What types of digital currencies have the most useful applications as of 2023?

It is obvious that cryptocurrencies are not a passing fad, but will remain in the long term. The inquiry then becomes, where is the most beneficial spot to put your money in the market?

Keeping that in mind, the following digital currencies that have tangible applications in the real world will be advantageous to you in the short and long run.

1.Bitcoin (BTC)

Satoshi Nakamoto launched Bitcoin (BTC) in 2009, which is the first virtual currency. BTC is powered by the blockchain technology and it works just like other cryptos, which store the data of transactions on multiple computers connected in a network. The data is kept safe from hackers or fraudsters since it needs to be verified by solving cryptographic puzzles, known as the proof of work.

The cost of Bitcoin has risen considerably since it has become a popular investment. In May 2016, one Bitcoin was priced at roughly $500, however, as of September 1, 2022, its value had grown to almost $19,989, which is an increase of almost 3,900%.

2. Ethereum (ETH)

Ethereum is both a cryptocurrency and a blockchain platform that has become a favorite of coders because of its potential uses, such as so-called smart contracts, which are triggered when certain criteria are met, and non-fungible tokens (NFTs). Ethereum has seen impressive increases in value – from April 2016 to the start of September 2022, its cost rose from approximately $11 to about $1,568, a 14,155% appreciation.

3. XRP (XRP)

Ripple, an IT and money transfer enterprise, was created by the same group of people who are behind XRP. XRP can be utilized on the Ripple network to exchange different types of money, such as fiat currency and established digital currencies. At the beginning of 2017, the worth of XRP was $0.006, but on September 1, 2022, it had gone up to $0.32, demonstrating an expansion of more than 5200%.

4. Cardano (ADA)

Cardano’s ADA token was introduced to the crypto environment at a later stage and is recognized for its early adoption of proof-of-stake validation. This method of transaction verification is more time-efficient and utilizes less energy and has less environmental impact since it eliminates the need to solve problems as is the case in Bitcoin. Also, Cardano works similarly to Ethereum by enabling smart contracts and decentralized applications, with ADA being its native currency.

ADA’s price has experienced a moderate rise compared to the other major cryptocurrencies. Back in 2017, the ADA was worth $0.02, while as of September 1st, 2022, it was up to $0.44, which is an increase of 2400%.

5. Solana (SOL)

Solana was created to support decentralized financial applications (DeFi), decentralized applications (DApps) and intelligent contracts. It incorporates a distinct amalgamation of proof-of-stake and proof-of-history protocols to ensure fast and safe transaction processing. SOL is the native cryptographic token of Solana and it is used to power the platform. When it was initially made available in 2020, the cost of SOL was $0.77. By September 2022, the value of SOL had risen to a staggering $31.25, an impressive increase of almost 3,958%.

6. Chainlink (LINK)

Chainlink is a decentralized oracle network that facilitates secure communication between blockchains and external elements such as data feeds, events, and payment methods. It is the developers’ expectation that this technology will enable smart contracts to become the primary form of digital payment, as reported by CoinMarketCap. 

The project has the advantage of being supported by a strategic association with Google, whereby the tech giant is utilizing Chainlink’s protocol to link its users to cloud services, as per Benzinga. In addition, Chainlink is the selected technology for the new inflation index from Truflation, a decentralized finance company, built to offer an alternative to the Consumer Price Index.

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