Cryptocurrencies are digitized tokens that are mined after solving complex computational problems. They exist on a decentralized and distributed ledger, otherwise known as blockchains.
Newcomers would think of Bitcoin as the only cryptocurrency in existence in the crypto business. But the truth is there are thousands of coins that you can still mine with simple software and a PC.
Here is a list of the top profitable digital currencies to choose from and make good money.
Bitcoin is the big brother of all cryptocurrencies. It has a market capitalization of over $1.17 trillion. A Japanese pseudonym by the name Satoshi Nakamoto first mined Bitcoin in 2009. Bitcoin is created on a blockchain like other digital coins.
Ledger transactions are decentralized and distributed across a network in the Proof-of-Work mechanism. The PoW protects Bitcoins from counterfeits and fraudsters, hence deeming bitcoin a safer currency to invest in.
Bitcoin prices rose to a record high of $62,000 per BTC as of November 2021, up from $500 five years ago.
Ethereum, being the second most valued after Bitcoin, aims to decentralize the internet. Program developers prefer Ethereum both as a blockchain App platform and a digital currency, ETH (ether). What make it a developers’ choice is its potential applications, such as non-fungible tokens (NFTs)
Ether has a market cap of over $520 billion. Its prices have grown to over $4,400, up from $11 in five years. Ethereum mining Quebec experts have been increasing in number since network users can monetize, create, and use applications on the platform while using ETH as a digital payment mode.
This relationship has come to be known as dApps. Users pay above $10 per transaction on the Ethereum platform to use dApp programs.
XRP is a digital currency created to work on a Ripple network. Ripple is a close competitor of Ethereum, with functions close to dApps. It was designed purposely to meet the financial service needs.
XRP has a market capitalization of over $50 billion, ranked among the five top cryptocurrencies. XRP can also be used to facilitate exchanges of other major cryptos, such as BTC.
4. Binance Coin (BnB)
In 2017, Binance was created to serve as a utility token for discounted fees. However, it has shortly expanded to encompass other payments like travel and sports bookings and transaction fees along the Binance chain.
Ranked third by market capitalization, it has a value of over $88 billion. Its price has grown to over $530 since its launch four years ago.
5. Dogecoin (DOGE)
Dogecoin has a market capitalization of $29.2 billion and the price of one DOGE stands at around $0.22- as of November 2021. It is the tenth-largest cryptocurrency, but lately, DOGE became famous when its price skyrocketed quickly.
It is accepted as a mode of payment by major companies, notably SpaceX, an aerospace manufacturer.
6. Cardano (ADA)
Cardano, almost similar to Ethereum, aims to offer financial operating systems the world’s choice.
It seeks to establish decentralized financial products and provide solutions to fraudulent voting, chain interoperability, and legal contract tracing. ADA has a market capitalization of over $57 billion, and it is priced at $1.79 as of November 2021.
With the above cryptocurrencies, rest assured to make a deal if you follow the right step. Otherwise, it is crucial to point out currencies with the highest volatility rate, which may be disappointing.