storm, attracting millions of investors. Bitcoin is currently the world’s largest and most well-known cryptocurrency. A total of only 21 million Bitcoin will ever be allowed to be minted, causing an eventual scarcity that is sure to continue to drive its value up.
Ethereum – Russian-Canadian programmer Vitalik Buterin and English computer scientist Gavin Wood created Ethereum in 2014. Unlike Bitcoin’s predetermined limited amount, the number of Ethereum to be minted is as yet undecided, and will eventually be determined by a community of users. Ethereum’s value is related to its ability to create smart contracts in decentralised applications, rather than as a store of value like Bitcoin.
Stellar – This popular open-source blockchain cryptocurrency was created in 2014 by Jed McCaleb, a pioneer of the medium. Stellar is designed to promote underdeveloped markets by providing inexpensive transactions.
Binance – Binance was created by Changpeng Zhao, the CEO and Founder of the Binance global exchange for cryptocurrency trading. The Binance coin was introduced for the purpose of making it easy for users to perform transactions on their network. It’s low fees and simplicity of use are why this cryptocurrency continues to attract new traders, remains stable, and continues to grow in value.
Cardano – Computer scientist Charles Hoskinson, a co-founder of Ethereum who left that project over disagreements, founded Cardano in 2015. Cardano utilises cutting-edge blockchain technologies and is constantly being further developed and improved by the Switzerland-based, non-profit Cardano Foundation. Experts say this is one to watch!
Litecoin – Created in 2011 by former Coinbase and Google engineer Charlie Lee, Litecoin was designed to be made four times faster than Bitcoin, with new blocks produced every 2.5 minutes.
It is also more numerous than Bitcoin, with 84 million Litecoin tokens planned to be minted, making it more easily accessible and attractive to new investors.
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