The cryptocurrency decentralized market is thriving with several popular currencies apart from just the famous ones like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA). Today, cryptocurrency investors are overwhelmed by choice, whereas there weren’t so many options available for investment as short as five years back. Many crypto investors are now considering these currencies better than fiat for regular trade-in daily life.
While dealing in cryptocurrencies is highly volatile and speculative, the returns are much higher than regulated financial saving instruments in centralized markets. Many investors are opening up to the idea of high risk-taking and opening up digital wallets where they link crypto exchanges to their real-world bank accounts.
With so many people shifting to new countries after the pandemic, more current job opportunities, and career changes, the volatility in centralized economies, exchange rates, and inconsistency in the market has given rise to people preferring to use cryptocurrencies. This shift has been fundamental in the increasing popularity of cryptocurrencies and their demand. While people still need to rely on traditional banking and financial institutes, they prefer using crypto exchanges to transfer funds.
Many people have also started using cryptocurrencies to pay for everyday goods and services in the US. If this interests you and you are looking to shift to the US, it is best to speak to lawyers for immigration in the US and get all the necessary financial information before starting the process.
Let us look at some commonly used cryptocurrencies for daily use worldwide, especially if you are planning to shift to another country soon.
Bitcoin is one of the oldest cryptocurrencies used. It is used by financial institutions and educational institutes and has gained plenty of relevance as a successful payment mode with high transactional speed. Bitcoin is one of the most popular since it offers excellent liquidity to investors and is available on all significant coin exchanges.
Bitcoin was instrumental in providing relief from interest charges, fees, and other markdowns that fiat currencies are famous for (with traditional banking institutions).
After Bitcoin, Ethereum is the most widely known and accepted cryptocurrency. The Ethereum framework relies on Ether coins. Ethereum coins or tokens are used to pay for EVM (Ethereum Virtual Machines) and run smart contracts efficiently across the Ethereum blockchain.
Ethereum smart contracts and their transparency can possibly be used to replace all financial, social, and legal agreements and verify and execute employment contracts, bets, and much more. Ethereum is also excellent for making peer to peer payments, buying gas (to pay for the computation of contracts), and serving as proof of work.
Cardano is an up and coming cryptocurrency with everyday usage. It is poised to be one of the hits of 2022, with applications in multiple industries like agriculture, healthcare, financial markets, and more.
Cardano is more eco-friendly than Bitcoin and Ethereum and has a smaller carbon footprint in its mining process. It is fast and is being counted on to create stability in the crypto ecosystem in the long term.
Litecoin was designed as a daily cryptocurrency meant for regular transactions. Litecoin is slated to become the next fiat currency equivalent for individuals wishing to make payments to others, businesses, and retail outlets.
Think of Apple Pay or Google Pay, but Litecoin for cryptocurrency. Litecoin is meant as a digital transfer of funds in lieu of fiat currency for everyday goods and services in the real world. This currency is quite fast, with a high number of transactions per second.
Ripple is unique in its application as a bridge transfer between different fiat currencies in the real world. It is primarily a remittance system and payment settlement asset exchange.
You could consider Ripple to be the US dollar of the crypto world. Like the US dollar, Ripple offers banks liquidity in real-time, on-demand without pre-fund accounts like Nostro.
Solana is a cryptocurrency known for its high scalability and lower transactional rates. The gas fees on Solana are lower compared to Ethereum. It has multiple uses and is already widely used on numerous crypto projects in various industries.
It has a hybrid consensus model that effectively combines proof of history (PoH) with proof of stake (PoS) to process over 710,000 transactions per second. The Solana blockchain and its SOL coin help solve the issue of scalability, security, and decentralization by having one of its leader nodes on the PoS effectively sequence multiple messages between different nodes.
Solana also offers investors staking options to receive rewards and pay fees for transactions while allowing users to take part in blockchain governance.