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Cryptocurrency

5 Top Cryptocurrencies other than Bitcoin

Like most people, your eyes might have widened in amazement when you heard that there were over 2000 existing cryptocurrencies and counting in addition to Bitcoin.

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Cryptocurrencies, Meet the cryptocurrency catching the world’s attention, Theta Fuel gains 630% in 5 days., U.S regulator invites Banking and Crypto industry leaders for partnership, 3 Crypto Exchanges Control About 14.3%, Circulating BTC Supply. 

Like most people, your eyes might have widened in amazement when you heard that there were over 2000 existing cryptocurrencies and counting in addition to Bitcoin. That’s a huge number to keep up with. If you’re also like most people, you probably decided to play it safe by sticking to Bitcoin because its the most popular and the first cryptocurrency. Or, maybe you’re like the rest of us, exploring the possibilities that the other 2000+ cryptocurrencies offer. No one ever went into the entire 2000+, at least not any that we know of. So, if you’re looking for some information on the other 2000+ cryptocurrencies you should be paying attention to and why? This post is for you.

A Quick Look at Bitcoin

Bitcoin is the giant in the crypto world. It distinguished itself both as the first cryptocurrency to go mainstream and the first cryptocurrency that most people embrace when they step into the crypto sphere. In addition to this, this is the only cryptocurrency that most people know and understand. A major reason behind this may be attributed to the success of this cryptocurrency and the sustainability of its entire system. The downside to Bitcoin is its speed and volatility.

A Look at the other 5

What you need to know is that like Bitcoin, there are other cryptocurrencies that have changed the game in their own unique ways. These cryptocurrencies are worthy of note because some are disrupting transaction and remittance as we know it. Some of them created to bridge gaps identified in Bitcoin

Cryptocurrencies other than bitcoin are called altcoins and here are 5 of them you should know

1. Ethereum

With a market cap of $31,690,974,037 as at the time of this post, Ethereum is the second largest cryptocurrency after Bitcoin. The Ethereum blockchain was launched in 2015. It is a decentralized platform that allows for the creation of systems which run without any downtime.

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Ethereum’s co-founder, Vitalik Buterin, set out to build Ethereum because of some of the shortcomings he experienced in using Bitcoin. In addition to having a currency called Ether or ETH, the Ethereum blockchain can be used to carry out transactions, build apps and games, and to build other types of virtual currencies.

2. XRP

Like Ethereum, XRP is the token of a more sophisticated agenda. Ripple labs launched in 2012 with an aim to create systems that would disrupt transactions and remittance. In this light, they created solutions like Ripple net and Xrapid. These solutions make cross-border transactions seamless, fast and cost-effective. Making it easy for people to carry out both little and huge transactions across borders.

READ: Fidelity Bank and NIPOST to extend financial inclusion to rural areas

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3. Litecoin

Litecoin is usually referred to as “silver” in relation to Bitcoin’s “gold”. It was created to bridge some of the gaps experienced in using bitcoin for transactions. Thus, as a means of transaction, it is faster and a lot more efficient. It is also a more suitable option for smaller transactions.

4. Tether

The first important fact about Tether (USDT) is that it is a stable coin. What this means that it has a stable value because it is hitched to other stable financial instruments like fiat currency, gold, or even other cryptocurrencies. USDT is hitched to the American dollar and is meant to mirror its value. If you’re looking for some stability amidst all the volatility that exists in the crypto space, you might want to check this out.

5. Dash

If you thought Bitcoin was the cryptocurrency that allowed the most anonymity and privacy, think again. Dash was created with a lot of focus on user privacy and anonymity. Like a lot of other altcoins, Dash was created to close the shortcomings experienced in bitcoin such as speed and lower transaction fees.

READ: Emefiele thinks cryptocurrencies are like gambling

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Cryptocurrency

Harvest: Crypto that gives interest on your Bitcoin

Harvest offers crypto users the platform to supply crypto assets for lending and earn interest on them.

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Harvest: Crypto that gives interest on your Bitcoin

Harvest, a new (DeFi) platform created on the Kava blockchain, plans to launch a product that will enable users to earn more on Bitcoin, XRP, Binance coin, and two other cryptos.

Harvest offers crypto users the platform to supply crypto assets for lending, and earn interest on them, as well as use their crypto as security for borrowing, according to Brian Kerr, Kava’s co-founder and chief executive.

READ: Exclusive: Best bank in Nigeria judging by the numbers 

Both borrowers and lenders earn HARD, Harvest’s governance token. It also supports Chainlink LINK, the Binance USD stablecoin (BUSD), Binance Coin (BNB), and Kava’s digital assets—KAVA and USDX

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On Harvest there are three major activities:

Supply: You can safely supply your digital assets on Harvest and earn interest.
Borrow: You can use your digital assets as collateral to borrow others.
Earn: Suppliers and borrowers earn HARD, the governance token of Harvest.

READ: Ripple reports 1,760% surge in XRP sales in Q2 2020

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How Harvest was created?

Harvest is an application designed on Kava; as such, it leverages Kava’s existing validators for security, bridges for cross-chain asset transfer, and partners services such as Chainlink oracles for price-reference data.

