The digital currency market is booming right now, and there are new coins coming out almost every day. However, not all of them are created equal. Some currencies seem to be more expensive than others. This can be for a variety of reasons, such as the amount of time it takes to mine that particular cryptocurrency, or if it’s backed by a large company with billions of dollars to its name (and therefore making it more expensive to produce). On top of that, some cryptocurrencies are simply much more accessible than others. If you want to invest in cryptocurrency but don’t know where to start, check our Cryptocurrency Investing 101 article first. It will help you discover the pros and cons of each specific coin so that you’re prepared before making your purchase decision. In this blog post we will review and compare the five most expensive cryptocurrencies in the world today (based on their market cap) – as well as five cheapest – so that you have an idea about which ones might be worth exploring further.
Bitcoin
Bitcoin is the oldest cryptocurrency in operation, and arguably the most famous. It was created in 2009 by someone using the alias Satoshi Nakamoto. Nowadays, billions of dollars are traded every year using BTC as a currency, making it the most accessible cryptocurrency in the world. However, that accessibility is also its biggest weakness. There are not many places where you can buy BTC with regular money (a credit card or bank account), so you need to invest in BTC in order to trade it for other assets. The best way to do that is via a BTC exchange. Some of the most popular BTC exchanges include Coinbase, GDAX, Bitfinex, Bitstamp and Binance.
Ethereum
Ethereum is another cryptocurrency that has been around for a while. It was created in 2014 by a developer using the pseudonym Vitalik Buterin. The concept of Ethereum was quite ambitious from the beginning. The idea was to create a decentralized platform on which developers could build decentralized applications (dApps). Unlike most cryptocurrencies, Ethereum is not mined – programmers all over the world help support the network by executing the operations on the blockchain, which is Ethereum’s public ledger. That’s why it’s also known as a “cryptographic asset.” Like Bitcoin, Ethereum can be traded and bought with regular money, making it extremely accessible. However, it’s important to note that while Ethereum is a decentralized platform, it also has a cryptocurrency associated with it. That means you can’t buy Ethereum without also buying Ether.
Ripple
Ripple is a cryptocurrency that was created just four years ago. It has a market cap of more than $100 billion – making it one of the most valuable cryptocurrencies on the planet. The main reason this cryptocurrency has achieved such success is the strong backing behind it by companies such as Western Union and Bank of America. The two financial institutions were early adopters of Ripple and have helped promote it among their customers. Ripple is also pretty accessible – you can buy and sell it on numerous exchanges, including Coinbase, Kraken and Binance. In addition to being purchased on exchanges, Ripple is also available as a software-based payment system. It is being used by a growing number of banks, including Santander, UBS, UniCredit and MoneyNet.
Bitcoin Cash
Bitcoin Cash is a newer cryptocurrency that was created in August 2017 as a fork (or copy) of BTC. It’s known as a “cash coin” because it was designed to be a cheaper and quicker way to get money into and out of the digital economy. Bitcoin Cash uses the same blockchain as BTC, but with a different algorithm that makes mining it more difficult. As a result, it did not achieve the same level of success as BTC. However, it is still used and accepted by many merchants, including Home Depot and Subway. As with Ethereum, you can also purchase Bitcoin Cash via an exchange. Some of the most popular exchanges where you can buy and sell BCH include Binance, Coinbase, Kraken and Bitfinex.
Cardano
Cardano is a “third-generation blockchain” that was created in 2015 by a team of developers under the name Cardano. Much like Ethereum, Cardano is a decentralized platform. Unlike most cryptocurrencies, however, it is not based on Bitcoin’s blockchain but rather on a new platform that was designed from scratch. This makes Cardano far more technologically advanced than other cryptocurrencies, making it more appealing to financial institutions. And, as with many other cryptocurrencies, Cardano can be bought, sold and traded on various exchanges. You can also store it on a software wallet like Exodus or Gatehub.
NEO
NEO is a new cryptocurrency that was created in 2017 by a team of developers using the name NELSON. What makes it unique is that it is not just a blockchain platform but rather a “smart economy” that allows for decentralized commerce, digital assets and encrypted communications. Like Cardano and NEO, it is also a decentralized platform. However, it is closer to Bitcoin Cash because it uses the same blockchain as BTC. You can buy and sell NEO on various exchanges such as Binance, GateHub, Coinnest and Bitfinex.
Litecoin
Litecoin is one of the oldest and most established cryptocurrencies in operation. It was created in 2011 by an anonymous developer using the pseudonym Charles Lee. Much like Bitcoin and Ethereum, it is also a decentralized platform based on blockchain technology. It is also very accessible – you can buy and sell it on numerous exchanges, including Coinbase, Bitstamp and HitBTC. Litecoin is also known as a “digital silver” because it’s similar to Bitcoin in many ways, but it’s easier to mine and therefore has a lower valuation. All that means that you can get your hands on more LTC with less effort than with BTC.
Final Words
The cryptocurrency market is a risky place for investors, but there are some coins that have shown promise and are worth considering for your long-term portfolio. We’ve compared five of the most expensive coins in the world with five of the cheapest – so that you can see which ones might be worth exploring further.