What crypto experts are saying about Harvest

“Harvest.io is a logical addition to the DeFi ecosystem taking shape around Kava. We think the choice it brings to investors to lend and borrow assets, not well supported by existing platforms, is really exciting—as is the ability for Kava stakers to earn HARD tokens and participate in the new platform’s governance.

“The Kava community is one of the most active in crypto so we look forward to joining with them to support Harvest’s launch and future growth.”  –Richard Galvin, Digital Asset Capital Management

READ: Crypto: UniSwap gives each owner over $2,000

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“Kava’s shift from “DeFi application” to “application platform” means that KAVA token holders get exposure to every new idea and implementation in the ecosystem. This is exciting and something we haven’t yet seen in the blockchain space.”– Michael Anderson, Framework Ventures

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Cryptocurrency

Nigeria is Africa’s leader in Bitcoin transfers, transacts $8 million weekly

Data shows that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run.

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Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly, Nigeria is Africa's leader in Bitcoin transfers, transacts $8 million weekly

Nigerians increasing their use of BTC is no longer news, but what seems astonishing is the volume that they transact with BTCs weekly, compared to other African countries.

Data shows that the use of Bitcoin for peer to peer lending in Nigeria is on an astronomical run.

Recent statistics obtained from usefultulips, a BTC analytic data provider, stated that Nigeria leads Africa peer to peer lending in 2020, posting weekly P2P volumes of between $8million, followed by South Africa and Kenya posting about $2 million weekly.

READ: Has the President erred in stopping CBN from funding food imports?

Quick Facts: In BTC’s case, peer to peer is the exchange of BTC between parties (such as individuals) without the involvement of a central authority. This means that peer to peer use of BTC takes a decentralized approach in the exchange of Bitcoins between individuals and groups.

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It shows that BTC’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

READ: Unknown Bitcoin whale moves $1.3 billion in minutes

The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system, as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches.

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This is a testament to the fact that Nigerians truly love their Bitcoins.

It’s important to note that Nigeria’s Securities and Exchange Commission is aware of the high precedence of crypto use in Africa’s biggest economy, and has up come with rules recording to the fast-changing financial sector

READ: SEC discovers 12 ponzi scheme operators, warns investing public

Chimezie Chuta, Founder, Blockchain Nigeria User Group, spoke with excitement on the long-overdue legal framework by the Nigerian Securities and Exchange Commission regulating digital assets and blockchain investments.

“SEC Nigeria has consistently shown that it has a clear understanding of her role in creating a conducive environment for the growth and development of Virtual Financial Assets, and Cryptocurrencies in general.

“This recent publication will act as a catalyst for mass adoption. It will also create much needed institutional investor confidence for the Nigeria Capital Market.”

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Cryptocurrency

OUSD: Stablecoin that pays you interests like a bank

OUSD is a natural extension of Origin’s mission in facilitating peer-to-peer commerce.

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OUSD: Stablecoin that pays you interests like a bank

OUSD was recently launched. It automatically makes you earn competitive yields from DeFi protocols, while still sitting in your wallet.

OUSD is a natural extension of Origin’s mission in facilitating peer-to-peer commerce.

It believes in having a trustworthy stablecoin that leverages the best parts of decentralized finance by enabling buyers and sellers to transact with ease and trigger the growth of a decentralized commerce platform. It is built by seasoned experts of cryptocurrency and fintech experts at Origin Protocol.

READ: Some experts are uncertain of what to expect from money markets in H2 2020

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How it works: The recent launch of OUSD will facilitate a simple lending strategy designed on top of Compound.

Similarly, you don’t need to unstake or unlock your OUSD when you want to transfer it to another wallet. This both saves you gas fees and makes it much more convenient to switch between earnings and spendings.

READ: Yearn.Finance, a lending aggregator scarcer than Bitcoin

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Your earnings compound continuously and are revealed in your ever-increasing OUSD balance, while still being available for payments, commerce, and peer-to-peer transactions.

The creators are taking a more cautious strategy for the first few weeks in ensuring that the smart contracts are secured and safe.

Thereafter, new strategies will be momentarily deployed that boost yields while curbing risk and dependencies. It is planned to directly integrate with Uniswap, Curve, Compound, Aave, dYdX, and Balancer.

READ: Global stocks plunge over doubts of America’s economic recovery

Origin Protocol is focused on three types of strategies:

  • Lending fees
  • Automated market maker fees
  • Rewards tokens provided by the above and new DeFi protocols

However, Nairametrics, advises on caution as the OUSD contracts have not yet been formally audited, though it shows great promise of security and transparency, coupled with the bias that it has household names of cryptos behind the project.

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READ: Shell to focus on Nigeria, Gulf of Mexico and others as it seeks to cut 40% of costs

What are Stablecoins?

Stablecoins are cryptocurrencies created to minimize the price swings that occur in a crypto asset. They are usually pegged to fiat currencies and often exchange-traded commodities.

Stablecoins give owners a sense of security as users can store their assets whenever there is high volatility in the crypto-verse or other financial markets.

Consumers can also with great ease convert from unpegged cryptocurrencies to stablecoins when they are worried about where the markets are heading next, eliminating the need to return to a fiat currency.

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